SushiSwap To Begin Compensating Users Affected By $3.3 Million Hack
- SushiSwap has announced a step-by-step plan to start compensating the users that were affected by last week’s hack.
- Head chef Jared Grey laid out the reimbursement plan on Discord earlier today.
- The compensation will be facilitated through a Merkle claim contract, along with a separate claims process for unrecoverable funds.
Decentralized crypto exchange SushiSwap has announced that it will begin compensating the users that were affected by last week’s hack that drained $3.3 million from the protocol’s Route Processor 2. The partially recovered funds will be distributed to the protocol’s users. Meanwhile, efforts are being made to recoup the remaining stolen funds. CEO Jared Grey has assured the community that SushiSwap is now safe to use.
SushiSwap will make a Merkle claim contract for recoverable funds
SushiSwap Head Chef Jared Grey took to Discord earlier today to lay out the compensation plan for the protocol’s users. According to Grey, the Sushi team has been working for the past three days to identify the addresses affected by the hack. The team has come up with two sets of users, one that lost their funds to whitehat security teams, and the other that had their funds swept by the blackhat hackers.
The head chef informed the Sushi community that those whose funds rested in the whitehat contract would be able to start claiming their assets shortly. However, the users who lost their funds to the blackhat hackers will have to contact the protocol’s security team in order to get their compensation processed.
For the recoverable funds residing in the whitehat contract, the Sushi team will make a Merkle claim contract as well as a website, in order to remove any Route Processor 2 approvals and return the user funds to their wallets. Head chef Grey revealed that the majority of the work on the website is reportedly complete and that it is set to go live soon. As for the non-recoverable funds, the Sushi team will establish a claim process, which users can opt-in to. The claims, in this case, will be managed depending on the case.
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