Fishy Situation With SushiSwap

GM Readers!📪 It's BitDegree Insider, and it's we hope that the Easter weekend provided you with warm, cozy moments.

⭐️Today's selection:

• 🍣SushiSwap Hack
• 📈Over 1 Million Bitcoin Ordeals
• 💰Venture Mondays
• 👌Selected Meme of The Day
• 📰Bite-Sized News

SUSHISWAP HACK

Hello everyone, hope you're doing fine. Let's make things even finer. By learning new stuff. About how not fine SushiSwap, the decentralized exchange, is doing.

So... The decentralized exchange suffered more than $3.3 million loss due to a RouterProcessor2 contract vulnerability.

Wallets that used the DEX after April 5 were affected.

So, how did people lose their tokens?

When you make a swap or provide liquidity in a particular dApp - you validate the transaction to allow the smart-contract to use your funds.

It's all good if the smart contract is OK! Well, if it's not, then the pitiable outcome is evident.

However, after using a dApp, you can simply remove those smart contract permissions to your wallet.

The question arises:

How to remove dApps' permissions in order to not have your money stolen from you when you continue using your wallet?

1.Go to Revoke Cash; 2.Connect your wallet; 3.Click on "Get Started"; 4.Click "Revoke" in those fields, where there is SushiSwap (or any dApp with unlimited spending of tokens on your wallet).

Advice for the future:

When exchanging on decentralized platforms, allow only the number of tokens you want to exchange at the moment. Do not put "NO LIMIT", because it is better to lose pennies on commissions, making upfront approval on each exchange, than to lose all money at once in a similar situation.

Take care!

TL;DR: SushiSwap got hacked. The decentralized exchange suffered over $3M in losses.

NUMBER OF BITCOIN ORDEALS EXCEEDS 1 MILLION

In total, over 170 BTC were paid to miners in the form of commissions for the transactions that secured the 'NFT' data in the Bitcoin blockchain.

And of course, here's the Digital Artefact number 1,000,000 for you to see:

Apparently, no brand made it to this number, yet there is something else!

Yep, someone inscribed just the word "Piggy."

Here's how the Bitcoin Ordeal hero's journey looked like:

• Inscription 0 - Dec 14, 2022
• 100 inscriptions reached - Jan 26, 2023
• 1,000 inscriptions reached - Feb 2, 2023
• 10,000 inscriptions - Feb 7, 2023
• 100,000 inscriptions - Feb 15, 2023
• 1,000,000 inscriptions - April 8, 2023
• 10,000,000 inscriptions - TBD

What a ride.

TL;DR: There's already over 1 million of Bitcoin Ordeals. The Bitcoin NFT world continues to to grow.

VENTURE MONDAY

Blockchain messaging protocol LayerZero raised $120M in a Series B funding round, raising its valuation to $3 billion.

a16z, Circle Ventures, Sequoia Capital, OpenSea, Samsung Next, Lightspeed, NGC Ventures, Bixin Ventures, Chapter One, GCR, Franklin Templeton and Com2us are among investors.

LayerZero is a protocol that allows different blockchains to communicate with each other.

Essentially, it is a protocol (omnichain) that allows you to easily transfer funds from one network to another; dozens of projects have already implemented it.

At the core of the LayerZero project lies StarGate, which serves as a cross-chain bridge facilitating token bridging across networks

The $ZRO project token has already been verified through documentation (which you can see here) and is highly likely to be distributed via airdrop. This approach minimizes potential regulatory issues while also generating extra interest!

The protocol is experiencing heavy usage due to a surge in airdrop hunters.

As for the release of the token, a specific date has not been announced yet, as the project is still undergoing development which may take up to half or the whole year. We will provide a detailed guide on how to participate in their airdrop soon.

However, if you cannot wait and would like to get started immediately, it is important to engage only with official LayerZero projects like StarGate, The Aptos Bridge, Harmony Bridge, and Testnet Bridge.

The links for the bridges are at the bottom of the official LayerZero website.

Provider of a multi-chain liquidity and data gateway - LI.FI raised $17.5M in a Series A funding round led by CoinFund and Superscrypt, with participation from Bloccelerate, L1 Digital, Circle, Factor, Perridon, Theta Capital, Three Point Capital and Abra.

LI.FI is both a bridge and a decentralized exchange (DEX) aggregation service that enables transactions across different chains.

Therefore, LI.FI is a kinda a money Lego that brings many DeFi protocols together, allowing users to bridge and swap using one dApp.

While their token has not been released yet, there is potential for it to be airdropped to users who utilize the swaps and bridges offered by their dApp.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Robinhood to Pay $10M in Penalties Following US State Regulators' Investigation. Cash in, cash out.
• South Korean Authorities Allege Do Kwon Converted Illicit Luna Funds to Bitcoin. We're about to find out a lot more about our favorite Stable King.
• ECB President Claims Digital Euro will be Used for "Limited" Payment Control. ECB President is in the hot waters after prank video surfaces.