Yet another Defi platform got hacked again

[baiwei]

Akropolis is a defi lending and savings protocol. Users can take out loans, and they can also earn interest on crypto deposits. They were hacked because their platform security is not that safe. So for instance, they should have doubled their precautions to prevent this kind of problem.

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[CuriousGeorge]

The defi operation is almost 100% depends on the code that has been used. When there's a vulnerable code being discovered by hackers and it could be the end for the defi.
What i have learned a lot from akropolis's case was if hacker is very skilful compared with the auditor.


There must be a regular audit to the code. Defi is not so safe as cex.

[rat03gopoh]

I really hope these kind of attacks are not an insider or the platform itself are involve and they just want to take advantage with their users.

I have one thought with you. But my suspicion is more towards "third party code auditors". Idk, I dont really place all my suspicions on "insiders". Perhaps the attacker actually knows the weakness of a code auditor that is often overlooked for platform security testing.

[shinratensei_]

Akropolis is a defi lending and savings protocol. Users can take out loans, and they can also earn interest on crypto deposits. They were hacked because their platform security is not that safe. So for instance, they should have doubled their precautions to prevent this kind of problem.

It's clearly stated that if the attack is not yet discovered by the team and the hacker has found it available on the code. Security is a big problem in crypto history.
So many security incidents happened and it thinks that it can't be solved easily.
The flash loan is a part of decentralization and this is the homework for the defi developers.
All of the hacked cases always related to the flash loan. So many hacked cases in the defi platforms caused by the vulnerability in the flash loan. It's sad to say the flash loan is a must in the defi feature.

[Phoenix_PROG]

Right now some people will make DeFi the scape goat of all this hackings, the truth is any project can get hacked not just DeFi projects, DeFi projects have been hackers target since DeFi Hypes, it was same thing with ICO projects years ago, whenever something new plays very good in crypto space scammers and hackers will start their own work as well.

[Salauddin1994]

The reason for the hacking of defi projects is that these projects are not able to hold their position due to taking loans there are also many scam projects which are running their platforms under the name of defi. Therefore if you donate to any platform you have to be careful and verify the projects hackers use different methods to hack not all defi platforms are the same. Defi projects are being hacked due to their good position in the market and the number of scammers is increasing that is why using this name is fooling everyone.

[benthach]

defi is not sustainable

[CryptoYar]

Does DeFi are too vulnerable to be attacked?

Of course, we can say this. Because their only goal is to make money and they have no interest in security, even where money matters, strict security is ensured. However, the DeFi projects that are being introduced today have a lot of security-related issues.
I think these projects need to focus more on security, If similar attacks continue, people will soon be scared of it and no one will invest in DeFi.
As we all know, Whenever hackers steal any particular coin., the value of that coin falls considerably, which takes some time to recover.

[Kupid002]

defi is not sustainable

True ,and there are many bugs that need to be fixed first before trusting your money in any defi project.


That hacked incident is the reason why you should avoid investing in defi project they need to make it more secure first to investors and review every possible bug before they launch. A mistake made by them is a lot of lost to investors.

[Hallmader]

defi is not sustainable

True ,and there are many bugs that need to be fixed first before trusting your money in any defi project.


That hacked incident is the reason why you should avoid investing in defi project they need to make it more secure first to investors and review every possible bug before they launch. A mistake made by them is a lot of lost to investors.

They don't have to completely avoid investing in Defi projects. There are so many Defi projects which have already registered high returns. What they should do is to limit their investment in moderate amounts. They should be aware that the risk is high. There is high return as well. That is also the positive side of Defi. The potential to earn is there. But they should not lose sight of the risks involved. Defi is still struggling to achieve a better form.

[Kemarit]

Akropolis released an open letter to the hackers;
- https://medium.com/@akropolisio/open-letter-to-akropolis-delphi-hacker-91e883667cc

We would like to propose that you return the funds of our community members within 48 hours and in return we will offer a $200,000 USD bug bounty. We will take measures to protect your identity as required.
If you decide not to cooperate we will pursue criminal action and contact law enforcement.

They've admitted the hacks, the security is not really safe on this defi platform systems. Good thing they have a plan to compensate their user's funds but this doesn't get rid the fact that they are prone to hacks and their reputation changed suddenly because of this incident. Defi projects like this loan/trading platforms are still new however giving most of the users now the doubt because they had the weak security that a decentralized finance should have strong guaranteed about it's security because they are handling finances.

It doesn't mean anything though, if they really know the hackers then why not pursue them and get back everything from the criminals instead of offering bug bounty?

