Topic: Sushiswap hacked (Read 424 times)
I see from the link you linked the date of this news post is April 9, 2023,. I'm only see one point which is about Regulatory and Institutional Acceptance so this gives a breath of fresh air for DEX so that it can be adopted by more people and if one thing or another, users have a solid foundation for problem solving especially like incidents of Sushiswap being hacked like you post above.
no one can guarantee 100% the security of a platform or exchange, even a platform as big as sushiswap can still be hacked, of course this has a negative impact on other platforms, but if sushiswap can improve their system and tighten security, I'm sure people will still believe with sushi swap
Why are you bringing up an old topic, my heart almost stopped. The problem has been solved for a long time and those who lost their money were able to return them. Any service can be hacked, the main thing is how the team solves the problem.
no one can guarantee 100% the security of a platform or exchange, even a platform as big as sushiswap can still be hacked, of course this has a negative impact on other platforms, but if sushiswap can improve their system and tighten security, I'm sure people will still believe with sushi swap
and it happened again.. 
My take on the recent hack on Sushiswap highlighted the risks of using a decentralized exchange (DEX) although we all admit no technology is 100% secure, and DEXs are still relatively new and growing fast but that doesn't mean it can't be widely adopted broad in the future. I think it's up to the individual user to assess the risks and take appropriate precautions when using DEXs. As technology continues to evolve and improve, it's likely that more and more people will feel comfortable using DEXs for their financial needs.
My take on the recent hack on Sushiswap highlighted the risks of using a decentralized exchange (DEX) although we all admit no technology is 100% secure, and DEXs are still relatively new and growing fast but that doesn't mean it can't be widely adopted broad in the future. I think it's up to the individual user to assess the risks and take appropriate precautions when using DEXs. As technology continues to evolve and improve, it's likely that more and more people will feel comfortable using DEXs for their financial needs.Right now the focus should be on why is it so easy to hack dex, what are the dex dev not doing right that makes dex so vulnerable to hackers? This is important to most crypto users who don't want to go through the process of kyc associated with using a cex, some crypto users what to maintain their privacy thus using dex is very important but the rate at which hackers can have access to dex is worrisome.
I agree everyone should take great precaution when interacting with dex because of the risk involved. Something really needs to be done to increase their level of security.
and it happened again.. My take on the recent hack on Sushiswap highlighted the risks of using a decentralized exchange (DEX) although we all admit no technology is 100% secure, and DEXs are still relatively new and growing fast but that doesn't mean it can't be widely adopted broad in the future. I think it's up to the individual user to assess the risks and take appropriate precautions when using DEXs. As technology continues to evolve and improve, it's likely that more and more people will feel comfortable using DEXs for their financial needs.
My take on the recent hack on Sushiswap highlighted the risks of using a decentralized exchange (DEX) although we all admit no technology is 100% secure, and DEXs are still relatively new and growing fast but that doesn't mean it can't be widely adopted broad in the future. I think it's up to the individual user to assess the risks and take appropriate precautions when using DEXs. As technology continues to evolve and improve, it's likely that more and more people will feel comfortable using DEXs for their financial needs. 
I think investors still believe in Sushiswap, even the team from Sushi have also said that their liquidity is safe,
if you say their liquidity is threatened then that's wrong,
if you say their liquidity is threatened then that's wrong,
If there are similar pools in SushiSwap in terms of conditions, I do not see any good reason to stay in such pools on SushiSwap so far. Blind loyalty only benefits the owners of SushiSwap themselves, as they will definitely not suffer, but only the money of the liquidity providers will suffer. Only cold calculation and competent risk management should be applied here.
that was proven when Sushiswap was hacked yesterday and what happened was that the price of Sushi didn't dump badly,
this is why I also believe that their liquidity is not absorbed as well by hackers.
this is why I also believe that their liquidity is not absorbed as well by hackers.
Keep in mind that such tokens can be concentrated in a few large hands and even some panic sale could be quickly bought out by market makers, which kept the price from falling.
It is true there is not platform that is completely safe, but decentralized exchanges have been hacked so many times over their short lives that it seems as if in that aspect either the technology is lacking and they cannot do nothing to stop those hacks, which could mean the technology is nowhere near ready to be used, or there is a significant lack of talented individuals managing those decentralized exchanges and hackers are simply more capable than them.
Scammers' minds are constantly evolving to create new methods or break some security by exploiting existing bugs. Many CEXs in the past were hacked quite easily and lost millions of dollars, even FTX became the last victim filled with drama by its own CEO. Moreover, DEX which is a decentralized market, but still has many security holes so that many exploit methods can easily break into DEX, as happened with sushiswap. This really should be an important lesson, being more advanced than scammers is very necessary.
