The smart contracts that underpin DeFi are complex, combining “composable” Lego blocks to create new contracts and protocols. “This incident shows that even safe contract-level components can be mixed in a way that produces unsafe contract-level behavior. There’s no catch-all advice to apply here like ‘check-effect-interaction,’ so you just need to be cognizant of what additional interactions new components are introducing,” Sun said.

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White Hats Just Defused a Potential $350M Heist on SushiSwap - CoinDesk

coindesk.com

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<p dir="ltr">A group of people...

A group of people in the crypto community, led by crypto investment firm Paradigm’s research partner Sam Sun , may have just prevented SushiSwap’s token fundraising platform Miso from losing more than $350 million worth of ether (ETH, -5.98%) , after discovering and fixing a bug on the platform in under just five hours.

In a Dutch auction, investors place bids reflecting the maximum amount that they are willing to pay. Once the bids are collected, the highest bid is declared the winner. After the auction is finalized, unsuccessful bids are returned to their owners.

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<p dir="ltr">A group of people...

A group of people in the crypto community, led by crypto investment firm Paradigm’s research partner Sam Sun , may have just prevented SushiSwap’s token fundraising platform Miso from losing more than $350 million worth of ether (ETH, -5.98%) , after discovering and fixing a bug on the platform in under just five hours.

In a Dutch auction, investors place bids reflecting the maximum amount that they are willing to pay. Once the bids are collected, the highest bid is declared the winner. After the auction is finalized, unsuccessful bids are returned to their owners.

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The SushiSwap team and Paradigm’s Sun , in separate posts, both identified that, essentially, the vulnerability was centered around the ability to batch multiple calls to commitEth  and reuse a single msg.value  across every commitment, allowing an attacker to bid in the auction for free.

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  • Users called liquidity providers (LP) add an equal value of two tokens in a pool to create a market. In exchange for providing their funds, they earn trading fees from the trades that happen in their pool.

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  • NFTs, tokens to prove the authenticity and ownership of an object (digital or physical)
  • The consensus in the network through proof of stake. New coins are created by putting guaranteeing your existing money. This incentives people to be good actors and decreases the money supply, increasing its price.

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Initial Public Offering (IPO)

An Initial Public Offering (IPO) is the process where a private company becomes listed on a public stock exchange and offers new shares.

Prior to an IPO, the company is private and shares are usually held by the founder, early employees, VC firms, and angel investors.

An IPO is a great way for a business to raise money by allowing public investors to invest in the business for the first time.

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What Is an Initial Public Offering (IPO)?

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