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Author Topic: DeFi hacks [history]  (Read 3163 times)
zasad@ (OP)
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August 06, 2020, 09:53:36 PM
Last edit: September 28, 2022, 02:08:07 PM by zasad@
Merited by tk808 (15), hugeblack (6), bitmover (4), o48o (1), abel1337 (1), Darker45 (1), vv181 (1), Ratimov (1), FinneysTrueVision (1), Charles-Tim (1)
 #1

DeFi financial system has been compared to the wild west, but that's how a new story begins.
2020
18 February 2020
Arbs Exploit DeFi to Make $900k in Seconds; bZx hack.
https://thedefiant.substack.com/p/arbs-exploit-defi-to-make-900k-in

21 February 2020
Fulcrum had a $2.5M vulnerability over a month ago and still hasn’t told anyone
https://medium.com/@1inch.exchange/yes-we-hacked-bzx-fulcrum-but-one-month-ago-3f7e5c437ee3

19 April 2020
Multicoin Capital-backed DeFi protocol dForce loses ~$25M total locked value in an exploit
https://www.theblockcrypto.com/amp/linked/62346/multicoin-capital-backed-defi-protocol-dforce-loses-25m-total-locked-value-in-an-exploit

21 April 2020
Dforce return $ 25 million back !!!
https://twitter.com/lawmaster/status/1252483198115774464

19 May 2020
BlockFi Experiences Data Breach – Crypto Lending Hack
https://defirate.com/blockfi-hack/

18 Jun 2020
A cryptocurrency bug put $545,000 of DeFi funds at risk
https://decrypt.co/32720/a-cryptocurrency-bug-put-545000-of-defi-funds-at-risk

20 Jun 2020
Balancer hacked ~ $ 500,000
https://medium.com/balancer-protocol/incident-with-non-standard-erc20-deflationary-tokens-95a0f6d46dea

14 Jul 2020
How BZRX Uniswap Listing Made One Trader $550K In 30 Mins
https://cryptopotato.com/how-bzrx-uniswap-listing-made-one-trader-550k-in-30-mins/

5 August 2020
Blatant “bug” led to $370,000 DeFi hack, say experts. Opyn hack.
https://decrypt.co/37671/blatant-bug-led-to-370000-defi-hack-say-expert

7 September 2020
$250k Soft Yearn (SYFI)
https://cointelegraph.com/news/jackpot-user-turns-200-into-250k-thanks-to-a-buggy-defi-protocol

13 September 2020
$8M  bZx protocol
https://www.theblockcrypto.com/post/77656/defi-protocol-bzx-attacked-lost-8-million-faulty-code

14 September 2020
$8M returned  bZx protocol
https://twitter.com/bZxHQ/status/1305496675474006017

29 September 2020
$15 Million  Hackers Drain $15 Million From ‘Unreleased’ Yearn Finance Project
https://bitcointalk.org/index.php?topic=5267124.msg55282297#msg55282297

29 September 2020
$10 Million  $10 Million Ethereum Vulnerability Patched by Whitehat Hacker
https://fullycrypto.com/10-million-ethereum-vulnerability-patched-by-whitehat-hacker

11 October 2020
wLEO Was Hacked on Ethereum. Damage $ 42,000
https://bitcointalk.org/index.php?topic=5267124.msg55365482#msg55365482

26 October 2020
Harvest Finance- 23 million US dollars
https://bitcointalk.org/index.php?topic=5267124.msg55455370#msg55455370

12 November 2020
Akropolis- 2 million US dollars
https://bitcointalk.org/index.php?topic=5267124.msg55591391#msg55591391

14 November 2020
Value DeFi 6 million US dollars
https://twitter.com/value_defi/status/1327660571592773632

17 November 2020
Origin Defi Protocol 7 million US dollars
https://news.bitcoin.com/origin-defi-protocol-suffers-massive-flash-loan-attack-ousd-stablecoin-value-plunges-85/

22 November 2020
DeFi Protocol Pickle Finance 20 million US dollars
https://bitcointalk.org/index.php?topic=5267124.msg55653413#msg55653413

