DeFi hacks is becoming a joke

[Bravehash]

Another crypto project (DeFi) is hacked again and now I'm starting to believe that devs are the ones pulling the rug themselves because this is becoming a child's play right now




Are we been lied to about DeFi projects getting hacked almost every months nowadays? What do you have to say

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[semobo]

And Binance smart chain becomes safe heaven for the hackers?

Surely people are expecting what will be the reply from CZ for this scam project because it seems devs run away within 24 hour after they launched the project on BSC network.Where ever there is hype then there is high risk of getting scammed.

Please beware!

[Yogee]

Defi has attracted a lot of investors and traders that is why they are followed by both developers and scammers. They also want take a piece of that pie. I don't know the details of the Meerkat Finance "hack" yet so I can only speculate. Was their code audited by a reputable third party? Is their team anonymous? Answers to those questions can help us form informed decision.

[Javi_Anibarro]

At this point, I do believe it is the team themselves who did it. More like an intentional scam instead of a hack in my opinion.
A simple logic behind that claim is, a few days after it launched. The vault was drained and at the same time, all of their gateway(Website and Their Twitter were taken down at the same thing this hack happened).
Auditor? nope, I do not hear anything about it at all. Since DeFi started to heat up, we see a lot of projects did this. Why would they do it if they are aiming for a rug pull?
Anonymous team, the ghost who knows who is the auditor, and huge ROI. A perfect combination of DeFi`ed.

[ryzaadit]

Are we been lied to about DeFi projects getting hacked almost every months nowadays? What do you have to say

Nothing surprise.

Because everyone doesn't give any shit about DeFi, yeah they keep investing no matter the project was safe or real team information behind the project. I already share my opinion about DeFi, most of them only share the same service which is give you a stake reward APY and some of the DeFi have stupid APY with a thousand %.

Now comparing with Lending 2017 did they different? IMO, they are all the same just different methods + words explanation ~XD.

[ashmodeus]

LOL ,it will be a common thing on this year , since i also get rug pull by some yield farm from BSC . but well, no rules , no law just DYOR . basically once u spend your money there u must know that probably not your money anymore, how about slow game gamble ? , it is. i mean if u want your money more safely , just go to pancake , if u want your money got doubled within hour, so then , prepare for rug pull.

[wack slacker]

Hacking a DEFI project is unpredictable or certain because we cannot be sure that any DEFI protocol is secure enough. Even BRZX invested by Jeff Bezos, certified by the source audit company, was attacked more than twice with the amount of up to several million USD. I think a DEFI project can be hacked regularly because we have chosen to self-manage assets with risk and that is certainly risky.

[Dave1]

Are we been lied to about DeFi projects getting hacked almost every months nowadays? What do you have to say

Everyone is pulling their rugs here. This is not the first time we have seen it though, 2017 was the real big start for projects to suddenly pulling out exit scam and then hackers laying their eyes on crypto because of the huge amount of money involved here.

Probably it's becoming a joke, so it's either investors move away and choose not to be the victim, or people are going to take the risk. It's there choice.

[criket]

believe that every time there is a bull market we will see a situation like this. When many projects become popular in the market then there will grow a fungus that is detrimental to the crypto market. investors will hesitate to enter into new investment projects such as DeFi. all will return to market adjustments when the investment will dominate the top market project. New altcoins with little community will be difficult to get support and trust.

[Ken_terrance]

And Binance smarth chain becomes safe heaven for the hackers?

Surely people are expecting what will be the reply from CZ for this scam project because it seems devs run away within 24 hour after they launched the project on BSC network.Where ever there is hype then there is high risk of getting scammed.

Please beware!

Not here to defend but to share knowledge, is DeFi not bigger than BSC? To me it is and for the fact that only DeFi projects are getting hacked looks suspicious to me, not all those hacks are real hack, this is the first thing that always come to mind, I'm waiting for BSC hacks though but honestly decentralized sucks in crypto space

[laredo7mm]

Are we been lied to about DeFi projects getting hacked almost every months nowadays? What do you have to say

Everyone is pulling their rugs here. This is not the first time we have seen it though, 2017 was the real big start for projects to suddenly pulling out exit scam and then hackers laying their eyes on crypto because of the huge amount of money involved here.

Probably it's becoming a joke, so it's either investors move away and choose not to be the victim, or people are going to take the risk. It's their choice.

When many new Defi projects are introduced day by day then it's widespread that some of them being hacked or rug pulls by the dev. It's not possible for everyone to check the security measure that has been taken to prevent any hacking activity. So be cautious about any new Defi project or do more research about the protocol they are using for security.