The implementation of QID in combination with the legally binding constitution means that Q Blockchain community members are protected from exit scams, rug pulls, and hacks. That's the solution.
QID? I would like to see how that would legally work first. You might be right on this but i would like to hear your vision about future of DEX then? What's the point of decentralized exchanges if they operate in such centralized way. Legally binding contract would most definitely mean for KYCing every participant if this would get to court.
Sushiswap has always been the most unreliable decentralized exchange, since the beginning of its appearance, so I tried to avoid it. These events show, that I didn't do it for nothing, thereby, probably, saved my money. It is also worth noting that smart contracts are still a sore point of decentralized protocols. No matter how many checks they pass, no matter how many audits they have, it still guarantees absolutely nothing.
Yes, since the beginning. Do you remember that during the first weeks of life of the protocol the developer of Sushi-swap attempted to pull off an exit scam stealing a mountain of Ethereum ?
In the end, he regretted it and ended up returning the fortune of Ether and it was better secured under a multi signature wallet with other developers sharing a key. I initially was interested in providing liquidity to Sushi-swap but after things like that, I would never do it.
Quote
On September 5, Chef Nomi reportedly took 37,400 ETH (roughly $13,808,454 at press time) allocated to the Sushi Token development fund and liquidated it to his personal wallet. In an odd turn of events, however, Chef Nomi returned the money he previously liquidated, sending 38,000 ETH to the Sushi Token treasury.
Source: https://coingeek.com/sushi-token-exit-scammer-returns-money/
Yes, you are right. It was then that I realized that this project, with its anonymous owner and developer, is worth staying away from, because it is unreliable and at any moment there may be another unpleasant story for investors. It could be a worthy competitor to Uniswap, but the creator himself made such a project lose liquidity and those wishing to become liquidity providers in sushiswap pools noticeably diminished.
if you say their liquidity is threatened then that's wrong,
that was proven when Sushiswap was hacked yesterday and what happened was that the price of Sushi didn't dump badly,
this is why I also believe that their liquidity is not absorbed as well by hackers.
Well, you seem not to be very far from reality, to be honest.
After people lost much of the interest in the Defi market and the competence Sushi has because of Uni, I would have expected their Total value locked to drain steadily over time, however somehow it still has several millions of dollars in liquidity and a good enough volume, it seems this news did not even prompt people to withdraw from pools.
Still, we must recognize the dominion Uniswap has in the market when we compare the value in both protocols, side to side.
If the Defi landscape was not so cold lately, I would gladly try to speculate a bit with their governance tokens, but for now it is not for me.
Sources: Uniswap and Sushiswap official analytics.
Could be some of the hackers are those with deep pockets and so they want to keep up the illusion for future fully funded hacks.
It is true there is not platform that is completely safe, but decentralized exchanges have been hacked so many times over their short lives that it seems as if in that aspect either the technology is lacking and they cannot do nothing to stop those hacks, which could mean the technology is nowhere near ready to be used, or there is a significant lack of talented individuals managing those decentralized exchanges and hackers are simply more capable than them.
Scammers' minds are constantly evolving to create new methods or break some security by exploiting existing bugs. Many CEXs in the past were hacked quite easily and lost millions of dollars, even FTX became the last victim filled with drama by its own CEO. Moreover, DEX which is a decentralized market, but still has many security holes so that many exploit methods can easily break into DEX, as happened with sushiswap. This really should be an important lesson, being more advanced than scammers is very necessary. 
Unless you've gotten your coins stolen when you were just going to add funds, trade then remove then I don't feel all that bad. When are people going to learn to not use exchanges, whether a dex or not, as personal wallets. Maybe for a small amount but we've had enough history behind us to know it's only a matter of time for each one of these exchanges to fall victim...and really it's users.
Sushiswap has always been the most unreliable decentralized exchange, since the beginning of its appearance, so I tried to avoid it. These events show, that I didn't do it for nothing, thereby, probably, saved my money. It is also worth noting that smart contracts are still a sore point of decentralized protocols. No matter how many checks they pass, no matter how many audits they have, it still guarantees absolutely nothing.
Yes, since the beginning. Do you remember that during the first weeks of life of the protocol the developer of Sushi-swap attempted to pull off an exit scam stealing a mountain of Ethereum ?
In the end, he regretted it and ended up returning the fortune of Ether and it was better secured under a multi signature wallet with other developers sharing a key. I initially was interested in providing liquidity to Sushi-swap but after things like that, I would never do it.
