Look at the statistics, I tried not to miss important events.
https://bitcointalksearch.org/topic/defi-hacks-history-5267124
Recently, blockchain analytics companies have learned very well to help find hackers, so there are more refunds.
The prospects for this industry are enormous, it is too early to draw conclusions in less than 2 years.
Topic: What's your thoughts on DeFi fund losses? (Read 478 times)
My thoughts are negative of course because that was a loss and not a gain but theres no one to be blame here because no one likes what happened except if it was intentional or an inside job .
more projects are now built carefully or securely but there's still a problem , scammers are now joining this trend because they see that defi is popular right now .
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this is not the only problem I'm worried about, scammers have not even start building fake DeFi projects yet,
Because that was the time were defi was still new but now that defi isn't that new anymore , more projects are now built carefully or securely but there's still a problem , scammers are now joining this trend because they see that defi is popular right now .
Few DeFi projects still lose money due to security hacks for each example balancer lost 500,000 worth of ETH to a hacker weeks ago, this shows that not all DeFi projects are capable of keep users funds safe, this is not the only problem I'm worried about, scammers have not even start building fake DeFi projects yet, maybe this DeFi story will end up like ICO hype of 2017? What's your thoughts on this?
Hackers will be all the time and they advance within time and find new ways of how to steal money. So as not to come across such a robbery you should invest in projects with several audits.
Unfortunately, an audit is not always a guarantee as Balancer is a very reliable project with many audits, but you see that hackers still can find something unnoticed by auditors.
Crypto project money hacks or losses is a regular theme, but it has been on way before the Mt Gox episode. Since the crypto world is the domicile of huge sums of money, it is natural that malicious actors would be drawn to it. The important fact is how the projects, whether DeFi or non-DeFi, handle such
whatever it is in the crypto world, I think there's none that really perfect and there's always a gap whether in the security, the team members, the partner, or whatever it is. That's why cryptocurrencies are called the riskiest investment by some experts. It's really volatile and it's still new moreover DeFi. Cryptocurrencies are still in the beginning, there is still so much space to develop and grow. People are learning by doing and of course, fixing the mistakes here and there along the way. However, I still believe that one day in the future we'll see cryptocurrencies at their finest, massive adopted, and solid.
In my opinion, those who have known the world of cryptocurrency for a long time, everything you do here with trading activities or investing in cryptocurrencies, including on some defi or other platforms, have risks that you must dare to beat because when you want to get a lot of profit then only with courage and confidence .
whatever it is in the crypto world, I think there's none that really perfect and there's always a gap whether in the security, the team members, the partner, or whatever it is. That's why cryptocurrencies are called the riskiest investment by some experts. It's really volatile and it's still new moreover DeFi. Cryptocurrencies are still in the beginning, there is still so much space to develop and grow. People are learning by doing and of course, fixing the mistakes here and there along the way. However, I still believe that one day in the future we'll see cryptocurrencies at their finest, massive adopted, and solid.
Few DeFi projects still lose money due to security hacks for each example balancer lost 500,000 worth of ETH to a hacker weeks ago, this shows that not all DeFi projects are capable of keep users funds safe, this is not the only problem I'm worried about, scammers have not even start building fake DeFi projects yet, maybe this DeFi story will end up like ICO hype of 2017? What's your thoughts on this?
Hacks and bugs are a way of life at this moment. The technology we are using is still very new. I suggest diversifying your investments and risk so you don't lose all of your funds in a single hack. I for example, stake half of my funds and the other half I farm in Ubeswap and Ref Finance. This way only a portion of my funds are at risk. You could also buy insurance if you are risk averse.
Hacking of projects did not just start now, it has been in existence right from the ico era not only DEFI projects who get hacked even popular exchanges like binance have been a victim of hack some time ago. That being said, I think the major cause of hack is a security challenge once the hacker finds a way to gain access into the central security. But if projects can strengthen their security measures then the incident of hacking will be greatly minimized.
Few DeFi projects still lose money due to security hacks for each example balancer lost 500,000 worth of ETH to a hacker weeks ago, this shows that not all DeFi projects are capable of keep users funds safe, this is not the only problem I'm worried about, scammers have not even start building fake DeFi projects yet, maybe this DeFi story will end up like ICO hype of 2017? What's your thoughts on this?
Actually, scammers also exist on this market, and if you haven't come across scam defi-projects yet, you are just lucky. Personally I invested in different projects and sometimes they were really deceptions, but more often I managed to withdraw my money before a complete crash. What is more, I set a spending limit on all platforms so that scammers can't touch my other money.
https://blog.1inch.io/top-5-most-common-user-mistakes-in-defi-273001aeafc3
Top 5 most common user mistakes in DeFi
"In this post, we’ll discuss the most common mistakes made by 1inch users. Learn from them and don’t repeat these mistakes!
We at the 1inch Network hate to see users lose their funds, even when it happens as a result of their own mistakes. Therefore, we have prepared a top 5 of the most commonly made mistakes for you to learn from."
