Decentralized exchange SushiSwap has fallen victim to an exploit, which led to the loss of more than $3.3 million from at least one user, known as 0xSifu on Twitter.

The exploit involves an approve-related bug on the RouterProcessor2 contract — which PeckShield and SushiSwap Head Chef Jared Grey recommend revoking on all chains.

The root cause, according to Ancilia, Inc. and in technical terms, "is because in the internal swap() function, it will call swapUniV3() to set variable "lastCalledPool" which is at storage slot 0x00." The cybersecurity account adds that "later on in the swap3callback function the permission check get bypassed."

"The "yoink" function was used by the first attacker, which is due to the attack vector being a bug in the "approve" mechanism of the sushi swap router contract," The Block Research Analyst Brad Kay explains.

"The bug allows an unauthorized entity to essentially "yoink" tokens without the proper approval from the token owner," Kay says, adding: "Following the first attack for 100 ETH — possibly a white hat — it seems like another hacker came along and stole another 1800-ish ETH using the same exact contract but instead named their function "notyoink."

DeFi Llama's @0xngmi claims only those who swapped on SushiSwap within the last four days should be affected. They also published a list of contracts across all chains that should be revoked and built a tool to check if any of your addresses have been impacted.

The Block Research Analyst Kevin Peng explains that, so far, 190 Ethereum addresses have approved the problematic contract. However, more than 2000 addresses on Layer 2 Arbitrum have seemingly approved the bad contract.

The price of Sushi's governance token fell by only 0.6% in the hour since the news broke.

Grey tweeted that Sushi is "working with security teams to mitigate the issue."

Updated to provide more context and explanation. This story is developing and will be continually updated with new information.