One of the things people like about crypto is that it’s mostly transparent. Ledgers keep a record of every transaction on a given blockchain, and so-called “block explorers” like BSCScan and Etherscan let you peruse the archives with a handy search function. Criminals have ways of obfuscating the paper trail—but when a large amount of money suddenly changes hands, people notice.
Last night, PancakeBunny—a DeFi protocol that operates on the Binance Smart Chain network—was exploited to the tune of $45 million. And thanks to the magic of distributed ledgers, there’s a record of how it happened.
Trading platforms under the heading of “DeFi” (decentralized finance) are non-custodial, which means the smart contracts themselves (just chunks of code, essentially) are moving your money around, rather than bankers or investment managers. The algorithms decide the allocations. There’s now nearly $70 billion entrusted to these systems on the Ethereum network alone, according t
