A lot of money flows into DeFi, making it a magnet for scammers.
DeFi and Vulnerabilities
Since its arrival on the scene in 2020, DeFi has been a significant driver of the crypto markets. Given that just about anyone can write a Smart Contract, this opens up the risk for bad players to capitalize on potential vulnerabilities in the code. Many projects that suffer exploits find it hard to recover and gain the community’s trust.
Below is a selection of some 2022 exploits on BNB Chain covered by BSC News.
Qubit Finance Hit with $80 Million Hack
Qubit Finance is a decentralized lending and borrowing platform built on BNB Chain. In the last week of January, the protocol was subject to an exploit totaling about $80 million on its QBridge deposit function.
Learn about the hack here.
Top Yooshi GameFi, DNAxCAT Attacked
Play-to-Earn GameFi project, DNAxCAT, suffered an exploit to the tune of 3360 BNB ($1.2 million at the time) within the first quarter of the year.
The exploit led the Yooshi team to announce a security upgrade that had all treasury funds transferred to a new wallet.
Learn about the exploit here.
FEG Token Endures Exploit, Peck Shield Supports Aftermath
Feed Every Gorilla (FEG) was not spared as the protocol suffered two flash loan attacks, resulting in approximately $1.9 million in losses.
Learn about the attack here.
Although constantly evolving, DeFi has come a long way in such a short period. Vigilance is required before delving into the complex world of Decentralized Finance.
Source : bsc.news
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