Skip to main content

Largest Cypto Heisty Raises Concerns over Future of DeFi

There have been increased rates of hackers targeting DeFi sites. In what Reuters news has reported as the largest crypto heist, Jump Cypto announced that it had restored $320 million that was stolen from their site. 

The unregulated Decentralized Finance (DeFi) platforms enable users to borrow, lent and safe in crypto form rather than using traditional financial institutions such as banks. However, the bypassing of regulated financial institutions comes with great risks.

Many investors are lured to DeFi owing to low interest rates with the expectation of high returns. However, fraud and theft has continuously hit DeFi sites and no hacker has been brought to book.

Elliptic research reveals that in 2020, DeFi sites lost an excess of $10 billion. The huge loss makes DeFi to be the most vulnerable branch of cryptocurrencies. 

In 2018, digital tokens worth $530 million were stolen from Coincheck, a Tokyo-based Crypto platform. This was after an earlier loss of a half a billion to hackers in 2014 where another Japanese transaction flopped.

In 2021, Poly Network lost more than $612 million that were stolen in more than 12 different cryptocurrencies. The loss of the over $600 million tokens is reportedly the largest crypto heist ever on record.

Crypto trading platform Bitmart also reported a loss of $200 million to hackers last year. 


Labels:

Comments

Post a Comment

Popular posts from this blog

How Musk's Neuralink Blindsight will allow the blind to see

  Scientists are still stunned by Elon Musk's plan to enable blind people to see, using his Neurolink's Brain Computer Interface chip dubbed Blindsight. Neurolink has already partnered with top Spanish scientists and US Santa Barbara to make a device called Blindsight, a smart Bionic Eye powered by brain implants and AI. Blindsight got the approval of the US Food and Drug Adminstration (FDA), though there have been no human trials. Musk confided that Neurolink will perform its first human implant of Blindsight at the course of 2025. Will Neurolink's Blindsight allow Blind People to see? Blindsight is designed to enable people with total visual impairment, as a result of damaged optic nerve but with intact visual cortex, to see. This is enhanced by bypassing the optic nerve and stimulating the visual cortex to create a visual perception. Visual cortex is part of the brain that receives, integrates and processes visual information relayed from the retina.  Blindsigh...
Post a Comment
Read more

How Human Brain will replace Smartphones in communication

Elon Musk envisiges a future where smartphones are obsolete and communication happens directly through the brain.  According to Musk, Neuralink the brain-computer interface that his company is developing, could eventually replace phones entirely. Imagine navigating the internet, sending and receiving text messages, or even making calls, all with just your thoughts. This sounds like fictional science. However, Musk believes the integration of humans and artificial intelligence is a necessary mileage for human evolution.  Neuralink’s potential extends far beyond convenience; it could disrupt the field of medicine, communication and the way we interact with technology forever. The future Musk envisions is not just coming, it's already in the pipeline. NEURALINK will make Smartphones completely obsolete. Neuralink is a company that was found by billionaire Elon Musk and develops brain-computer interface technology. Its goal is to connect the human brain to computers so as t...
Post a Comment
Read more

Why Matiang'i comeback threatens Ruto's re-election bid

  Former Interior cabinet secretary Dr. Fred Matiang'i is a great rival to President William Ruto in his 2027 re-election contest. Matiang'i is set to give Ruto a run for his money, owing to his track record as a cabinet secretary in the previous regime.  Former President Uhuru Kenyatta trusted Matiang'i more than any other cabinet secretary due to his workaholic nature and might be forced to finance his presidential quest.  The former Interior CS is reportedly eyeing the presidential seat on a Jubilee ticket, as alluded by the party's secretary general Jeremiah Kioni. Ruto's dalliance with the doyen of opposition politics and ODM party leader Raila Odinga had complicated the opposition's quest to unseat the sitting Head of State. Matiang'i comeback seals the vaccum left by Raila's departure. Why Ruto might lose Kenya's presidential seat in 2027 Ahead of 2022 general elections in Kenya , President William Ruto promised Kenyans heaven on Earth onl...
Post a Comment
Read more