Quote
On September 5, Chef Nomi reportedly took 37,400 ETH (roughly $13,808,454 at press time) allocated to the Sushi Token development fund and liquidated it to his personal wallet. In an odd turn of events, however, Chef Nomi returned the money he previously liquidated, sending 38,000 ETH to the Sushi Token treasury.
Source: https://coingeek.com/sushi-token-exit-scammer-returns-money/
Yes, you are right. It was then that I realized that this project, with its anonymous owner and developer, is worth staying away from, because it is unreliable and at any moment there may be another unpleasant story for investors. It could be a worthy competitor to Uniswap, but the creator himself made such a project lose liquidity and those wishing to become liquidity providers in sushiswap pools noticeably diminished.
if you say their liquidity is threatened then that's wrong,
that was proven when Sushiswap was hacked yesterday and what happened was that the price of Sushi didn't dump badly,
this is why I also believe that their liquidity is not absorbed as well by hackers.
Well, you seem not to be very far from reality, to be honest.
After people lost much of the interest in the Defi market and the competence Sushi has because of Uni, I would have expected their Total value locked to drain steadily over time, however somehow it still has several millions of dollars in liquidity and a good enough volume, it seems this news did not even prompt people to withdraw from pools.
Still, we must recognize the dominion Uniswap has in the market when we compare the value in both protocols, side to side.
If the Defi landscape was not so cold lately, I would gladly try to speculate a bit with their governance tokens, but for now it is not for me.
Sources: Uniswap and Sushiswap official analytics.
These type of hacks happen all the time in the decentralized world because there isn't a central authority to protect it. The people who build it end up building it and leaving it aside and just collect the profits they will get.
Whereas in central ones like Binance they keep on putting more and more and more protections to make sure it doesn't get hacked, I know it takes time and it is not an easy thing to do but I have to accept that it is not going to be as secure as centralized ones, decentralized ones will always get attacks like this. It's not the first one I heard, and it is not going to be the last one neither, it will keep going on for a long time. We need to figure out a better defensive method for them.
Whereas in central ones like Binance they keep on putting more and more and more protections to make sure it doesn't get hacked, I know it takes time and it is not an easy thing to do but I have to accept that it is not going to be as secure as centralized ones, decentralized ones will always get attacks like this. It's not the first one I heard, and it is not going to be the last one neither, it will keep going on for a long time. We need to figure out a better defensive method for them.
Sushiswap has always been the most unreliable decentralized exchange, since the beginning of its appearance, so I tried to avoid it. These events show, that I didn't do it for nothing, thereby, probably, saved my money. It is also worth noting that smart contracts are still a sore point of decentralized protocols. No matter how many checks they pass, no matter how many audits they have, it still guarantees absolutely nothing.
Yes, since the beginning. Do you remember that during the first weeks of life of the protocol the developer of Sushi-swap attempted to pull off an exit scam stealing a mountain of Ethereum ?
In the end, he regretted it and ended up returning the fortune of Ether and it was better secured under a multi signature wallet with other developers sharing a key. I initially was interested in providing liquidity to Sushi-swap but after things like that, I would never do it.
Quote
On September 5, Chef Nomi reportedly took 37,400 ETH (roughly $13,808,454 at press time) allocated to the Sushi Token development fund and liquidated it to his personal wallet. In an odd turn of events, however, Chef Nomi returned the money he previously liquidated, sending 38,000 ETH to the Sushi Token treasury.
Source: https://coingeek.com/sushi-token-exit-scammer-returns-money/
Yes, you are right. It was then that I realized that this project, with its anonymous owner and developer, is worth staying away from, because it is unreliable and at any moment there may be another unpleasant story for investors. It could be a worthy competitor to Uniswap, but the creator himself made such a project lose liquidity and those wishing to become liquidity providers in sushiswap pools noticeably diminished.
if you say their liquidity is threatened then that's wrong,
that was proven when Sushiswap was hacked yesterday and what happened was that the price of Sushi didn't dump badly,
this is why I also believe that their liquidity is not absorbed as well by hackers.
Sushiswap has always been the most unreliable decentralized exchange, since the beginning of its appearance, so I tried to avoid it. These events show, that I didn't do it for nothing, thereby, probably, saved my money. It is also worth noting that smart contracts are still a sore point of decentralized protocols. No matter how many checks they pass, no matter how many audits they have, it still guarantees absolutely nothing.
Yes, since the beginning. Do you remember that during the first weeks of life of the protocol the developer of Sushi-swap attempted to pull off an exit scam stealing a mountain of Ethereum ?
In the end, he regretted it and ended up returning the fortune of Ether and it was better secured under a multi signature wallet with other developers sharing a key. I initially was interested in providing liquidity to Sushi-swap but after things like that, I would never do it.
