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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.

https://i.imgur.com/mtO2OF9.png

Source: https://www.theblock.co/post/225473/sushiswap-hack

But on the other hand my question is, how many dex hacks (https://bitcointalk.org/index.php?topic=5267124.0) 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 just heard this news and I immediately took action by revoke it just in case. I see the price of sushi today only fell by about 5% and I don't think it's too bad when there is news of a hack that hit sushiswap. maybe in hindsight there will still be a lot of CEX or DEX hacking news as hackers keep looking for loopholes in every exchange. agree with what you said that we have full responsibility for our money, therefore we must keep our money in the safest place.

I have no idea.

But this is common on that space and that's why I don't use that much these swaps because maybe there's something within their security and that's why they're always being targeted and attempts are always successful on them.

The tech in the likes of sushiswap is easily being accepted and that's why it has got millions of funds and that's why these hackers are thirsty with it.

With all these fiascos going on with Sushi the future of Sushi is not bright, after they fork Uniswap most of their recent development has not been successful and this can't continue, they need to differentiate from being a fork, the recent hack is a major dent on the platform, SushiSwap has been losing market share to other DEXes and has been losing steam, remember some of these big CEXes like Bittrex, Poloniex, Houbi but have not scale with time, this could be the fate of Sushi with time

This is not a huge hack but still it creates panics to those who are using this platform, the real question now is the security os sushiswap especially those who are staking under this platform. I see the price didn’t dump that much, maybe Sushiswap was able to stop the hacker from getting more money. Hackers are still looking for a weak system, this could be a warning to Sushiswap t strengthen their security.

It reminds me the hack that Pickle finance suffered back during the DEfi fever.
It looked like a promising platform, but that exploit killed it.

Also, I agree that the fact this news has not been so widely known around the internet, could imply there is a lack of interest from investors into Defi, which is a shame if you ask me, I personally like Uniswap and how it can provide liquidity in a decentralized way.

Obviously, there is still a long path ahead before we can see a bigger adoption by the general public of these protocols, people are already too accustomed to centralization and the fact they can lose their (unsecured) money this way, does not help.

The anonymous hackers possess the ability to hack any website, even if it is built with the best security. There will always be some loopholes in the code of the site even it's built with advanced security. If exchanges are constructed with poor coding, filled with vulnerabilities, then they will most likely be hacked.

Many of those swiping sites are not as secure as we perceive them to be, and any unfortunate occurrence like this can take place in the future. It is better to rely on reputable centralized exchanges, which excel in terms of security. Their security measures far exceed those of decentralized exchanges.

Our present technology is still not highly advanced, and any website can have bugs and vulnerabilities that can be exploited by malicious entities.

Any platforms were just having its vulenrability but it has not yet discovered. Some people who called dex were safe must be joking about that. they must have seen this. So many times dex or cex have been targeting by the criminals.
The fact that if people are massively revoking their address from the site. that being said that if sushi was in a critical condition. 

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.

Yup, i remember it. It was like a early prototype of this. I actually made ton of money using it. But man it was way more difficult.
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.

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.

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.

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.

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.

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.

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'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.

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.

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.

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.

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.

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.

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.

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.

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.

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.  

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.

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.

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.

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 not even better compared with cex. It's easy to maintain anything in cex unlike dex.

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.

Bridges arent really that safe at all and basing up on history or numbers of millions or  billions of dollars been hacked or exploited then i dont know if its really that something that we could entrust with.

---

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.

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.


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.

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,
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.

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.

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.  :P

https://i.postimg.cc/CK1CrC7V/tlv.png https://i.postimg.cc/xdzGSfws/u66.png

Sources: Uniswap and Sushiswap official analytics.

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.

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.

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.

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.

Exchanges whether they are centralized or decentralized are a massive target so a great deal of their budget needs to go towards the security of their platforms, if this is not the case then hackers have all the time in the world to try to figure out how to hack them, and once they figure out how to do this the losses can be massive, which is a shame as the more hacks we see those decentralized exchanges suffer, the more doubts will be raised about whether or not they can compete against centralized exchanges.

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.


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.

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.

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.

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.

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.