Yet another Defi platform got hacked again

[Shasha80]

If it has happened several times that DeFi platforms have been hacked, it means there is a problem with the security system.
Maybe a lot of DeFi platforms just focus on making profit, without paying attention to the security system, so they are very
vulnerable to being hacked. Hopefully what happened to Akropolis can be a lesson for other DeFi platforms, to improve the security
of their platforms. So as not to be vulnerable to being hacked.

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[bubbalex]

A lot of DeFi projects do not bring any real value and are actually a simple fork of other open source projects, so we see a lot of DeFi projects being hacked, they probably just copy critical errors from each other without any security audit. Either this is deliberately left a hole in the code so that the team can scam people and blame "hackers".

[Squezzi55]

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.

Most hacked DeFi projects this year happens on exchanges, the hackers steal the tokens from exchange and withdraw to his address, hack on DeFi doesn't happen on the project platforms itself, and even if I'm wrong there is nothing that hackers can't breach, for exchanges to avoid hacks they have to keep updating their security, if they rely on one strategy hackers will breach the exchange

[killerfrost]

I see a lot of new DeFi projects coming up with a lot of piracy and scam projects, which are giving a bad reputation to the crypto space. But i think those projects will never attract large sums of money from people, and the problem here can be seen with the projects, where the products they provide to the user level security is not high. I think that if the projects just follow the trend without regard to the quality of the products they bring, it is not really attractive and will be rejected in this market.

[Stanlo]

I'm not surprised, many DeFi projects are built for money making purpose only so they aren't solving anything, most of them aren't needed but bounty hunters are been blinded with how much they can make from such projects, the best DeFi bounty of this year so far is DEGO Finance and DIA, promote rare utility projects and they will show some love because they have something real to keep (reputation).

[michellee]

From that news, it is normal if we see one or two or more project got hacked because that is the biggest problem that every project will face it, whether they are an old or new project. They need to secure their project from the hacker, and nothing they can do except always manage the project and always protect the project. If they have solid teams, they will secure their project, and they always monitor the project. Right now, the DeFi project is a new trend, and that can make the hackers figure out the bugs on every project so they can hack and steal the money.

It will depend on how their team can guard their project so the hacker will not have a chance to hacked their project. It also happens to the previous trend because the hacker will always search the target from time to time.

[yurez]

I'm not surprised, many DeFi projects are built for money making purpose only so they aren't solving anything, most of them aren't needed but bounty hunters are been blinded with how much they can make from such projects, the best DeFi bounty of this year so far is DEGO Finance and DIA, promote rare utility projects and they will show some love because they have something real to keep (reputation).

90 percent of all DeFi projects are trash with no team, no white paper, and very often no roadmap.  Hopefully people will stop carrying their money to the scam DeFi and they will stop appearing over time. Only strong DeFi projects such as DIA will remain

[poodle63]

A lot of DeFi projects do not bring any real value and are actually a simple fork of other open source projects, so we see a lot of DeFi projects being hacked, they probably just copy critical errors from each other without any security audit. Either this is deliberately left a hole in the code so that the team can scam people and blame "hackers".

I definitely agree, imagine forking a github repo and adding some gimmickish feature and some people still jump themselves into it. it's just feels crazy but as it turns out it attracts quite the people and now it's falling apart because it's some cheap code with a lot of exploit.
The exploit that has happened here, definitely the developer team fault not the clients so they should be responsible for all this.

[noorman0]

Because there are too many defi lending platforms (you could say 50% of defi projects are loan platforms), when one platform is hacked it will be easy for hackers to find the next vulnerable platform that has the same mechanism. It is also supported in open source code, making it easier for hackers to identify system weaknesses. What distinguishes all defi loan platforms in general is the interest rate and the token unit price, not much on technicalities.

[john_nautica]

Looks like it's not just full of scams but also immune to attacks I really think investing to DeFi projects are really risky right? Would somebody tell me that it's still a good idea to invest to DeFi projects.

[Sebas.tian]

Looks like it's not just full of scams but also immune to attacks I really think investing to DeFi projects are really risky right? Would somebody tell me that it's still a good idea to invest to DeFi projects.

