I don't use SushiSwap much but unfortunately I used it in the last couple of days, I think the exploit was by inserting malware into Approval so that hackers can gain full control of the tokens.
I opened my wallet and found that one of the tokens had been completely transferred to another address, fortunately the amount was not large but one must be very careful not to spread this vulnerability to the rest of the decentralized exchanges.
Topic: Sushiswap hacked - page 2. (Read 416 times)
This recent hack on Sushiswap highlights the ongoing security risks that exist in the DeFi space. While it's true that DeFi has the potential to revolutionize the financial industry and bring more financial freedom to individuals, it's important to remember that with that freedom comes responsibility. As the industry continues to grow and evolve, it's crucial that developers and users prioritize security measures to protect against these types of attacks.
The experience with crypto since 2016 has shown us that you cannot trust people who just cast dirt on the banking system. I never had a 100% only crypto no fiat attitude and so I was able to make money with it.
The fact of the matter being some of the trusted players were looking to steal money either illegally or "legally." It was smart to cash out at times as it is with any investing.
If DEX's are just used to exchange coins and not set buy and sell orders for future dates, thus holding your coins, then they can work more safely. Then the main way to make money is patience, and mining/staking, which is what Satoshi set up Bitcoin to do.
The fact of the matter being some of the trusted players were looking to steal money either illegally or "legally." It was smart to cash out at times as it is with any investing.
If DEX's are just used to exchange coins and not set buy and sell orders for future dates, thus holding your coins, then they can work more safely. Then the main way to make money is patience, and mining/staking, which is what Satoshi set up Bitcoin to do.
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?
Maybe it is not meant to be to get a massive adoption. Many projects lack execution and are rather having reckless implementation, those project developers and mainly those on the decision maker should take things slow due to the complexity and fragility of that kind of platform. We are talking about other people's money here.
I remember a saying that defi or dex developers should think of themselves as aeroplane engineers rather than web developers. Careful consideration needs to be taken place at every step of the development processes.
Bad news for Sushiswap, but for Sushi it doesn't seem too bad for the price of Sushi in the market,
Sushi has also provided clarification on their tweet https://twitter.com/SushiSwap/status/1645310986025566208?cxt=HHwWgIDQsfznqNUtAAAA,
and yes they are right -works really well, but unfortunately it's possible that some users won't be using Sushiswap anymore.
Sushi has also provided clarification on their tweet https://twitter.com/SushiSwap/status/1645310986025566208?cxt=HHwWgIDQsfznqNUtAAAA,
and yes they are right -works really well, but unfortunately it's possible that some users won't be using Sushiswap anymore.
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.
Sushiswap hacked seems terrible for user connected their wallet with this DEX exchange, exactly I am not holding much fund with wallet connected on Sushiswap, for every one ever connected this DEX revoke and better send your fund to the other wallet. Have been habit with many DEX exchange faced problem with hack and I don't sure about their wallet hack or not because price of sushi coins still stable around last several days.
Seems not secure right now connected wallet with any DEX exchange market and worry for next time which one DEX exchange market will get hacked cases. Better move to CEX exchange and trade or invest our assets there without worry about hacked like DEX exchange.
Seems not secure right now connected wallet with any DEX exchange market and worry for next time which one DEX exchange market will get hacked cases. Better move to CEX exchange and trade or invest our assets there without worry about hacked like DEX exchange.
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.
Did crypto-market are care about the sushiswap hacked?
It't not gonna to be impacted at all, "SushiSwap" just a random DEX Exchange like Copy-cat from PancakeSwap. How much they marketcap? comparing to crypto-market cap. It's not even 1%.
People is also not really know about "SushiSwap" because as you know, the most exchange recognized in BSC-Chain are PancakeSwap.
The fact that the sushi swap is being attacked alone is not a problem, I think those who traded up to four days before the hack were affected by this situation. DEX and CEX's, which are copies of each other, have been abused a lot. For a few years, there can be attacks on defi platforms every single day. More Alpha versions will make these platforms technology safer, such swap and liquidation platforms. It't not gonna to be impacted at all, "SushiSwap" just a random DEX Exchange like Copy-cat from PancakeSwap. How much they marketcap? comparing to crypto-market cap. It's not even 1%.
People is also not really know about "SushiSwap" because as you know, the most exchange recognized in BSC-Chain are PancakeSwap.
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?
Unfortunately as this problem has re-emerged more commonly in recent years in terms of scale, I'm not sure that the products that are capable enough to resist attacks like then are able to fix it. and refund the user. However, these are also things that users should be aware of when using in this space because this is one of the most famous platforms in the market.For me, the market's development process will have major problems, but that is not a barrier that will help this market overcome and grow stronger over time.
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?
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.
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.