And I don't think that criminals will be threaten by this statement, LOL, they have cash it out and liquidated everything as per report, so the money is gone now and there's no way these kind of criminals will surface unless they work with the police to track down and put them behind bars.

[X-ray]

defi is not sustainable

True ,and there are many bugs that need to be fixed first before trusting your money in any defi project.


That hacked incident is the reason why you should avoid investing in defi project they need to make it more secure first to investors and review every possible bug before they launch. A mistake made by them is a lot of lost to investors.

Dude, sometimes bug didn't discovered by the team and this is the problem that has encountered by almost all of defi platforms. There will be no perfect coding but the fact if what you can do to decrease the vulnerable code.
This means if the code can be vulnerable anytime if there's someone who can discovered it.
Flash loan has become a feature that is very risky because it will always deal with the code.

[icalical]

DeFi is not TOO vulnerable compared to others, in general, it's just as vulnerable as other platforms. The different is just that now DeFi is the most popular among other types of cryptocurrency projects. People just jump on the bandwagon, and ride the wave of DeFi, without much understanding in the fundamental and even ignoring the technical and security feature on their platform, people just launch DeFi project and make a profit out of it.

The case you are mentioned is just several of many examples.

[bittick]

Defi projects really make me think that their security is some kind of serious hole need to be fixed even when these projects are essentially just copying each other. It says that their project has been audited twice and still a hole to exploit in there.
When dealing with money a project really need to be serious and is in concern of their system security and so many defi projects got hacked kinda gives me impression that they are not really investing into the security aren't they?

[southerngentuk]

Previously there are several DeFi got the flash loan attack as well such as Harvest finance and bZx.
What's your thought about it? Does DeFi are too vulnerable to be attacked?

This will be a lesson for current DeFi projects, projects that only focus on getting to market early and their products are still incomplete and still gaps, and that will be opportunity for hackers. As is well known, there were attacks on the DeFi project and took a lot of money, so i think instead of launching the product early or completing it in the most complete way, that's why the Big corporations or technology companies always hire hackers to attack and test their products before they bring it to market with users.

[ice18]

Defi projects really make me think that their security is some kind of serious hole need to be fixed even when these projects are essentially just copying each other. It says that their project has been audited twice and still a hole to exploit in there.

It really depends on the auditor on how they are doing security audits when it comes to defi finance it mostly involves huge amount of money that why projects owners must not be very complacent on doing audits only since hackers sometimes are more advance than them they must regularly conducts bounty for possible security bugs with high reward so that vulnerable codes must be updated but theres is also possibility that this security loopholes are intentional like inside job like what happen in Axion.     

[WinBIts]

So lately there's one of DeFi platforms (Akropolis) that has admitted they got hacked (over 2 million in DAI) through a flash loan attack recently.

Previously there are several DeFi got the flash loan attack as well such as Harvest finance and bZx.
What's your thought about it? Does DeFi are too vulnerable to be attacked?

Its sad to see more DeFi services being hacked here and there, but its really not as bad as we think of it.
For instance here are some statistics about bank cyber crimes statistics , and that does not include real bank robberies.
So compared to banking system - crypto is relatively safe.
But it may feel like the opposite because we know about basically any big hacking activity in crypto market thanks to transparency of the system.
Which is not the case in banking system

[yazher]

They are vulnerable to attacks too. Just like DEX and centralized exchanges, they are not exempted from the attacks and abused of hackers. $2m of DAI is a big amount of loss. The reason why everybody has to think before investing to a Defi is because you're allowing your money to stay on them and if an attack like this occurred, it's likely that your fund will also be part of it which is we don't want to happen. That's one major reason why it's better for me to buy and hold.

They really need to make their system fully secured or else those scammers will rampage their platform in no time. These bad guys are just taking some caution when they attacked some exchanges, I feel bad for that Defi platform they might not have any alternative to recover the funds of their customers. Now the incidents have been made public, those who are frowned at this kind of attack, need to revise their strategies and check the possible reasons why those hacked got some access to that victim's Defi platform.

[Rowenta]

DeFi projects aren't hack proof, decentralization isn't security so stop making this a big deal, DeFi projects are just like every other projects in crypto space and their use cases isn't tackling hack issues in crypto space either so free DeFi projects people

[Dollar_Hunter]

DeFi projects aren't hack proof, decentralization isn't security so stop making this a big deal, DeFi projects are just like every other projects in crypto space and their use cases isn't tackling hack issues in crypto space either so free DeFi projects people

I think the Defi project is a decentralized project, isn't the word decentralization a high level of security?
because the one who manages the user himself, so the hack in the Defi project is nonsense,
but if the Defi project is a scam it can happen.