14 December 2020
Nexus Mutual  8 million US dollars
https://bitcointalk.org/index.php?topic=5267124.msg55829590#msg55829590

18 December 2020
Warp Finance 7,7 million US dollars
https://www.theblockcrypto.com/linked/88415/defi-warp-finance-attacked-lost-7-7-million-stablecoins

28 December 2020
DeFi protocol Cover 5 million US dollars
https://www.theblockcrypto.com/post/89368/defi-protocol-cover-exploited-attackers-minted-at-least-40-quintillion-tokens

___

https://decrypt.co/54128/hackers-stole-3-8-billion-in-cryptocurrency-hacks-in-2020
Hackers Stole $3.8 Billion in Cryptocurrency Hacks in 2020

Information disclosure and analysis of major hacks in the DeFe ecosystem
https://github.com/yearn/yearn-security/tree/master/disclosures
__

2021

February 4, 2021
Yearn.finance 9 million US dollars
https://bitcointalk.org/index.php?topic=5267124.msg56271047#msg56271047

February 14, 2021
Cream Finance 37,5 million US dollars
https://bitcointalk.org/index.php?topic=5267124.msg56458888#msg56458888

February 28, 2021
Furucombo 14 million US dollars
https://bitcointalk.org/index.php?topic=5267124.msg56458888#msg56458888

March 4, 2021
Meerkat Finance (Binance Smart Chain) 32 million US dollars
https://bitcointalk.org/index.php?topic=5267124.msg56490389#msg56490389

March 5, 2021
PAID Network (PAID) 3 million US dollars
https://bitcointalk.org/index.php?topic=5267124.msg56498767#msg56498767

March 8, 2021
DODO DEX 2 million US dollars, $1.89 million has been recovered
https://bitcointalk.org/index.php?topic=5267124.msg56530098#msg56530098

March 15, 2021
Roll 3000 ETH
https://cryptoslate.com/hackers-steal-3000-eth-from-roll-causing-massive-price-dumps-of-nearly-100/

March 17, 2021
Iron Finance $170,000  
https://bitcointalk.org/index.php?topic=5267124.msg56605708#msg56605708

March 20, 2021
TurtleDex  9000 BNB =2.4M $  
https://bitcointalk.org/index.php?topic=5267124.msg56617046#msg56617046

April 4, 2021
Force DAO - $367 000
https://bitcointalk.org/index.php?topic=5267124.msg56864596#msg56864596

April 19, 2021
EasyFi DeFi protocol - 6M $
https://bitcointalk.org/index.php?topic=5267124.msg56835129#msg56835129

May 2, 2021
Spartan Protocol -30M
https://bitcointalk.org/index.php?topic=5267124.msg56919497#msg56919497

May 9, 2021
Rari Capital  -10M
https://bitcointalk.org/index.php?topic=5267124.msg57018020#msg57018020

May 12, 2021
(DeFi) protocol xToken  -24.5M
https://bitcointalk.org/index.php?topic=5267124.msg56997287#msg56997287

May 20, 2021
Pancake Bunny  -200M
https://bitcointalk.org/index.php?topic=5267124.msg57050581#msg57050581

May 20, 2021
Venus Incident Report
https://bitcointalk.org/index.php?topic=5267124.msg57054439#msg57054439

May 27, 2021
Wild Credit $ 637K.  All funds were returned to the protocol.
https://bitcointalk.org/index.php?topic=5267124.msg57106288#msg57106288

May 28, 2021
DeFi project BurgerSwap - $ 7.2M
https://bitcointalk.org/index.php?topic=5267124.msg57106299#msg57106299

May 30, 2021
DeFi project Belt Finance - $ 6.2M
https://bitcointalk.org/index.php?topic=5267124.msg57120256#msg57120256

Jyne 21, 2021
DeFi project Impossible finance - $ 0.5M
https://bitcointalk.org/index.php?topic=5267124.msg57284357#msg57284357

Jyne 28, 2021
Safe Dollar - $ 0.25M
https://bitcointalk.org/index.php?topic=5267124.msg57340075#msg57340075

