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The Ethereum DeFi space is scrambling this Sunday morning as this space has faced a number of bugs.
Fortunately, it looks like all three will be fixed without too much trouble.
However, these bugs show once again just how nascent this space is and the importance of managing risk when dealing with these new and sometimes uncertified protocols.
Let’s analyze what happened.
# 1: Saffron Finance bug
Saffron Finance is a complex spin-off product launched by anonymous and mostly uncertified developers.
However, it took the industry by storm when it launched on November 1st. Users have filed DAI for tens of millions of dollars while major space investors have mentioned it in a positive light. Of course, they cautioned their comments stating that these contracts were not certified.
However, as of yesterday’s peak, there was about $ 60 million in value in the protocol.
Additionally, the project’s native token, SFI, had risen to a market cap of more than $ 10 million.
Sunday morning, however, it became clear that something had happened.
Saffron works on an era-based system, in which funds are distributed every two weeks.
When the era was supposed to change a few hours ago, users started noticing they couldn’t withdraw their funds. The money was in the Saffron contract, it’s just that users couldn’t call the redemption function.
Lead developer “Psykeeper” explained that someone had implemented a “malicious” array which somehow disabled the retire feature.
SFI continued to dive 50 percent.
Psykeeper noted that there is an emergency withdrawal feature that will allow the funds to be recovered in eight weeks.
January 24 is the date to keep an eye on.
There may be an alternative withdrawal mechanism that could unlock the funds already today, although some think this is a risky game.
# 2: Rare withdrawal bugs
Around the same time that the Saffron bug appeared, users began reporting that they couldn’t withdraw funds from Rari Capital, a returns aggregator.
Rari was launched by a public team, although there have been a lot of concerns with some features of the protocol in recent weeks. That is to say, withdrawals sometimes fail while sometimes they do.
A DeFi developer posted on Twitter that he thinks Rari may have deposited funds into Saffron, hence the withdrawal issues.
The Rari team quickly refuted this comment, but the withdrawal issue persisted.
Rari is fixing the bug.
# 3: SushiSwap feat
SushiSwap is a leading decentralized exchange forked from Uniswap. The project is preparing for the release of new DeFi products.
Although on Sunday morning, some users have noticed interesting transactions taking place within SushiSwap contracts.
One user apparently managed to turn around $ 1 into $ 1,000 in just a few transactions.
Although the exact cause is not yet known, SushiSwap’s general manager, “0xMaki”, deployed a solution. He added that the funds that had been embezzled were “pure profits” compared to the funds actually blocked within the protocol.
Possible @SushiSwap exploit found? @ 0xMaki sends the exploiter a broadcast with a message to collect the bug reward.
See below 👇
tx with message from 0xMakihttps: //t.co/1MdXqw9chq
Address of the exploiters: https: //t.co/ehh7EassCo@DefiantNews pic.twitter.com/fRpdA1j7y1
– JuanSnow (@ Juan_Snow1) November 29, 2020
All SushiSwap depositors are safe.
Again, all the bugs will apparently be fixed without too much fuss. But that hasn’t stopped the temporary panic and fear among hundreds or even thousands of DeFi users.
Stay safe out there.
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