Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Jaephoenix on June 25, 2022, 06:26:58 AM
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I noticed more and more defi protocols are getting exploited these days. The latest is the Horizen bridge hack which spirited away about $100 million worth of assets. There was another one last week for $10 million. What the increase and how to stop it?
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I noticed more and more defi protocols are getting exploited these days. The latest is the Horizen bridge hack which spirited away about $100 million worth of assets. There was another one last week for $10 million. What the increase and how to stop it?
The problem right now is that no matter if these platforms are trying to prevent it from happening, the hackers will always find new ways, loopholes, backdoors, etc. In other words as per Captain America’s quotes of “whatever it takes”, they cannot be stopped until they get what they want. Defi platforms are vulnerable to being hacked right now, so there is no perfect solution as of today
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I noticed more and more defi protocols are getting exploited these days. The latest is the Horizen bridge hack which spirited away about $100 million worth of assets. There was another one last week for $10 million. What the increase and how to stop it?
The problem right now is that no matter if these platforms are trying to prevent it from happening, the hackers will always find new ways, loopholes, backdoors, etc. In other words as per Captain America’s quotes of “whatever it takes”, they cannot be stopped until they get what they want. Defi platforms are vulnerable to being hacked right now, so there is no perfect solution as of today
Yeah, its not fool proof, as long as the codes are man made. Though the process of audit is supposed to make is less immune. I used to be awe of audit projects like Certik and Paladin, but I realized that many projects they audit have either been hacked or rugged
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Hacking is the number one challenge yet for any platform but most especially with DeFi platforms all because the prize can be so stiff...getting millions for a successful hack is enough incentive for anyone or maybe a group of hackers to be doing all the can and use all the available resources to be able to get in and cause havoc to the business. There are now so many hackers who are always ahead of the security game and they got the money to back up their operations...and we know that in one country hackers must be able to produce so as to endanger their lives and livelihood. Unfortunately, I don't see any kind of a reliable solution to this problem for now...there will always be victims of hacking. And this can mean that people are now starting to doubt any DeFi operation and am always suggesting that all platforms must have some sort of an "insurance" system for their users and holders.
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I noticed more and more defi protocols are getting exploited these days. The latest is the Horizen bridge hack which spirited away about $100 million worth of assets. There was another one last week for $10 million. What the increase and how to stop it?
I think this hackers will not stop as long as there is a reason for them to do it. Especially, if they see that there is a large amount of money involve in the place where they're going to hack. This is a serious matter where it must resolve so in the end the investors of the community here in the cryptocurrency won't get disappoint in the industry they enter it.
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Sometimes (not always) some of these attacks can be avoided. I have been reading about this topic for a long time because I am very interested in it. Many of the platforms that have suffered attacks and theft of funds have been for wanting to launch the product as soon as possible. Unfortunately, some developer teams think that it is enough for companies like Certik to audit the code, and that is a serious mistake. I also think it's a mistake that the code is available on sites like Github, for example, some teams have all the code open to the public and that gives attackers an advantage.
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Hackers are now really a frightening specter for anyone, because if a Crypto platform is hacked then this will have a tremendous impact.
Money can run out, and fear is growing so that someone will think again about entering on the platform.
So we have to be extra careful, hopefully the hackers and Crypto money thieves die quickly.
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Hackers penetrate the Defi platform and hacked the $100 million worth of assets If you see this is not good for the crypto market. Such things give insecurity to the new users or new investors because they think it's quite common hacking in the cryptos so the dev should be more careful and should test it properly before launching it so that hackers can not hack it.
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Hackers penetrate the Defi platform and hacked the $100 million worth of assets If you see this is not good for the crypto market. Such things give insecurity to the new users or new investors because they think it's quite common hacking in the cryptos so the dev should be more careful and should test it properly before launching it so that hackers can not hack it.
It has not been "only" $100 million. That amount is very small compared to the total amount that has been stolen in the industry, and the problem is almost always the same. The security of many platforms (not just DeFi) is generally low and the reason is that companies and project teams want to release their products as soon as possible, it is not enough to put the Certik logo on the project website, security goes much further although the economic cost is much higher.
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how to stop it?
That's entirely the job of developers and auditors, no contribution from the community to prevent exploitation unless you really stop being interested in defi.
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Hacking of cryptocurrencies is the biggest drawback of this market and Such news has a very bad effect, on those who are thinking of investing money in this market. Here Dev's responsibility increases more that he should take care that there should be no bug left that the hacker can take advantage of.
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I noticed more and more defi protocols are getting exploited these days. The latest is the Horizen bridge hack which spirited away about $100 million worth of assets. There was another one last week for $10 million. What the increase and how to stop it?
The project team should be more careful about their employees. Those Dev needs to be qualified enough to do these types of complex jobs for a crypto project. There should be a bug bounty campaign from the project team. These would help them to find any major issues with the platform and get rid of them. A regular security check should be made.
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Unfortunately, there are many hacks that happen i the crypto world. We may be sure enough with the security that we have or even the big platform has. But hackers are smart enough and they may be still able to hack the sites or platforms although they have big security system
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Sometimes (not always) some of these attacks can be avoided. I have been reading about this topic for a long time because I am very interested in it. Many of the platforms that have suffered attacks and theft of funds have been for wanting to launch the product as soon as possible. Unfortunately, some developer teams think that it is enough for companies like Certik to audit the code, and that is a serious mistake. I also think it's a mistake that the code is available on sites like Github, for example, some teams have all the code open to the public and that gives attackers an advantage.
I agree. Hackers most times get what they want. Its just a matter of time. And the incentive? A loot of million of dollars. That is enough motivation. And I use to trust Certik, but I realized they are getting sloppy. They audited Cylum Finance which rugged with millions of investors money. In the end, the best auditors are the investors themselves. Thus DYOR
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I agree. Hackers most times get what they want. Its just a matter of time. And the incentive? A loot of million of dollars. That is enough motivation. And I use to trust Certik, but I realized they are getting sloppy. They audited Cylum Finance which rugged with millions of investors money. In the end, the best auditors are the investors themselves. Thus DYOR
I agree with you. The certifications of external audits or how many developers review the final code do not matter, what matters is the time and dedication, and logically, the budget allocated to security. The losses in stolen cryptocurrency in the first half of 2022 totaled roughly $2.181 billion, a 208% increase over the first half of 2021. In the previous month alone, 21 different DeFi exploits resulted in $227.76 million in stolen funds, I think these numbers speak for themselves.
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Probably, you need to get used to the fact that cryptocurrency will always be the target of attacks by hackers and various scammers. Especially now, when this market is still practically not regulated by the states, and a significant part of cryptocurrency holders do not have the proper experience with it. The relative anonymity of this market also has a great negative impact. It must be recognized that safety is the weak side of this market.
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I agree. Hackers most times get what they want. Its just a matter of time. And the incentive? A loot of million of dollars. That is enough motivation. And I use to trust Certik, but I realized they are getting sloppy. They audited Cylum Finance which rugged with millions of investors money. In the end, the best auditors are the investors themselves. Thus DYOR
I agree with you. The certifications of external audits or how many developers review the final code do not matter, what matters is the time and dedication, and logically, the budget allocated to security. The losses in stolen cryptocurrency in the first half of 2022 totaled roughly $2.181 billion, a 208% increase over the first half of 2021. In the previous month alone, 21 different DeFi exploits resulted in $227.76 million in stolen funds, I think these numbers speak for themselves.
I believe you wholeheartedly. The issue about these exploits is that projects throw in half baked contracts that haven't been fully audited or poorly audited. And such codes are easy peasy for persistent malicious actors who have all the time in their hands to exploit the weak areas. I used to rate Certik and Paladin audit projects but their audited projects have had issues
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hackers will always look for security holes to enter, there is no way to stop hackers be more careful maybe the best advice and improve the existing security system
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DeFi is facing a crisis when the hacks are constantly happening and the scariest is the fake 70% TVL event in the Solana ecosystem. We used to have the DeFi summer of 2020, but DeFi may not save the market in 2023. NFT is the trend where I have high expectations for the market's tipping point.
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It is quite unfortunate that the reality is that in the world of cryptocurrency and DeFi, hacking will continue to be happening as there is no cure-all potion for this malaise which affected many people who are trusting this new financial system yet at the end making them lose money...no wonder many people are losing confidence on this industry. Industry leading platforms are becoming helpless on this problem so far...that is why am always careful never to be a part of suspicious platforms and am limiting my exposure.
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because people make code and break protocols, too, people, but more intelligent. And while this is not regulated in any way, we will continue to see it.
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It is quite unfortunate that the reality is that in the world of cryptocurrency and DeFi, hacking will continue to be happening as there is no cure-all potion for this malaise which affected many people who are trusting this new financial system yet at the end making them lose money...no wonder many people are losing confidence on this industry. Industry leading platforms are becoming helpless on this problem so far...that is why am always careful never to be a part of suspicious platforms and am limiting my exposure.
It is undeniable since the existence of a platform required to connect to the wallet, there was a lot of hacking. Padaha when compared to the previous incident everything seemed nothing that was considered dangerous, but at this time it could be said to be very vulnerable if required to follow this trend, even though it could be said that the platform was considered very trusted. Indeed the best solution is to have 2 wallets one to store assets, and the other for access purposes on the platform.
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Now the cryptocurrency market is a tasty morsel for hackers and various scammers. A relatively large amount of capital is concentrated on it, which is often owned by inept people. Moreover, indeed, this market is still practically uncontrollable by the states and is not under their protection. Therefore, it is not surprising that relatively anonymous attackers often attack exchanges and various platforms where large amounts of this capital are concentrated.
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the more hacks on a platform the more changes will be made in the future. developers will improve security and find out the weaknesses in a system. if there is no such thing as hacking, we will not know if the platform is safe and reliable to use
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the more hacks on a platform the more changes will be made in the future. developers will improve security and find out the weaknesses in a system. if there is no such thing as hacking, we will not know if the platform is safe and reliable to use
The truth is hacks and exploits are not going to end any time soon. As long as there is the human factor involved in creating Smart Contracts, we would have vulnerabilities which would be missed by audit firms and which can be capitalized upon by malicious actors
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We have every right to be suspicious of the origin and nature of recent hacks, everything that took place during crypto winter and turned out to be the perfect excuse to dump token prices. If the market makers were behind the hacks or the developers of the projects themselves did, we would have a lot to pay attention to and keep an eye on this market.