Sushiswap hacked

[o48o]

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.

[Silberman]

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.

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.

[Xal0lex]

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 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.

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.

[woez]

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.

[Bitstar_coin]

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.

[carrie_white]

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

[tvplus006]

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.

[Velemir Sava]

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.