[Ucy]

Defi has attracted a lot of investors and traders that is why they are followed by both developers and scammers. They also want take a piece of that pie. I don't know the details of the Meerkat Finance "hack" yet so I can only speculate. Was their code audited by a reputable third party? Is their team anonymous? Answers to those questions can help us form informed decision.

One of the major problems with the DeFi I knew in the past was the kind of risk the platform allows.    I wish projects are used and tested properly for awhile before they are allowed in the public for serious use.

Teams could have their real identity verified in privacy-friendly manner and still remain anonymous as long as their profiles show stuff like "blue checkmarks" on name section to prove that their real identities have been verified but not visible to the public. If the team commit serious crime like attacking the community, community could request that their identity be revealed.

Decentralized Ideals/principles have to go hand in hand for security and other reasons.

[CuriousGeorge]

Are we been lied to about DeFi projects getting hacked almost every months nowadays? What do you have to say

The dev is the only party what function that already dropped into the smartcontract.
I do believe almost all of the defi hacks caused by the insider or the owner itself who has been rugpull the funds from the pool
It doesn't make sense the code can be hacked easily . I have to say we must not be fooled again by the scammers who claimed their scam defi got hacked. That's just a trick

[semobo]

And Binance smarth chain becomes safe heaven for the hackers?

Surely people are expecting what will be the reply from CZ for this scam project because it seems devs run away within 24 hour after they launched the project on BSC network.Where ever there is hype then there is high risk of getting scammed.

Please beware!

Not here to defend but to share knowledge, is DeFi not bigger than BSC? To me it is and for the fact that only DeFi projects are getting hacked looks suspicious to me, not all those hacks are real hack, this is the first thing that always come to mind, I'm waiting for BSC hacks though but honestly decentralized sucks in crypto space

Decentralization doesn't sucks but when people are in control of their project and call their premined project as decentralized makes the people confused and it is easier for them to run away with the money but since BSC itself a centralized network then Binance may investigate further about the hack or its just another scam?

[Sterbens]

And Binance smarth chain becomes safe heaven for the hackers?

maybe more precisely as a safe escape, yes BSC no doubt, we are attracted day by day. they always develop security on a regular basis, and that's what they should be doing. the reason DeFi is easy to hack is because it's easy to find and an open system, no routine maintenance. routine maintenance was only carried out by the large capitalized DeFi project.

[rozak]

This incident reminded me of 2017 and 2018. At that time there were many ICO projects with almost the same cases.
the team announced their massive sales success. but one month later they announced that the funds raised were hacked or the funds collected were not as expected. after that, the developer will just leave the project.
situations like this have been around for a long time, and there are always loopholes for scammers to seek profit. The current interesting investment trend is the DeFi project, and many investors are also attracted by this trend. not only new investors, even old investors who see the potential of the DeFi project that can make quick profits can seduce anyone.

[FireBallex]

DeFi projects are prime target to hackers since 2020 and nothing is going to change that soon, maybe NFT ? There might be DeFi projects pulling rugs themselves like OP said but majority of these DeFi projects are not just capable, they are build by developers who want to make money off DeFi and they believe they are capable to deliver

[Jackl87]

Another crypto project (DeFi) is hacked again and now I'm starting to believe that devs are the ones pulling the rug themselves because this is becoming a child's play right now




Are we been lied to about DeFi projects getting hacked almost every months nowadays? What do you have to say

I never heard of meerkat finance before. I don't know what happened there but at the moment where every day like 5-10 new defi projects appear it's no wonder that one of those get hacked from time to time or is a rugpull.
Now with Uniswap it's also easier to rug pull. If you as the project creator provide the most liquidity than you can withdraw it anytime you want with all the corresponding ETH or USDT if.

[Review Master]

Lol, it's becoming a common thing to be rug pulled by team and than team will act like it's been hacked by hacker . Even people are getting into those projects because of the hype and shilling posts on telegram. At the end, whales dumped the price of that tokens because of high apy or happened any incidents like hacking or rug pull. Every week, more than 3 projects are rug pulled after the starting of the hype of BSC. So, be aware of this and better to participate into those audited or binance backed projects if anyone want to use BSC for long run.

[livingfree]

Another crypto project (DeFi) is hacked again and now I'm starting to believe that devs are the ones pulling the rug themselves because this is becoming a child's play right now




Are we been lied to about DeFi projects getting hacked almost every months nowadays? What do you have to say

It's likely.

That these hacks aren't really hacking but just exit scam of those developers. We will never know if that's the actual thing.

But as you become aware of it, choose the good projects that you can invest your money in such projects.