July 1, 2021
WhaleFarm- $ 2M
https://bitcointalk.org/index.php?topic=5267124.msg57367513#msg57367513

July 11, 2021
ChainSwap - $8M
https://bitcointalk.org/index.php?topic=5267124.msg57439162#msg57439162

July 15, 2021
Bondly Finance - Token Price Tanks
https://bitcointalk.org/index.php?topic=5267124.msg57473981#msg57473981

July 16, 2021
THORChain -2500 ETH
https://bitcointalk.org/index.php?topic=5267124.msg57471971#msg57471971

August 4, 2021
Popsicle Finance -25M
https://bitcointalk.org/index.php?topic=5267124.msg57613393#msg57613393

August 10, 2021
PolyNetwork -600M
https://bitcointalk.org/index.php?topic=5267124.msg57662150#msg57662150

August 12, 2021
Poly Network Hacker Returns $342 Million
https://bitcointalk.org/index.php?topic=5267124.msg57677686#msg57677686

August 13, 2021
Maze Protocol -4M
https://bitcointalk.org/index.php?topic=5267124.msg57691964#msg57691964

August 14, 2021
DAO Maker -7M
https://bitcointalk.org/index.php?topic=5267124.msg57677718#msg57677718

August 19, 2021
Ethereum DEX Avoids $350M DeFi Hack
https://bitcointalk.org/index.php?topic=5267124.msg57731551#msg57731551

August 29, 2021
xToken- 4,5M
https://bitcointalk.org/index.php?topic=5267124.msg57820934#msg57820934

August 30, 2021
Cream Finance-19M
https://bitcointalk.org/index.php?topic=5267124.msg57820934#msg57820934

August 31, 2021
Aurory Project-0,5M
https://bitcointalk.org/index.php?topic=5267124.msg57835544#msg57835544

September 4, 2021
DAO Maker-4M
https://bitcointalk.org/index.php?topic=5267124.msg57857298#msg57857298

September 10, 2021
AFKSystems -12M
https://bitcointalk.org/index.php?topic=5267124.msg57910886#msg57910886

September 12, 2021
Zabu Finance -3,2M
https://bitcointalk.org/index.php?topic=5267124.msg57923560#msg57923560     !

September 17, 2021
MISO IDO platform (Hack and return of coins) -865 ETH (3M)
https://bitcointalk.org/index.php?topic=5267124.msg57957934#msg57957934  

September 20, 2021
pNetwork Protocol -$12M
https://bitcointalk.org/index.php?topic=5267124.msg57980467#msg57980467  

September 21, 2021
Vee.Finance  -$35M
https://bitcointalk.org/index.php?topic=5267124.msg57995378#msg57995378

September 30, 2021
Compound bug  -$80M
https://bitcointalk.org/index.php?topic=5267124.msg58062585#msg58062585

October 15, 2021
Indexed Finance -$16M
https://bitcointalk.org/index.php?topic=5267124.msg58188360#msg58188360

October 20, 2021
PancakeHunny -$1,9M
https://bitcointalk.org/index.php?topic=5267124.msg58236768#msg58236768

October 27, 2021
Cream Finance -$130M
https://bitcointalk.org/index.php?topic=5267124.msg58283286#msg58283286

November 5, 2021
bZx -$55M
https://bitcointalk.org/index.php?topic=5267124.msg58355796#msg58355796

November 30, 2021
MonoXFinance $31 M
https://bitcointalk.org/index.php?topic=5267124.msg58586607#msg58586607

December 1, 2021
BadgerDAO $100 M
https://bitcointalk.org/index.php?topic=5267124.msg58599650#msg58599650

December 4, 2021
Polygon  801,601 MATIC tokens worth more than $2 million
https://bitcointalk.org/index.php?topic=5267124.msg58857717#msg58857717

December 8, 2021
8IGHT FINANCE- $1.75M
https://bitcointalk.org/index.php?topic=5267124.msg58790597#msg58790597

December 11, 2021
Gelato-$26M
https://bitcointalk.org/index.php?topic=5267124.msg58790597#msg58790597

December 13, 2021
Vulcan Forged-$140M
https://bitcointalk.org/index.php?topic=5267124.msg58790597#msg58790597

December 21, 2021
Grim Finance  $30M
https://bitcointalk.org/index.php?topic=5267124.msg58790597#msg58790597

December 22, 2021
Visor Finance -$8.8M
https://bitcointalk.org/index.php?topic=5267124.msg58808603#msg58808603

December 27, 2021
Metaswap Gas (MGAS) 1,100 BNB
https://bitcointalk.org/index.php?topic=5267124.msg58909773#msg58909773

December 27, 2021
METADAO 800 Ether
https://bitcointalk.org/index.php?topic=5267124.msg58909773#msg58909773

____
Reports  2021 Hack
https://bitcointalk.org/index.php?topic=5267124.msg59405892#msg59405892


2022

January 1,2022
Tinyman -  the amount of hacking is unknown
https://bitcointalk.org/index.php?topic=5267124.msg58909773#msg58909773

January 11,2022
Lympo NFT platform-  $18.7 million
https://bitcointalk.org/index.php?topic=5267124.msg58968153#msg58968153

January 28,2022
Qubit Finance,  X-Bridge  $80M
https://bitcointalk.org/index.php?topic=5267124.msg59097768#msg59097768

February 2,2022
Wormhole   $326 M
https://bitcointalk.org/index.php?topic=5267124.msg59144112#msg59144112

February 4,2022
KLAYswap   $1,83 M
https://bitcointalk.org/index.php?topic=5267124.msg59153910#msg59153910

February 8,2022
DeFi Meter   $4,3 M
https://bitcointalk.org/index.php?topic=5267124.msg59189702#msg59189702

February 8,2022
DeFi QiDao Protocol  $13 M
https://bitcointalk.org/index.php?topic=5267124.msg59191163#msg59191163

February 11,2022
Dego  damage is assessed
https://bitcointalk.org/index.php?topic=5267124.msg59218259#msg59218259

March 03,2022
Treasure DAO $1,44 M
https://bitcointalk.org/index.php?topic=5267124.msg59412238#msg59412238

March 10,2022
Fantasm Finance $2.6 M
https://bitcointalk.org/index.php?topic=5267124.msg59484103#msg59484103

March 16,2022
DeFi Agave и Hundred Finance $11 M
https://bitcointalk.org/index.php?topic=5267124.msg59484103#msg59484103

March 18,2022
Rare Bears $800K
https://bitcointalk.org/index.php?topic=5267124.msg59705205#msg59705205

March 21,2022
Li Finance $600K
https://bitcointalk.org/index.php?topic=5267124.msg59594924#msg59594924

March 22,2022
OneRing Finance $2M
https://bitcointalk.org/index.php?topic=5267124.msg59615100#msg59615100

March 23,2022
Ronin sidechain $622M
https://bitcointalk.org/index.php?topic=5267124.msg59705205#msg59705205

April 1,2022
Bored Ape Yacht Club $0,549M
https://bitcointalk.org/index.php?topic=5267124.msg59717956#msg59717956

April 2,2022
Inverse Finance $15,6M
https://bitcointalk.org/index.php?topic=5267124.msg59738961#msg59738961

April 7,2022
WonderHero $320 000
https://bitcointalk.org/index.php?topic=5267124.msg59811006#msg59811006

April 8,2022
Starstream $4M
https://bitcointalk.org/index.php?topic=5267124.msg59827200#msg59827200

April 12,2022
Elephant Money $22M
https://bitcointalk.org/index.php?topic=5267124.msg59849629#msg59849629

April 18,2022
Beanstalk $182M
https://bitcointalk.org/index.php?topic=5267124.msg59913835#msg59913835

April 20,2022
Deus Finance $13.4M
https://bitcointalk.org/index.php?topic=5267124.msg59992176#msg59992176

April 28,2022
DEFI Lender Rari Capital $80M
https://bitcointalk.org/index.php?topic=5267124.msg60014661#msg60014661

May 31,2022
Mirror Protocol   $2M
https://bitcointalk.org/index.php?topic=5267124.msg60269928#msg60269928

May 4,2022
Yacht Club (BAYC)   $0,36M
https://bitcointalk.org/index.php?topic=5267124.msg60292687#msg60292687

June 7,2022
Maiar DEX $1,65M
https://bitcointalk.org/index.php?topic=5267124.msg60309763#msg60309763

June 8 ,2022
Interlayer Snafu   $20M
https://bitcointalk.org/index.php?topic=5267124.msg60320761#msg60320761

June 16 ,2022
Inverse Finance   $1,2M
https://bitcointalk.org/index.php?topic=5267124.msg60377788#msg60377788

June 24 ,2022
Harmony   $100M
https://bitcointalk.org/index.php?topic=5267124.msg60431403#msg60431403

June 30 ,2022
NFT marketplace Quixotic $0,1M
https://bitcointalk.org/index.php?topic=5267124.msg60485134#msg60485134

July 3 ,2022
Crema Finance $6M
https://bitcointalk.org/index.php?topic=5267124.msg60500284#msg60500284
refund
https://bitcointalk.org/index.php?topic=5267124.msg60525793#msg60525793

July 3 ,2022
OMNI protocol 1300 ETH
https://bitcointalk.org/index.php?topic=5267124.msg60550807#msg60550807

July 12 ,2022
Ethereum in Massive Phishing Attack $8M
https://bitcointalk.org/index.php?topic=5267124.msg60559895#msg60559895

July 19 ,2022
PREMINT $0,4M
https://bitcointalk.org/index.php?topic=5267124.msg60597872#msg60597872

July  24 ,2022
Audius $1,1M
https://bitcointalk.org/index.php?topic=5267124.msg60639264#msg60639264

July 28 ,2022
Nirvana $3,5M
https://bitcointalk.org/index.php?topic=5267124.msg60647575#msg60647575

August 2 ,2022
Nomad Bridge $150M
https://bitcointalk.org/index.php?topic=5267124.msg60676431#msg60676431

Over $36 Million Bacк
https://bitcointalk.org/index.php?topic=5267124.msg60727075#msg60727075

August 9 ,2022
Protocol Curve $0,57M
https://bitcointalk.org/index.php?topic=5267124.msg60727075#msg60727075

August 30 ,2022
OptiFi $0,661M
https://bitcointalk.org/index.php?topic=5267124.msg60898572#msg60898572


September 1 ,2022
Kyber Network $0,265M
https://bitcointalk.org/index.php?topic=5267124.msg60859039#msg60859039

September 7 ,2022
Nereus Finance $0,37M
https://bitcointalk.org/index.php?topic=5267124.msg60898716#msg60898716

September 8 ,2022
New Free DAO $1,25M
https://bitcointalk.org/index.php?topic=5267124.msg60936613#msg60936613

September 20 ,2022
Wintermute $160M
https://bitcointalk.org/index.php?topic=5267124.msg60974088#msg60974088

September 27 ,2022
address exploit $0,95M
https://bitcointalk.org/index.php?topic=5267124.msg61024467#msg61024467



to be continued..


Report for 4 months 2022
https://bitcointalk.org/index.php?topic=5267124.msg60045276#msg60045276

https://cryptosec.info/defi-hacks/
https://rekt.news/


Russian
https://bitcointalk.org/index.php?topic=5227888.0

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August 06, 2020, 09:57:09 PM
 #2

This one happened just a couple days ago.
https://decrypt.co/37671/blatant-bug-led-to-370000-defi-hack-say-experts

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August 07, 2020, 05:38:22 AM
 #3

Ive read before the issue on Uniswap when BZRX launches their IDO but as Ive read the article the author explained how the guy made 500k usd but not in the form of hack but incorporate a defi trading bot. As far as Ive known, using bots on trading is common its just happened that we can see now the cons of smart contract where it can be easily penetraded by the likes of this. Im not sure whether this included or considered as hack history. Actually the guy is smart. Does he violate any rule on dex? Not sure but this could be raise on authority as one of the example of threats on defi business.

14 Jul 2020
How BZRX Uniswap Listing Made One Trader $550K In 30 Mins
https://cryptopotato.com/how-bzrx-uniswap-listing-made-one-trader-550k-in-30-mins/

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..BUY/ SELL CRYPTO..
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August 07, 2020, 09:00:21 AM
 #4

In a short period, a lot of DeFi projects got hacked. I invested in BAL kinda at a peak and as soon as news about hack broke price fell sharply but, now thanks to binance listing and BTC price surge I was able to break even on my investment. Got lucky i guess.


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DeFi on Tron
and trustless token exchange
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August 07, 2020, 09:51:39 AM
 #5

Decentralized Finance in the event of a hack, you have no one to complain to, and this is probably the main reason why I do not use DEFI to the full.

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August 07, 2020, 10:21:19 AM
 #6

Thanks! It is very important to give people real information. People think that decentralized finances do not have any risks! But it is absolutely vice versa. It is a new industry, new code, no one tested it for a long time, so be careful and invest only what you can afford.

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August 07, 2020, 12:40:57 PM
 #7

Good thread, and it seems like this can make people who want to invest in DeFi to increase their knowledge so they don't regret after buying DeFi coin, in addition to hacking cases there are actually also frequent exit scams like this $100 DeFi coin which can drop to $9 less in one week.
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August 07, 2020, 01:08:33 PM
Merited by foxy (3)
 #8

If you look at the losses, this is a small amount compared to what was stolen from crypto exchanges.
I use defi for exchange, hedging, but I do not recommend newcomers to invest in pools. You can make a profit as well as incur a loss if someone makes a successful arbitration.

https://furucombo.app/
I will recommend an interesting project to get acquainted with defi. It allows almost any user to experience the defi ecosystem without having enough knowledge and coins.

.BEST..CHANGE.███████████████
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August 08, 2020, 07:12:38 AM
 #9

If you look at the losses, this is a small amount compared to what was stolen from crypto exchanges.
I use defi for exchange, hedging, but I do not recommend newcomers to invest in pools. You can make a profit as well as incur a loss if someone makes a successful arbitration.

https://furucombo.app/
I will recommend an interesting project to get acquainted with defi. It allows almost any user to experience the defi ecosystem without having enough knowledge and coins.

@zasad this is a really impressive project before I had to go to different DeFi sites to complete an arbitrage trade but, here it's all simple and from one site. This will also save me from some price slippage if I am correct.
Bookmarked and thanks Smiley


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August 08, 2020, 09:09:03 AM
 #10

It's amazing that in just 1 year there have been 9 attacks on decentralized finance. it is a challenge for developers to fix the system to cover the loopholes that could be harmful. also to realize a new and better security system.
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August 08, 2020, 03:53:21 PM
 #11

too overhype DEFI even there are a lot of attack events that occur, the average attack is by manipulating smart contracts, and it's done repeatedly as if they understand the weaknesses that exist,
and it's been just a few terrible days 



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August 08, 2020, 08:53:03 PM
 #12

If you look at the losses, this is a small amount compared to what was stolen from crypto exchanges.
I use defi for exchange, hedging, but I do not recommend newcomers to invest in pools. You can make a profit as well as incur a loss if someone makes a successful arbitration.

https://furucombo.app/
I will recommend an interesting project to get acquainted with defi. It allows almost any user to experience the defi ecosystem without having enough knowledge and coins.

@zasad this is a really impressive project before I had to go to different DeFi sites to complete an arbitrage trade but, here it's all simple and from one site. This will also save me from some price slippage if I am correct.
Bookmarked and thanks Smiley
The project is excellent, but finding an arbitration opportunity to earn money is a very difficult process.
In practice, I myself constantly face the problem of large commissions, when when exchanging tokens or stablecoins for 1000 dollars, I have to pay 30-50 dollars in commission. At such a cost, this system cannot compete with centralized exchanges.
And by the launch of the 2nd phase of ETH 2.0, it is possible that user-friendly interfaces for many projects will be made, and then a new milestone in the world of cryptocurrencies will come.

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August 08, 2020, 10:06:15 PM
 #13

I think the pump in price of ethereum is also instrumental in the dump of other DEFI, if after any long sideway price move of ethereum we dont see some come back of the DEFI then I might probably have a rethink on them. Actually I dont expect a 100% success of every DEFI coin because the team and community defers in capacity of project development and financial strength. Some still believe it is a good way to pull back the market to start the bull run.

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August 09, 2020, 03:37:17 AM
 #14

If you look at the losses, this is a small amount compared to what was stolen from crypto exchanges.
I use defi for exchange, hedging, but I do not recommend newcomers to invest in pools. You can make a profit as well as incur a loss if someone makes a successful arbitration.

https://furucombo.app/
I will recommend an interesting project to get acquainted with defi. It allows almost any user to experience the defi ecosystem without having enough knowledge and coins.

The amount is small because the amount of funds in DeFi is also small. If you want to compare the two, you should use percentages of total funds. In DeFi the losses are pretty big, like a half of the funds or all of the funds. With exchanges, they generally don't lose all their money if it's no an exit scam. Their how wallets is just a fraction of the coins that they hold.

And if you take this year, it's clear that there was more of the DeFi hacks than exchange hacks. So, thinks kinda look not good for DeFi, though it seem to have no effect on hype for now.

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August 09, 2020, 11:15:52 AM
 #15

I also created a similar thread: List of Defi Hacks.

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August 10, 2020, 12:07:34 PM
 #16

All these hacks are bound to happen with DEFI space just getting the attention recently hacker are bound to look for vulnerabilities in the system and exploit it but the main question is if the team would learn from mistakes and make the space better

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August 14, 2020, 05:02:56 AM
 #17

There were 2 more Defi smart contracts that had bugs that were exploited again. Where did these developers come from? I reckon some of them might be the unqualified developers who were rejected or will be rejected by legitimate tech companies.

I am sorry. I do not want to call them bad, however, investors are losing money because of their incompetence.



DeFi meme coin YAM has succumbed to a bug within its rebase function, meaning the coin has lost control of its on-chain governance feature.

All of the roughly $750,000 Curve tokens stored in the project's treasury are lost as well, according to a Medium blog from the team.


Source https://www.coindesk.com/defi-meme-coin-yam-succumbs-to-fatal-rebase-bug



The CRV token officially, yet unexpectedly, launched at 6:25 PM EST today after an anonymous user, apparently unilaterally, deployed the open-source CRV token and CurveDAO contracts on the Ethereum mainnet earlier in the day.

Source https://decrypt.co/38708/anonymous-defi-user-deploys-curve-crv-token-early

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August 14, 2020, 07:22:57 AM
 #18

however, investors are losing money because of their incompetence.
Aside from the bugs and developer's incompetence. I dont think we should shift the blame on them alone. There is also some problem on the side of investors. They just keep jumping off any defi projects that they will saw without much any knowledge on the tech and its function. Im sure 2 of these defi projects have been bought by fomo squads. Definitely when they already on rekt mode, they will spat scam on these. Typical but thats how the cycle rolls and curve will likely be a hot token for being listed on Binance.

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August 15, 2020, 05:07:45 AM
 #19

@cryptoaddictchie. I am not talking about the scams on the market and how we are manipulated to lose our investments. This thread is about hacks and exploits because of developer incompetence.

Is this really the future of finance? This is the comedy of the cryptospace.

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August 15, 2020, 05:20:20 AM
 #20

@cryptoaddictchie. I am not talking about the scams on the market and how we are manipulated to lose our investments.
Im aware dude. I just given emphasize on the quoted part. But thanks for sharing the info about the incident especially on yam's case. Though that incident doesnt really can be called hacked but like what you said lack of competence and failure to accomplish its goal.


Is this really the future of finance? This is the comedy of the cryptospace.

Well in fairness some agree to that. But seriously,  in my opinion only few of them makes that comedy. Not all are shit but some have good ideals too.

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