Topic: DeFi hacks [history] - page 21. (Read 19477 times)
What about that Sushi DiFi hack, or I would say scam?
Defi hacks is gaining more popularity over time and it feels like the more we hear of hacks and dumps, the more Defi projects that are being established and pumped. I'm personally scared of investing in Defi projects however lucrative they may be, due to the fear of losses which may arise as Defi seems like a bubble
to me.
to me.
Soft Yearn (SYFI)
https://cointelegraph.com/news/jackpot-user-turns-200-into-250k-thanks-to-a-buggy-defi-protocol
"An anonymous user managed to net a profit of $250k from a $200 outlay due to a flaw in a DeFi protocol clone’s rebase code.
An anonymous user has revealed how he made $250k in profits from a minor investment in a cloned version of Yearn.finance called Soft Yearn (SYFI)."
https://twitter.com/A_mplify/status/1302852245059330048
https://cointelegraph.com/news/jackpot-user-turns-200-into-250k-thanks-to-a-buggy-defi-protocol
"An anonymous user managed to net a profit of $250k from a $200 outlay due to a flaw in a DeFi protocol clone’s rebase code.
An anonymous user has revealed how he made $250k in profits from a minor investment in a cloned version of Yearn.finance called Soft Yearn (SYFI)."
https://twitter.com/A_mplify/status/1302852245059330048
@cryptoaddictchie. Many of them are comedies. Look at the list.
Also, I am not telling everyone that the concept of Defi is comedy. I am only telling everyone that the implementations of Defi are weak, buggy and exploitable. Is this the future of finance?
In any case, everyone should also remember that Defi needs a centralized organization to act as an oracle. This is the same type of trust that you are putting on financial institutions and companies and without the government to protect you and make the people behind the Defi project accountable.
This is a very bad situation for the user.
[moderator's note: consecutive posts merged]
Also, I am not telling everyone that the concept of Defi is comedy. I am only telling everyone that the implementations of Defi are weak, buggy and exploitable. Is this the future of finance?
In any case, everyone should also remember that Defi needs a centralized organization to act as an oracle. This is the same type of trust that you are putting on financial institutions and companies and without the government to protect you and make the people behind the Defi project accountable.
This is a very bad situation for the user.
[moderator's note: consecutive posts merged]
@cryptoaddictchie. I am not talking about the scams on the market and how we are manipulated to lose our investments.
Im aware dude. I just given emphasize on the quoted part. But thanks for sharing the info about the incident especially on yam's case. Though that incident doesnt really can be called hacked but like what you said lack of competence and failure to accomplish its goal.Is this really the future of finance? This is the comedy of the cryptospace.
@cryptoaddictchie. I am not talking about the scams on the market and how we are manipulated to lose our investments. This thread is about hacks and exploits because of developer incompetence.
Is this really the future of finance? This is the comedy of the cryptospace.
Is this really the future of finance? This is the comedy of the cryptospace.
however, investors are losing money because of their incompetence.
Aside from the bugs and developer's incompetence. I dont think we should shift the blame on them alone. There is also some problem on the side of investors. They just keep jumping off any defi projects that they will saw without much any knowledge on the tech and its function. Im sure 2 of these defi projects have been bought by fomo squads. Definitely when they already on rekt mode, they will spat scam on these. Typical but thats how the cycle rolls and curve will likely be a hot token for being listed on Binance.
There were 2 more Defi smart contracts that had bugs that were exploited again. Where did these developers come from? I reckon some of them might be the unqualified developers who were rejected or will be rejected by legitimate tech companies.
I am sorry. I do not want to call them bad, however, investors are losing money because of their incompetence.
DeFi meme coin YAM has succumbed to a bug within its rebase function, meaning the coin has lost control of its on-chain governance feature.
All of the roughly $750,000 Curve tokens stored in the project's treasury are lost as well, according to a Medium blog from the team.
Source https://www.coindesk.com/defi-meme-coin-yam-succumbs-to-fatal-rebase-bug
The CRV token officially, yet unexpectedly, launched at 6:25 PM EST today after an anonymous user, apparently unilaterally, deployed the open-source CRV token and CurveDAO contracts on the Ethereum mainnet earlier in the day.
Source https://decrypt.co/38708/anonymous-defi-user-deploys-curve-crv-token-early
I am sorry. I do not want to call them bad, however, investors are losing money because of their incompetence.
DeFi meme coin YAM has succumbed to a bug within its rebase function, meaning the coin has lost control of its on-chain governance feature.
All of the roughly $750,000 Curve tokens stored in the project's treasury are lost as well, according to a Medium blog from the team.
Source https://www.coindesk.com/defi-meme-coin-yam-succumbs-to-fatal-rebase-bug
The CRV token officially, yet unexpectedly, launched at 6:25 PM EST today after an anonymous user, apparently unilaterally, deployed the open-source CRV token and CurveDAO contracts on the Ethereum mainnet earlier in the day.
Source https://decrypt.co/38708/anonymous-defi-user-deploys-curve-crv-token-early
All these hacks are bound to happen with DEFI space just getting the attention recently hacker are bound to look for vulnerabilities in the system and exploit it but the main question is if the team would learn from mistakes and make the space better
I also created a similar thread: List of Defi Hacks.
