Topic: How is that most DeFi Platforms are getting major blow(hacking) of their funds (Read 134 times)
September 06, 2022, 05:36:54 AM
As you've already mentioned, it's all about their security and you said it right that they're not paying that much for their security. While the banks that have the highest securities are also becoming a victim of hacking and not just their system but also social reengineering is happening to their users. While for these Defi platforms, they've got the money of their users, and yet they're settling for less tight security. And, it should be a continuous update for their security to avoid being outdated where the hackers can penetrate.
September 06, 2022, 03:40:11 AM
Hi , Just came across the latest news
DeFi Platform Kyber Network Discloses $265K Exploit
https://www.coindesk.com/tech/2022/09/01/defi-platform-kyber-network-discloses-265k-exploit-vows-to-reimburse-all-funds/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
1) What could be the reason that most DeFi Exchanges are prone to hacking
2) Are these exchanges not robust enough (front end or back end) on code level that they could safeguard themselves
3) Seems most of these platforms are paying less attention to their security
Please share your opinion. and if you have more points or observations , feel free to add
1) lack of security and and betryal by the internal dev team.DeFi Platform Kyber Network Discloses $265K Exploit
https://www.coindesk.com/tech/2022/09/01/defi-platform-kyber-network-discloses-265k-exploit-vows-to-reimburse-all-funds/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
1) What could be the reason that most DeFi Exchanges are prone to hacking
2) Are these exchanges not robust enough (front end or back end) on code level that they could safeguard themselves
3) Seems most of these platforms are paying less attention to their security
Please share your opinion. and if you have more points or observations , feel free to add
2) I don't think exchanges have to do anything to secure a defi project.
3) true.
September 04, 2022, 01:20:11 AM
There are some cases where the frontend issue is mainly due to the third-party problem, which is pretty ironic if they claim it as decentralized. Overall, if we take a look at how DeFi platform keeps popping up, on the other hand, the hacking incident also keeps showing up, it does indicate something. A lot of builders keep building DeFi while ignoring the security concern over the history of the incident that has been known, it indicates the ignorance of the DeFi's builders. A mass market of DeFi, really make each own platform become fast-paced, and here is where it is wrong where some platform is sacrificing their own security.
September 03, 2022, 06:46:15 PM
Because Defis are not what you think they are. Most are actually centralized and ponzi schemes but most of the newbies are made to believe they are a sort decentralized financial freedom. They are money making schemes so obviously they don't care about security.
I fee l pity for people who fall for such useless schemes that have no future.
I fee l pity for people who fall for such useless schemes that have no future.
September 02, 2022, 11:11:38 AM
Hi , Just came across the latest news
DeFi Platform Kyber Network Discloses $265K Exploit
https://www.coindesk.com/tech/2022/09/01/defi-platform-kyber-network-discloses-265k-exploit-vows-to-reimburse-all-funds/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
1) What could be the reason that most DeFi Exchanges are prone to hacking
2) Are these exchanges not robust enough (front end or back end) on code level that they could safeguard themselves
3) Seems most of these platforms are paying less attention to their security
Please share your opinion. and if you have more points or observations , feel free to add
DeFi Platform Kyber Network Discloses $265K Exploit
https://www.coindesk.com/tech/2022/09/01/defi-platform-kyber-network-discloses-265k-exploit-vows-to-reimburse-all-funds/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
1) What could be the reason that most DeFi Exchanges are prone to hacking
2) Are these exchanges not robust enough (front end or back end) on code level that they could safeguard themselves
3) Seems most of these platforms are paying less attention to their security
Please share your opinion. and if you have more points or observations , feel free to add
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