Sushiswap hacked

[Xal0lex]

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.

[Oneandpure]

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.

[abel1337]

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.

[newdevices]

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.

[vv181]

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.

[paramind22]

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.  

[JayTrain]

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.

[yhiaali3]

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.

[AakZaki]

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.

[Iyeman]

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.

[Silberman]

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.

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.

[carlfebz2]

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?

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.

[Hispo]

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.

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/

[Xal0lex]

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.

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.

[GelatikKembar]

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.

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.

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.

[el kaka22]

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.

[Hispo]

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.

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.

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.

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.

[wheelz1200]

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.

[AakZaki]

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.

[paramind22]

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.

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.

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.

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.