Yet another cross chain Hack

[GateioExchange]

Allbridge cross chain bridge was hacked for over half a million dollars!  Find out how the hacker pulled it off and what happened to the funds in this video:
https://www.youtube.com/watch?v=6dI6nTmX588


In general, how do you guys feel about DeFi?  Do you prefer to use it or centralized exchanges?

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[Yaunfitda]

I guess in the beginning when DEFI has hype, everyone wants to get on board on it and try to make money. But it seems it has been the target of most criminals as well, whether state sponsored or just individuals or groups who want to make money by exploiting it.

The thing though is that it's not big of a hack and Allbridge says that they are going to compensate those who lost their money in this hacked.

And for some strange reasons, the hackers are returning 1500 BNB, and remaining will be tag as white bounty compensation to the hackers.

You can follow them on their official twitter account, https://twitter.com/Allbridge_io

[JayTrain]

The recent hack of Allbridge cross chain bridge is a reminder of the risks involved in DeFi. While decentralized exchanges offer more autonomy and transparency, they also lack the security measures and insurance that centralized exchanges provide. It ultimately comes down to personal preference and risk tolerance

[o48o]

I guess in the beginning when DEFI has hype, everyone wants to get on board on it and try to make money. But it seems it has been the target of most criminals as well, whether state sponsored or just individuals or groups who want to make money by exploiting it.

The thing though is that it's not big of a hack and Allbridge says that they are going to compensate those who lost their money in this hacked.

And for some strange reasons, the hackers are returning 1500 BNB, and remaining will be tag as white bounty compensation to the hackers.

You can follow them on their official twitter account, https://twitter.com/Allbridge_io

They were white/gray hat hackers. This is usually fastest way to get the attention of the teams about any security issues. It's a dangerous route however, as you can be flagged as criminal as well especially when you take a bug bounty without a concent. And for a smaller project even when they get their money back, just a fud and panic can kill a project after this.

With larger projects it's nearly impossible to kill them no matter how much you steal. Like in 2016 there was infamous Dao hack where 3,641,694 ETH were stolen (over $50 Million worth of ETH at the time). Eth nearly was killed but they just forked and survived.

[Apocollapse]

Cross chain bridge is different with a decentralized exchange, don't mix it.

That's why don't put all trust with centralized cross chain bridge because it's vulnerable against hack, just choose a chain with high security and trusted enough. DEFI isn't decentralized, it's misleading. I'm not using DEFI and centralized exchange, but I use decentralized exchange.

[robattfield]

But the warning about Defi, not only small projects but even a large project have problems. I used to wonder how they can let those mistakes happen, is their security capacity not adapted in this space, also saw some projects spend millions of dollars on mechanical hacks active network inspection finds errors, but then we still see these things. I guess defying the profit opportunities the market offers that makes many developers work is really unprofessional.

[Johnyz]

The recent hack of Allbridge cross chain bridge is a reminder of the risks involved in DeFi. While decentralized exchanges offer more autonomy and transparency, they also lack the security measures and insurance that centralized exchanges provide. It ultimately comes down to personal preference and risk tolerance

This is why there's a big trust issues when it comes to DeFi and many still prefer a centralized platform but both of them still give no guarantee about its safety. Now, what they will do is to address the problem and compensate all the loses. Hackers are working very hard to spot a project that has a weak security, there's no safe space from them but if a project focuses on their security, this can be avoided.

[blockman]

In general, how do you guys feel about DeFi?  Do you prefer to use it or centralized exchanges?

They are being sold like hot pancakes in the community and that is why even the hackers eyes are on them. I'd like to use a few of them if it is necessary but the news that comes out about them could have been discouraging because of the usual hacks that happens to them.
It is inevitable that people will trust more centralize exchanges because they think that in terms of safety, they are safer than the DeFi or dexes. But little did they know, they cannot skip also being hot in the eyes of hackers and even the regulators for which we are seeing in most of them.

[ElmedoRator]

Allbridge cross chain bridge was hacked for over half a million dollars!  Find out how the hacker pulled it off and what happened to the funds in this video:
https://www.youtube.com/watch?v=6dI6nTmX588


In general, how do you guys feel about DeFi?  Do you prefer to use it or centralized exchanges?

This market has since the DeFi boom, making it the target of more hackers than any other sector in cyberspace. I think that perhaps many projects have lacked the care when they still let the contract errors repeat many times. I have heard about a number of different tricks like price manipulation and project exits, but more realistically the recent attacks are targeting a lot of large projects and the amount of money lost is huge. Perhaps a change in product developments is required before users can use it, unfortunately for us, trusting the use of the product does not guarantee the safety of the property.

[raidarksword]

Another exploit on DeFi platform, this industry is getting attacked everyday and that's not good news at all. Last time Poolz Finance, a DeFi/IDO project got hacked due to exploits from hackers but good thing they got back up from the incident and coming back strong again. DeFi project should invest more on securing their smart contracts and hire some elite security audit company to ensure that their smart contracts has solid security.