It's always sad to hear this kind of stuff happening in the crypto space and it's everytime DEX been exploited and hacked was very bad news always to people in the industry. Sushiswap is a big DEX, so it is very alarming to see this sudden news. Hoping Sushiswap can recover from this incident, if not quick but in time they surely will.
Did crypto-market are care about the sushiswap hacked?
It't not gonna to be impacted at all, "SushiSwap" just a random DEX Exchange like Copy-cat from PancakeSwap. How much they marketcap? comparing to crypto-market cap. It's not even 1%.
People is also not really know about "SushiSwap" because as you know, the most exchange recognized in BSC-Chain are PancakeSwap.
It't not gonna to be impacted at all, "SushiSwap" just a random DEX Exchange like Copy-cat from PancakeSwap. How much they marketcap? comparing to crypto-market cap. It's not even 1%.
People is also not really know about "SushiSwap" because as you know, the most exchange recognized in BSC-Chain are PancakeSwap.
Sushiswap isn't a decentralized exchange, but it's a less decentralized exchange where you don't need to provide KYC or create an account but they're still hold their token in their hot wallet. The security of altcoins are really weak and we have seen so many chain, exchange, or the token got hacked.
If you worry about the security of the token, choose Bitcoin. If you worry about the security of the exchange, choose Bisq.
If you worry about the security of the token, choose Bitcoin. If you worry about the security of the exchange, choose Bisq.
Yeah I am surprised we got a big name that got hacked recently. I would of assumed since Sushi was out for a while that their code was foolproof but I guess not.
Hence why you need to be careful keeping any large amounts of funds with any of these services. If you are going to allow a contract to spend your tokens you should remove it and send to another wallet while you are not using it. If you use the L2 chains then it shouldn’t cost too much to move those tokens back and forth.
Hence why you need to be careful keeping any large amounts of funds with any of these services. If you are going to allow a contract to spend your tokens you should remove it and send to another wallet while you are not using it. If you use the L2 chains then it shouldn’t cost too much to move those tokens back and forth.
You know we have already seen the bottom on altcoin bear market when Sushiswap gets hacked and no one even cares that they get exploited. Imho weak hands are out and from the technical side i think we can rise any time now.
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?
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. Quote
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.
Source: https://www.theblock.co/post/225473/sushiswap-hackThe exploit involves an approve-related bug on the RouterProcessor2 contract — which PeckShield and SushiSwap Head Chef Jared Grey recommend revoking on all chains.
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?
You know we have already seen the bottom on altcoin bear market when Sushiswap gets hacked and no one even cares that they get exploited. Imho weak hands are out and from the technical side i think we can rise any time now.
Not too soon, not anytime from now as the bear market is not over yet. We can see some altcoins suddenly bounce 2x, 3x from their bottoms and reach to their prices about one or two years ago in a past bull market. However it does not change a fact that bear market is not finished yet.After a hack, a platform and its native currency need some time to rally and usually it needs a couple of months to cool down panic wave and rally well.
Quote
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?
Smart contracts are vulnerable to attacks and consequences from smart contract hacks are more serious than double attacks on Proof of Work blockchains.Developers can not build up perfect smart contracts which are 100% protected against hackers. In addition, those platforms and their smart contracts have to upgrade with time. With each upgrade, new risk of hack on their newly upgrade smart contract will occur again.
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?
Because they are not Decentralized Exchanges anyway. They are just bunches of copy-cat smart contract codes running on different centralized chains created to make money off noobs who have no idea what a decentralized exchange is.A few years from now, no one will even think of using any of them. Remember Etherdelta?
I remember that buy and sell walls weren't working "cumulative" so you had to hand pick orders to buy from. And because people didn't get how it worked, some people sold too low and some bought too high. Yeah, i have to admit that was a good example of weird GUI. People don't seem to understand how weird all this is to newbs. It's way better then years ago but still confusing operation, not to mention they get hacked.
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?
Because they are not Decentralized Exchanges anyway. They are just bunches of copy-cat smart contract codes running on different centralized chains created to make money off noobs who have no idea what a decentralized exchange is.A few years from now, no one will even think of using any of them. Remember Etherdelta?
i remember the heydays of ED. but let's admit the fact, a lot of people gained so much money using that exchange. and yes, the possibility of current DEXs dying in the future is always there. only a matter of time before we see them get silent one by one.
but do take note, some "hacks" are inside job. a way to divert people because the owners are trying to disappear with their bags full of money.
this hack is definitely not the last, there will be more to come. it is up to the user how he will safeguard himself from such scenario.
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?
Because they are not Decentralized Exchanges anyway. They are just bunches of copy-cat smart contract codes running on different centralized chains created to make money off noobs who have no idea what a decentralized exchange is.A few years from now, no one will even think of using any of them. Remember Etherdelta?
Jump to: