More profound security practices will encourage wider trust in DeFi and create a culture around security that will advance the industry.
Decentralized finance (DeFi) is here to stay with over $100 billion in total value locked (TVL), highlighting the evidence of faith in these new financial tools. This investment will continue to increase, but it appears that with each new record in TVL, there is another network attack being reported with astronomical losses.Crypto crime dropped 57% in 2020, but DeFi hacks surged, costing companies and investors billions of U.S. dollars. In March alone, there were several attacks within just a five-day period, with Paid Network losing $180 million. Later in May, PancakeBunny lost more than $200 million in a flash loan exploit.It is clear that there are far too many loopholes and hacks in current blockchain security protocols. From rug pulls to phishing scams, the security and technology of t
Źródło: https://cointelegraph.com/news/the-radical-need-for-updating-blockchain-security-protocols
