SushiSwap bug results in $3.3m contract drain ⬇️

GM Baos,

We hope your Easter weekend was incredible. Did you go out and touch some grass? ☀️ 

Today we cover:

• SushiSwap's $3.3m exploit

• A digital Euro CBDC

• OpenSea Pro launch ⛵️

Sifu's funds not SAFU 

Recently, a vulnerability was discovered in SushiSwap's Routeprocessor2 contract, resulting in $3.3 million worth of ETH being drained from a single user... @0xSifu 🙃

Unfortunately, where there are vulnerabilities, there are also abusers, and SushiSwap is no exception. If you have interacted with SushiSwap in the past week, please revoke any permissions and use a new wallet to protect yourself.

In layman’s terms, what usually happens is the pool tells the router that a transaction will be made with a specific wallet. Usually, the router should then verify that the request is coming from that verified pool, but this didn’t happen with SushiSwap.

So fake pools were requesting real money from people, and the pool was being funded.

Either way, there are other decentralized platforms out there to make your swaps!

Stay safe, Baos! 

Are fiats slowly being phased out? 🤨

We’re shifting into a more digital era, and if you’ve heard about CBDCs (or Central Bank Digital Currencies), then you know it's becoming a pretty big thing.

Unlike cryptocurrencies, which are decentralized, governments have power over CBDCs, which can be more controlled and regulated by the central banks themselves. Powerhouses worldwide, such as EU, BRICS, the USA, etc., seem to be aggressively pushing for the launch of CBDCs.

So why is this so good? First, it shows us that the government is slowly recognizing and adopting the nature of cryptocurrencies. Of course, it’s a significant change, so they have to ease it in with centralization and all that— but it’s a big step nonetheless!

This definitely gets more eyes going in the web3 world, so let’s see how everything unfolds! You could check out China’s Digital Yuan Project or Singapore’s Project Orchard to see the progress of some countries that are actively implementing our digital era.

Change won’t happen right away. We’re going against banks, our monetary system, and tradition.

It’s definitely an uphill battle, but with every mistake the current system makes and every person who realizes the benefit of the idea, the battle gets easier and easier. We’re definitely ahead of our time. Welcome to the future of currencies. Welcome to the Digital Era.

OpenSea Pro or Gem...penSea 

If you’ve been in the space for a while, you’ve probably heard about the sweeping platform Gem.xyz. Last week, OpenSea announced that they have integrated Gem into their platform.

As a reward for previous Gem users, they are offering a free mint of a 180,000-supply called Gemesis, which is currently trading at around .05 ETH. You can still mint it up until the 4th of May! There seems to be a reveal happening soon with three kinds of NFTs that you can get 👀

Although we don’t know much about it, with the airdrop meta and everything else coming along, I wouldn’t be surprised if they made the NFT a requirement or related it to a possible airdrop they’re doing. Their biggest competitor right now, BLUR, recently did an airdrop, so directly competing with them with something like that is very possible.

Everything I’m saying is just made with my tiny Bao imagination, so take it with a grain of soy sauce. 😆 We’re expecting more news to come from the OpeanSea/Gem team for this!

P.S. They reinstated the 2.5% OpenSea royalties for every sale made on their platform, so do take note of this when you’re selling something.

Bao-Sized News

• LooksRare launches v2

• Gala Music to launch David Bowie ‘Let’s Dance’ NFT

• Trust Wallet partners with MoonPay for off-ramp

Made us Kek 😂

R.I.P. 

Thanks for reading. Don't forget to subscribe to The Dumpling and share with a friend 😉

–Bluejohn