Quote
On September 5, Chef Nomi reportedly took 37,400 ETH (roughly $13,808,454 at press time) allocated to the Sushi Token development fund and liquidated it to his personal wallet. In an odd turn of events, however, Chef Nomi returned the money he previously liquidated, sending 38,000 ETH to the Sushi Token treasury.
Source: https://coingeek.com/sushi-token-exit-scammer-returns-money/
Yes, you are right. It was then that I realized that this project, with its anonymous owner and developer, is worth staying away from, because it is unreliable and at any moment there may be another unpleasant story for investors. It could be a worthy competitor to Uniswap, but the creator himself made such a project lose liquidity and those wishing to become liquidity providers in sushiswap pools noticeably diminished.
Sushiswap has always been the most unreliable decentralized exchange, since the beginning of its appearance, so I tried to avoid it. These events show, that I didn't do it for nothing, thereby, probably, saved my money. It is also worth noting that smart contracts are still a sore point of decentralized protocols. No matter how many checks they pass, no matter how many audits they have, it still guarantees absolutely nothing.
Yes, since the beginning. Do you remember that during the first weeks of life of the protocol the developer of Sushi-swap attempted to pull off an exit scam stealing a mountain of Ethereum ?
In the end, he regretted it and ended up returning the fortune of Ether and it was better secured under a multi signature wallet with other developers sharing a key. I initially was interested in providing liquidity to Sushi-swap but after things like that, I would never do it.
Quote
On September 5, Chef Nomi reportedly took 37,400 ETH (roughly $13,808,454 at press time) allocated to the Sushi Token development fund and liquidated it to his personal wallet. In an odd turn of events, however, Chef Nomi returned the money he previously liquidated, sending 38,000 ETH to the Sushi Token treasury.
Source: https://coingeek.com/sushi-token-exit-scammer-returns-money/
But on the other hand my question is, how many dex hacks there needs to be until you would accept that current tech isn't even near for wide adoption? As we have all the responsibility of our money, even in cases of DEX hacks, how in the million years this tech would be adopted by anyone else then experimental libertarians?
Not to brag nor shill out this particular project but this one seems to be that worth for it to be developed.
This is LayerOneX (https://www.l1x.foundation)
This project is really that eliminating the use of bridge on which it is really that something that could make up EVM to non-evm transactions.
No need to have that bridge which i could say its a good project.
Im not affiliated with this project, i did really just give out my own opinion with this specially this is attached on bridge hacks.
No system is safe. I believe that every platforms or system has it's own vulnerability and it is just waiting for it to be exploited. The hacking scenario of sushiswap doesn't have a big impact on the market because of how small the hack is compared to other big events that triggers a bear market though this hacking scenario show that there are still a lot of vulnerabilities on exchanges and there are still improvements needed in the security part. I hope this won't trigger the hackers in targetting crypto exchanges.
So far, several Dex have started to be hacked and now it's sushiswap's turn. But I'm also not familiar with sushiswap and have never used it. The effects of the hack may not be as big for the market. Just watch ETH drop by only a few percent, but then continue to be bullish again. No system is secure, and developers must continue to provide the best possible security today. Do not put all assets in Dex or Cex because there will be a risk of being hacked, I prefer to keep them in my personal wallet.
I think no one really cares much how many of these DEX fall down as long as there still working DEX that they can use. This is same scenario when there’s a lot CEX gone bankrupt but still people use Binance and other exchange.
People really care about that. Once dex down and their money can't be accessed caused by it will be trapped and blocked in the smartcontract that owned b the dex. So many dex already gone but people keep use dex. The problem is if this is still continue and so much money wasted for nothing.DEX is the most convenient way to buy and sell using our wallet which is by far safe than using CEX. This kind of isolated cases of hacking incident won’t stop people on keep trying things that makes their trading experience better than CEX.
Dex is not even better compared with cex. It's easy to maintain anything in cex unlike dex. No system is safe. I believe that every platforms or system has it's own vulnerability and it is just waiting for it to be exploited. The hacking scenario of sushiswap doesn't have a big impact on the market because of how small the hack is compared to other big events that triggers a bear market though this hacking scenario show that there are still a lot of vulnerabilities on exchanges and there are still improvements needed in the security part. I hope this won't trigger the hackers in targetting crypto exchanges.
So far, several Dex have started to be hacked and now it's sushiswap's turn. But I'm also not familiar with sushiswap and have never used it. The effects of the hack may not be as big for the market. Just watch ETH drop by only a few percent, but then continue to be bullish again. No system is secure, and developers must continue to provide the best possible security today. Do not put all assets in Dex or Cex because there will be a risk of being hacked, I prefer to keep them in my personal wallet. Jump to: