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SushiSwap denies reports of billion dollar bug

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The developer behind popular decentralized exchange SushiSwap has rejected a purported vulnerability reported by a white-hat hacker snooping through their smart contracts.

According to media reports, the hacker claimed to have identified a vulnerability that could place more than $1 billion worth of user funds under threats, stating they went public with the information after attempts to reach out to SushiSwap’s developers resulted in inaction.

The hacker claims to have identified a “vulnerability within the emergencyWithdraw function in two of SushiSwap’s contracts, MasterChefV2 and MiniChefV2” — contracts that govern the exchange’s 2x reward farms and the pools on SushiSwap’s non-Ethereum deployments such as Polygon, Binance Smart Chain and Avalanche.

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While the emergencyWithdraw function allows liquidity providers to immediately claim their LP tokens while forfeiting rewards in the event of an emergency, the hacker claims the feature will fail if no rewards are held within the SushiSwap pool — forcing liquidity providers to wait for the pool to be manually refilled over a roughly 10-hour process before they can withdraw their tokens.

“It can take approximately 10 hours for all signature holders to consent to refilling the rewards account, and some reward pools are empty multiple times a month,” the hacker claimed, adding:

“SushiSwap’s non-Ethereum deployments and 2x rewards (all using the vulnerable MiniChefV2 and MasterChefV2 contracts) hold over $1 billion in total value. This means that this value is essentially untouchable for 10-hours several times a month.” 

However, SushiSwap’s pseudonymous developer has taken to Twitter to reject the claims, with the platform’s “Shadowy Super Coder Mudit Gupta stressing that the threat described “is not a vulnerability” and that “no funds are at risk.”

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Gupta clarified that “anyone” can top up the pool’s rewarder in the event of an emergency, bypassing much of the 10-hour multi-sig process the hacker claimed is needed to replenish the rewards pool. They added:

“The hacker’s claim that someone can put in a lot of lp to drain the rewarder faster is incorrect. Reward per LP goes down if you add more LP.”

The hacker said they had bee instructed to report the vulnerability on bug bounty platform Immunefi — where SushiSwap is offering to pay rewards of up to $40,000 to users that report risky vulnerabilities in their code — after they first reached out to the exchange.

They noted that the issue was closed on Immunefi without compensation, with SushiSwap stating they were aware of the matter described.

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Sushiswap Price Analysis: SUSHI slowly continues to retrace after higher high was set at $12

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  • Sushiswap price analysis is bearish today.
  • SUSHI/USD retraced below $11 previous support.
  • Market likely to reverse later this week.

Sushiswap price analysis is bearish today as a further retracement is needed before another rally can begin. Therefore, we expect SUSHI/USD to continue lower today, with the $10.5 mark as the next local support.

Sushiswap Price Analysis: SUSHI slowly continues to retrace after higher high was set at $12 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with various results over the last 24 hours. The market leader, Bitcoin, gained 0.1 percent, while Ethereum is down by 2.79 percent. Meanwhile, Dogecoin (DOGE) is up by 15.33 percent.

Sushiswap price movement in the last 24 hours: Sushiswap retraces below $11

SUSHI/USD traded in a range of $10.73 – $11.78, indicating a moderate amount of volatility over the last 24  hours. Trading volume has declined by 40 percent and totals $215.9 billion, while the total market cap trades around $1.387 billion, ranking the coin in 75th place overall.

SUSHI/USD 4-hour chart: SUSHI to see more downside before reversal

On the 4-hour chart, we can see the Sushiswap price action still looking for further downside to set a higher low and reverse from.

Sushiswap Price Analysis: SUSHI continues to retrace after higher high was set at $12
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap price action has mostly traded in a consolidation so far this month. Resistance can be seen around $11-$11.5, while support is around $9.5-$10.

After setting a slightly lower low on the 13th of October, SUSHI/USD finally broke above the $11 resistance, peaking at $12. Since then, a retracement has followed over the last 24 hours as further upside could not be set.

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Overall, Sushiswap price action still needs to retrace before more upside can be seen. However, the higher high set over the weekend indicates that the overall market momentum is turning increasingly more bullish.

Sushiswap Price Analysis: Conclusion 

Sushiswap price analysis is bearish today as the $11 support has been broken, and more retracement is needed after a higher high was set at $12 over the weekend. Therefore, SUSHI/USD will likely see the $10.5 mark tested over the next 24 hours.

