Hi everyone,
I'm currently on a research run about DeFi hacks for personal matters (i plan to have a DeFi project in the future and i want to learn vulnerability patterns and stuff like that). I'm truly impressed about the funds stolen in some hacks like the Ronin network hack but even 100k usd stolen is a lot compared to what it takes to stole that ammount for (i.e) a bank.
I feel that DeFi hacks are very low risk compared to other heists IRL and that's why they are so popular. It's not like entering a place taking hostages and shooting everyone, you are just being smarter than the protocol's developers thinking in edge-case scenarios that they didn't think of. So for the hacker is a win/win, and even if they get caught, it's not like they killed someone (which usually happens at real life heists) so they know that their sentence is probably a lot less strong than what they might face for a similar profit heist IRL.
With this motivation for the hackers and this scenario where everyone can post their contracts code and create a DeFi protocol, will the hacks to DeFi ever cease?
There will ALWAYS be risk of vulnerable protocols because there will always be plenity of them, thats the magic of Ethereum, the fact of decentralizing the world.
What do you think? Is it possible to make DeFi a safer place without relying in centralized solutions like a centralized auditing company or something like that?
[link] [comments]
You can get bonuses upto $100 FREE BONUS when you:
π° Install these recommended apps:
π² SocialGood - 100% Crypto Back on Everyday Shopping
π² xPortal - The DeFi For The Next Billion
π² CryptoTab Browser - Lightweight, fast, and ready to mine!
π° Register on these recommended exchanges:
π‘ Binanceπ‘ Bitfinexπ‘ Bitmartπ‘ Bittrexπ‘ Bitget
π‘ CoinExπ‘ Crypto.comπ‘ Gate.ioπ‘ Huobiπ‘ Kucoin.
Comments