Top 5 most common user mistakes in DeFi
"In this post, we’ll discuss the most common mistakes made by 1inch users. Learn from them and don’t repeat these mistakes!
We at the 1inch Network hate to see users lose their funds, even when it happens as a result of their own mistakes. Therefore, we have prepared a top 5 of the most commonly made mistakes for you to learn from."
Nice article. They do generalize the things we need to be aware of if we are using defis. I guess, my lack of research about the coins are ruining my value of liquidity pair.
There are many defi coins to choose from but most of them promising larger APR generally decrease in value due to high inflation. Tokenomics are really important and not just the total supply but also how they are released. For example pancakeswaps cake token keeps its steady price even without a limit of total supply.
https://blog.1inch.io/top-5-most-common-user-mistakes-in-defi-273001aeafc3
Top 5 most common user mistakes in DeFi
"In this post, we’ll discuss the most common mistakes made by 1inch users. Learn from them and don’t repeat these mistakes!
We at the 1inch Network hate to see users lose their funds, even when it happens as a result of their own mistakes. Therefore, we have prepared a top 5 of the most commonly made mistakes for you to learn from."
Top 5 most common user mistakes in DeFi
"In this post, we’ll discuss the most common mistakes made by 1inch users. Learn from them and don’t repeat these mistakes!
We at the 1inch Network hate to see users lose their funds, even when it happens as a result of their own mistakes. Therefore, we have prepared a top 5 of the most commonly made mistakes for you to learn from."
Too often there have been a constant hack in the defi platform which is a bit worrisome now to investors, even though hacks also occurs in other crypto platform but the frequent occurrence is the issue, the dev of this new trend should do something to tighten up security, too early to be facing this kinds of attack.
i agree . they should act fast now and fix the issue when its early so that more money can be saved and investors of this kind of projects must avoid them temporarily just to be safe .
defi is new and its security isnt mature yet , that could be the reason why hackers target it . our thoughts were sad and worried of course but we cant really do to those hackers because its done and we cant stop hackers on our own , i think all we can do is to warn others
Too often there have been a constant hack in the defi platform which is a bit worrisome now to investors, even though hacks also occurs in other crypto platform but the frequent occurrence is the issue, the dev of this new trend should do something to tighten up security, too early to be facing this kinds of attack.
DeFi is not the only chain losing money to hackers presently, other blockchain projects lose money too, hackers only target projects with weak security that's hackable, it doesn't matter if it's exchanges or other platforms with different use cases
I think so and that means the developers behind the defi can't develop a proper product and it looks like this developer is rarely doing an audit to its code. IMO this is happening with the platform that has a vulnerability and it can be used by the scammers to steal the funds. Hackers are always exploring the vulnerability of platforms.
Despite the present new hype in Defi projects, those who know te right thing they should do are already searching before investing yet some still use their hard-earned money to invest without knowing what the project truly stand for. This could be because many people now talk about Defi and that it is possible for Defi to push the market into bull run. They will be surprised that things are going to be happening differently this time.
Well, I can't say that Defi projects will end up like that of ICO hype but one thing stands and that is, scammers will definitely bring in their own projects to ride on the hype already built by the legit ones. So it means that, in as much as, people are chasing after Defi projects hype they should also be careful of the ones they invest in. Also, about a DeFi project being hacked, it shows that the team needs to improve on their services thus securing their platform even more, because if they can't do that adequately, they will only lose their users due to lack of trust and accountability.
DeFi is not the only chain losing money to hackers presently, other blockchain projects lose money too, hackers only target projects with weak security that's hackable, it doesn't matter if it's exchanges or other platforms with different use cases
and since DeFi is the new hype in town, hackers are on the loose to try their best to get money as much as they can. DeFi or not, the chance of losing money is always there. so as a crypto user, you should not be too trusting with other projects. only a matter of time before they can penetrate other vulnerable projects.
Well DeFi is not the first program in crypto where people lose money so in my opinion developer should be more security conscious and if i were investors i would avoid using a cenrtalized platform and leaving my assets there. As this is not very safe . Hackers have been doing their ugly jobs of stealing people's assets even before the birth of DeFi so we should just continue playing safe DeFi on its own is not the problem here.
DeFi is called Decentralized Finance.And if you are saying that you'll be avoiding the centralized platform. How about these platforms that are not centralized yet they were still able to be hacked? although your advise of not keeping your assets there is right.
Well DeFi is not the first program in crypto where people lose money so in my opinion developer should be more security conscious and if i were investors i would avoid using a cenrtalized platform and leaving my assets there. As this is not very safe . Hackers have been doing their ugly jobs of stealing people's assets even before the birth of DeFi so we should just continue playing safe DeFi on its own is not the problem here.
DeFi is not the only chain losing money to hackers presently, other blockchain projects lose money too, hackers only target projects with weak security that's hackable, it doesn't matter if it's exchanges or other platforms with different use cases
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