Investment into Defi projects are most risky as today, i won't encourage nor advise anyone to get into the defi world to make their investment without proper background check on the projects. There is nothing we should expect from these open source copy-cats everywhere claiming they're Defis while in the real sense they're shits. Any cryptocurrency project without strong security shouldn't be advise to make investment with, personally, i hate the DeFis as i hate the ICOs days.

[doomloop]

Crypto world and hackers go hand in hand, there is no denying that anymore at all. Do you really thing that it is very hard to build an exchange yourself? I can buy a script, hire a developer to put it in a website, get some VPS servers to run all the things I need, pay few designers and marketing people and you have an exchange. Obviously it would take at least 10k dollars to do it but considering these exchanges make a million dollars a month it shouldn't be too high of a capital.

You know why we do not have a billion of them? Because of hacking and security issues, if I get it made, how could I know what my security guy did? Maybe developer put a backdoor? Maybe I will get hacked but don't know how strong my website is? This is why I suggest not everyone should start a project because unless you can guarantee %100 safety, you should not exist.

[disconnectme]

I think this flash loan has done more damage to DEFI than its initial promise. If there is no serious way to prevent this, we could see this running rage soon, since people now know they can use flash loans with small capital to exploit a system that without flash loans only whales have the ability to carry it out, then every good hacker will continue to look for exploits in these DEFI products

[pucunghul]

one by one it will happen like this for Defi, there will be an end to Fomo Defi,
if you still have Defi coins, make a sale now, because your actions will save you

[yohananaomi]

one by one it will happen like this for Defi, there will be an end to Fomo Defi,
if you still have Defi coins, make a sale now, because your actions will save you

Is this one that really should be done as you think about Defi? there is no best choice or it is very worrying, so you have to do such an action. because it is clear who has held the token all this time, not really seeing any reactions or rebuttals.
it is also very confusing whether there is really an effective trade or is it just being carried out by certain people.

Defi, made a surprise at first and everyone glorified with this renewable system, because even to the point of surprising the price that was offered even exceeded bitcoin but trading was not as busy as bitcoin. This is a problem because not long after the price continues to fall and many have experienced failures with the system which makes people start to doubt it. continues until now.

[Wawa2013]

In fact, it's not only DeFi platforms that have been hacked, several hacking events have occurred in the cryptocurrency world.
We give DeFi platforms the opportunity to improve their security system, because no system is 100% safe, so don't think negatively
about DeFi platforms. Maybe some of the DeFi platforms were targeted by hackers who had high abilities. So even though the security
system of DeFi platforms was good, they were hacked in the end.

[arufox]

We should know that Investing in Defi is so risky, Not only about the price that can be dumped but only about attack, Hackers will targeting Defi because they hold lots of funds, and I think it's also people behind the team is not professional so vulnerable to attack.

Or plot twits: There is no attacking at all, it's manipulated by the team.

[Viscore]

I'm not sure if I'm going to believe this or not. It probably because everything can be manipulated, it might possible that they just want to trick investors of being hacked but the truth is that their project has nothing to show good.

Well, I'm not good with DeFi and since from their launching, I have no interest to invest them knowing that many of them (almost all) are just shit projects. I can't really imagine how they create such hypes? However, the quickest they rise up, the fastest also they dump and even becoming dead.

[Slingshot]

Everybody should just be extremely careful this period as December is coming and some projects will rug and run. Know what you are investigating in and many would use hack to convince investors but quit unfortunate this happened and I do hope they recovers and safe investors from heartache.

[santiPOGI]

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.

“At ~14:36 GMT we noticed a discrepancy in the APYs of our stablecoin pools and identified that ~2.0mn DAI had been drained out of the yCurve and sUSD pools,” the project reported in a statement released the evening of November 12.

[...]

The attacks seemingly come as a surprise for Akropolis, which said the pools had undergone two independent audits. “However, the attack vectors used in the exploit were not identified in either audit,” it said “The essence of the exploit in question is a combination of a re-entrancy attack with dYdX flash loan origination.”

Read the full article -> https://decrypt.co/48081/defi-platform-akropolis-admits-to-being-hacked-for-2-million

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 is not good again for the Defi projects, if the owner itself will not do something about it, the trust of the community who believed in Defi will little by little remove their assets in the Defi until no one is using them, where if that happens well surely it will become a dead one. So, they must improve and protect their clients to remain their clients to their platform.