• Optimism introduces ambitious changes in Season 4
  • Uniswap’s wallet app now available on Apple’s App Store in select countries 
  • Tether takes action against MEV bot exploiter following $25 Million flashbots hack
  • SushiSwap suffers $3.3M exploit which affected close to 2500 wallets
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Optimism Introduces Ambitious Changes in Season 4

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Season 4 of Governance for Optimism, a Layer 2 scaling solution for Ethereum, introduces ambitious changes, including the alignment of the collective around “Intents.” Intents serve as directional goals for the Collective, with each goal having its own budget from the Governance Fund. 

The season also introduces “Missions,” which are specific proposals that aim to help achieve an Intent. Missions can be submitted by anyone in the community and executed by Alliances, groups of contributors that temporarily work together to complete a Mission. 

Additionally, the season aims to establish an attestation-based reputation system through Collective Trust Tiers. Overall, these changes seek to give the Collective greater autonomy while preserving alignment.

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Uniswap’s Wallet App Now Available on Apple’s App Store in Select Countries

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Uniswap Labs, the company behind the DeFi trading platform Uniswap, has launched their Wallet app on Apple’s App Store for users in the U.S. and select countries. The app allows users to trade crypto assets on Ethereum’s mainnet and other platforms, buy crypto, view NFT details, select favorite tokens and wallet addresses, and explore different cryptocurrencies. 

While Uniswap previously launched the wallet to a limited number of early-access users through Apple TestFlight, the company had faced delays in getting the app approved for wider distribution. Though now available in the U.S., United Kingdom, and France, it remains uncertain if and when the app will be approved for other regions.

Tether Takes Action Against MEV Bot Exploiter Following $25 Million Flashbots Hack

Tether Blacklisted Sandwich Attacker

Tether, the issuer of USDT stablecoin, has taken action against an MEV bot exploiter by blacklisting a wallet address. The exploiter succeeded in draining over $25 million from five Flashbots MEV bots last week using a vulnerability in the mev-boost-relay. The exploit involved replacing the bots’ transactions with its own, allowing the exploiter to front-run the bots. 

The frozen wallet holds 3 million USDT, 5.2 million USDC, 7,460 WETH, and 64 WBTC. ZachXBT, an on-chain researcher, contacted the exploiter via an on-chain message and suggested that they exchange their USDC before Circle blacklisted it, which the exploiter complied with by depositing 2.6 million USDC into Compound and Aave. Currently, Tether has blacklisted a total of 457 million USDT across 865 addresses.

SushiSwap Suffers $3.3M Exploit which Affected close to 2500 Wallets

Sushiswap Got Hacked

SushiSwap is advising their users to revoke approvals tokens on all chains due to a vulnerability in the RouterProcessor2 contract of the protocol. The contract was implemented on April 5th to enhance trade routing but has since been exploited and subsequently removed from the Sushi Protocol. The impact of the exploit is limited to users who authorized the RouterProcessor2 contract with an estimated $3.3 million lost.

The exploit has affected almost 2,500 wallets as reported by a Dune dashboard, with approximately 67% of those wallets having already revoked approvals. However, wallets with open approvals remain vulnerable to the exploit. Notably, the exploit has not impacted SushiSwap’s liquidity providers. Sushi Head Chef, Jared Grey, has assured that the team is actively recovering funds and is committed to fully compensating users.

Related: BNB Chain Weekly Recap Week 08 (20/02 – 26/02)

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