Sushiswap hacked

[o48o]

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.

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-hack

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?

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[b3j0]

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.

[jossiel]

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?

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.

[jacafbiz]

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

[crzy]

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.

[Hispo]

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.

[SamReomo]

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.

[Iyeman]

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. 

[Bitcoin_Arena]

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?

[AmoreJaz]

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.

[o48o]

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?

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.

[hd49728]

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.

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.

[RussianEnglishTranslation]

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.

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-hack

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.

[adaseb]

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.

[Apocollapse]

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.

[ryzaadit]

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.

[raidarksword]

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.

[dimonstration]

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.

[killerfrost]

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.

[SUPERSAIAN]

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.