What's your thoughts on DeFi fund losses? - page 3.

mu_enrico

copper member

Activity: 2324

Merit: 2142

Slots Enthusiast & Expert

Quote from: Gunday_07 on July 03, 2020, 07:29:06 AM

What's your thoughts on this?

Same old story, nothing new. Why would anyone keep putting lots of money in one central point of failure (i.e., a smart contract)?
It's like no one learns from the DAO hack which created ETC.

FYI, there is a probability that the creator puts the mistake by himself and hacks it by himself. The good thing is because of DeFi stuff, he takes no responsibility.

Eco_111

member

Activity: 210

Merit: 14

There will always be bad news like this with few new projects, don't make it look like DeFi projects are prone to attacks from hackers, even exchanges got hacked over time, the project team should just strengthen up

masulum

legendary

Activity: 2324

Merit: 1604

hmph..

If its about lost the fund because of security, it can be happen not just in DeFi, i think this is a normal issue. But, to make this more secure and safe, it will better if collateral from user saved on difference wallet to prevent bigger lost. No matter where, that money must be saved, i think it must outside their system with secure authorization/authentication. At least when hacker can hacked their system, hacker need another layer to crack before get the fund. But using this way will need admin permission before money can be released, when admin make a mistake and his pc are compromised, of course it will possible to hacker get the money even already saved in outside of system.

Wingsbtc

member

Activity: 210

Merit: 12

Every projects lost money to hackers, it's nothing new, binance lost money to hackers in the past too, every DeFi projects that lost money to hackers should just tightened up just like how binance is more secured now, this isn't the end of the road and this doesn't mean that all DeFi projects will get hacked, team experience will be different

Gunday_07

member

Activity: 280

Merit: 11

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?

Topic: What's your thoughts on DeFi fund losses? - page 3. (Read 475 times)