While waiting for Sushiswap to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

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Sushiswap Price Analysis: SUSHI slowly consolidates below $11, breakout today?

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  • Sushiswap price analysis is bullish.
  • SUSHI/USD continues to respect $11 resistance.
  • A brief retest of $10 support was seen yesterday.

Sushiswap price analysis is bullish today as downside momentum was rejected again, indicating that bulls are still building momentum to attempt a breakout above the $11 resistance. Therefore, we expect SUSHI/USD to move higher over the next 24 hours and target the $12 resistance next.

Sushiswap Price Analysis: SUSHI slowly consolidates below $11, breakout today? 1
Cryptocurrency heat map. Source: Coin360

The crypto market traded in the green over the last 24 hours, with Bitcoin leading the way as it gained 5.54 percent. Meanwhile, Ethereum followed, with a gain of 5.19 percent, while Shiba Inu (SHIB) continued to dominate the market, with a gain of almost 50 percent.

Sushiswap price movement in the last 24 hours: Sushiswap finds support above $10 again

SUSHI/USD traded in a range of $10.04 – $10.92, indicating mild volatility over the last 24 hours. Trading volume has declined by 11.1 percent and totals $275.4 billion, while the total market cap trades around $1.35 billion, ranking the coin in 79th place overall.

SUSHI/USD 4-hour chart: SUSHI to break $11 today?

On the 4-hour chart, we can see the Sushiswap price action still consolidating as bulls prepare to break higher.

Sushiswap Price Analysis: SUSHI still consolidates below $11, breakout today?
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap price action has seen strong bearish momentum over the past weeks. After a strong decline from the $16 previous major swing high, support was eventually established around the $9 mark at the end of September.

Since then, a spike higher was seen on the 26th of September, with the following retracement setting a higher high at $9.25. From there, SUSHI/USD set a lower high around $11.25 during the first days of December.

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Overall the Sushiswap price action development indicates that the market is in indecision right now. Likely we will see further consolidation over the next 24 hours. However, a break above the $11 is a strong possibility.

Sushiswap Price Analysis: Conclusion 

Sushiswap price analysis is bullish today as any further downside was rejected above the $10 support again, indicating that a new higher low is set. Therefore, we expect SUSHI/USD to either continue consolidating or break above the $11 mark over the next 24 hours.

While waiting for Sushiswap to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

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SUSHI Price Analysis: Amid High Demand Price Approaching Key Resistance, Is A Breakout Imminent?

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SUSHIUSDT gained roughly 7.6% within the last 24hrs in the face of recent FUD by an anonymous white hack hacker who took part in the platform’s ImmuneFi bug bounty program. The decentralized exchange [DEX] stays range-bound trading within the $5.9681 and $22.5674 significant resistance and support levels on the higher time frames. Meanwhile, the 4HR time frame gives clues that we may be heading towards the upper bound of the long-term price range.ADVERTISEMENT

Let’s probe deeper into the price charts of the AMM decentralized exchange, starting from the daily time frame. 

SUSHISWAP (SUSHI) Daily Chart Analysis

The governance token SUSHI dipped into a correction phase on 26 August, as the RSI crossed below the level-25 from the top. It sends the price chart into an expanding channel enclosed by bullish and bearish divergence patterns on 10 September and 16 September ’21.ADVERTISEMENTGoMeat ICO Launched – 15% Bonus!

A bullish engulfing candlestick pattern closed above a bearish inside bar resistance [$9.0609] on 25 September, showing immunity to the China crypto ban, and suggesting a price surge to the upper bound of the expanding channel at $16.1864.

SUSHISWAP (SUSHI) 4HR Chart Analysis

The above 4HR chart annotations show the SUSHIUSDT entering a range-bound market structure after the RSI went below level-25 on 18 September ’21 00:00.

A rather recent bullish divergence pattern on 29 September 20:00, that has forced the RSI above the level-75 shows that the bulls are getting ready to exit the current price range.

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Bullish/Bearish Scenario

A price close above the $11.9625 price ceiling with a second entry of the RSI above level-75 will confirm absolute dominance by the bulls. On the contrary, we may see further price dip, if the bears force the SUSHI price below the $8.51 support.

SUSHISWAP SUSHI Intraday Levels

  • Spot rate: $10.7482
  • Mid–Term Trend [H4]: Slowing Bearish bias
  • Volatility: Low
  • Support: $8.510 and $9.2308
  • Resistance: $11.9625 and $16.1864

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