If you look at the losses, this is a small amount compared to what was stolen from crypto exchanges.
I use defi for exchange, hedging, but I do not recommend newcomers to invest in pools. You can make a profit as well as incur a loss if someone makes a successful arbitration.
https://furucombo.app/
I will recommend an interesting project to get acquainted with defi. It allows almost any user to experience the defi ecosystem without having enough knowledge and coins.
I use defi for exchange, hedging, but I do not recommend newcomers to invest in pools. You can make a profit as well as incur a loss if someone makes a successful arbitration.
https://furucombo.app/
I will recommend an interesting project to get acquainted with defi. It allows almost any user to experience the defi ecosystem without having enough knowledge and coins.
The amount is small because the amount of funds in DeFi is also small. If you want to compare the two, you should use percentages of total funds. In DeFi the losses are pretty big, like a half of the funds or all of the funds. With exchanges, they generally don't lose all their money if it's no an exit scam. Their how wallets is just a fraction of the coins that they hold.
And if you take this year, it's clear that there was more of the DeFi hacks than exchange hacks. So, thinks kinda look not good for DeFi, though it seem to have no effect on hype for now.
I think the pump in price of ethereum is also instrumental in the dump of other DEFI, if after any long sideway price move of ethereum we dont see some come back of the DEFI then I might probably have a rethink on them. Actually I dont expect a 100% success of every DEFI coin because the team and community defers in capacity of project development and financial strength. Some still believe it is a good way to pull back the market to start the bull run.
If you look at the losses, this is a small amount compared to what was stolen from crypto exchanges.
I use defi for exchange, hedging, but I do not recommend newcomers to invest in pools. You can make a profit as well as incur a loss if someone makes a successful arbitration.
https://furucombo.app/
I will recommend an interesting project to get acquainted with defi. It allows almost any user to experience the defi ecosystem without having enough knowledge and coins.
I use defi for exchange, hedging, but I do not recommend newcomers to invest in pools. You can make a profit as well as incur a loss if someone makes a successful arbitration.
https://furucombo.app/
I will recommend an interesting project to get acquainted with defi. It allows almost any user to experience the defi ecosystem without having enough knowledge and coins.
@zasad this is a really impressive project before I had to go to different DeFi sites to complete an arbitrage trade but, here it's all simple and from one site. This will also save me from some price slippage if I am correct.
Bookmarked and thanks
In practice, I myself constantly face the problem of large commissions, when when exchanging tokens or stablecoins for 1000 dollars, I have to pay 30-50 dollars in commission. At such a cost, this system cannot compete with centralized exchanges.
And by the launch of the 2nd phase of ETH 2.0, it is possible that user-friendly interfaces for many projects will be made, and then a new milestone in the world of cryptocurrencies will come.
too overhype DEFI even there are a lot of attack events that occur, the average attack is by manipulating smart contracts, and it's done repeatedly as if they understand the weaknesses that exist,
and it's been just a few terrible days
and it's been just a few terrible days
It's amazing that in just 1 year there have been 9 attacks on decentralized finance. it is a challenge for developers to fix the system to cover the loopholes that could be harmful. also to realize a new and better security system.
If you look at the losses, this is a small amount compared to what was stolen from crypto exchanges.
I use defi for exchange, hedging, but I do not recommend newcomers to invest in pools. You can make a profit as well as incur a loss if someone makes a successful arbitration.
https://furucombo.app/
I will recommend an interesting project to get acquainted with defi. It allows almost any user to experience the defi ecosystem without having enough knowledge and coins.
I use defi for exchange, hedging, but I do not recommend newcomers to invest in pools. You can make a profit as well as incur a loss if someone makes a successful arbitration.
https://furucombo.app/
I will recommend an interesting project to get acquainted with defi. It allows almost any user to experience the defi ecosystem without having enough knowledge and coins.
@zasad this is a really impressive project before I had to go to different DeFi sites to complete an arbitrage trade but, here it's all simple and from one site. This will also save me from some price slippage if I am correct.
Bookmarked and thanks
If you look at the losses, this is a small amount compared to what was stolen from crypto exchanges.
I use defi for exchange, hedging, but I do not recommend newcomers to invest in pools. You can make a profit as well as incur a loss if someone makes a successful arbitration.
https://furucombo.app/
I will recommend an interesting project to get acquainted with defi. It allows almost any user to experience the defi ecosystem without having enough knowledge and coins.
I use defi for exchange, hedging, but I do not recommend newcomers to invest in pools. You can make a profit as well as incur a loss if someone makes a successful arbitration.
https://furucombo.app/
I will recommend an interesting project to get acquainted with defi. It allows almost any user to experience the defi ecosystem without having enough knowledge and coins.
Good thread, and it seems like this can make people who want to invest in DeFi to increase their knowledge so they don't regret after buying DeFi coin, in addition to hacking cases there are actually also frequent exit scams like this $100 DeFi coin which can drop to $9 less in one week.
Thanks! It is very important to give people real information. People think that decentralized finances do not have any risks! But it is absolutely vice versa. It is a new industry, new code, no one tested it for a long time, so be careful and invest only what you can afford.
Decentralized Finance in the event of a hack, you have no one to complain to, and this is probably the main reason why I do not use DEFI to the full.
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