DeFi hacks and scam attempts costing participants $1.29 billion so far in 2021
Paris, France--(Newsfile Corp. - April 15, 2022) - Bybit, the world's third most visited crypto exchange addressed prevalent DeFi security vulnerabilities and explored industrial-scale solutions at the Paris Blockchain Week Summit.
Risking it all - The Real Costs of High Yields in DeFi
From admin key compromises to rug pulls, a long list of high profile DeFi projects have fallen victim to hacking and scam attempts, already costing participants $1.29 billion in the year so far.
DeFi projects are particularly prone to security risks, said Lawrence Tan, Bybit's spot business development director in a keynote address titled, DeFi Security: the Risks Behind the Yield and Mitigation. Almost 74% of blockchain security incidents were DApps and DeFi-related in 2021.
Even the most security conscious crypto veterans are not immune to DeFi risks. Tan himself narrowly dodged the PolyNework hack, having exited from liquidity mining in the protocol just two days before the hack cost victims $611 million.
Mitigating DeFi Risks - Be a Self-Reliant Investor
Tan says the simple rule of vetting your DeFi project carefully pays off.
"Consider open-source and audited projects by built teams with real names. Look for projects with higher popularity, larger TVLs and a good track record. If you are a beginner, you don't need to rush into new projects even if it promises high yields," Tan said.
Doing your own research,...
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