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

Kenyans surprised over UDA's 'Voters Repair' remarks for President Ruto 2027 reelection

 Kenyans are reacting strongly to remarks by some UDA leaders that many interpret as hints at election manipulation ("ukarabati ya kura" / "voters repair") ahead of the 2027 presidential election. What Happened On or around May 23, 2026, NTV Kenya and other outlets aired footage from a UDA meeting at Kakamega Deputy Governor Ayub Savula's home.  Leaders including Savula and MP Charles Gimose reportedly used phrases like "tutafanya ukarabati ya kura" (we will repair/do maintenance on the votes).  Some comments referenced high victory margins in places like Tanzania under Samia Suluhu or Museveni-style wins. This has been widely seen as implying plans to "fix" or pad results in favor of President William Ruto's reelection, rather than a literal call for better voter registration or system maintenance. Public Reaction 1. Surprise and outrage: Many Kenyans on X and social media expressed shock, viewing it as arrogant or desperate signaling am...
Post a Comment
Read more

How to commercialize your prototype innovation in Kenya

Commercializing a prototype in Kenya involves transforming your innovation from a proof-of-concept stage into a marketable product or service that generates revenue. This process requires protecting your intellectual property (IP), validating market demand, securing funding, and selecting the right business model.  Kenya has a supportive ecosystem with government agencies, grants, and innovation hubs to help.  Below is a step-by-step guide based on established practices and resources. 1. Protect Your Intellectual Property (IP) Before commercialization, safeguard your innovation to prevent copying. In Kenya, IP protection is handled by the Kenya Industrial Property Institute (KIPI). Register your IP : File for patents, trademarks, copyrights, or industrial designs. Patents are crucial for inventions and provide a 20-year monopoly.  Start with a patent search to ensure novelty, then apply via KIPI's online portal. Costs range from KSh 3,000–50,000 depending on the type. Why...
Post a Comment
Read more

Important steps to be taken when buying Land in Kenya

  Land is a vital asset and acquiring it requires utmost caution to avoid finding yourself in a protracted, unending legal battle. As Kenya's economy bites, there has been increased cases of land fraud.  Land disputes have been so rampant, hence the need for advocacy of future land buyers to be cautious when undertaking land transfer processes. Factors to consider when purchasing land in Kenya 1. Do a land search at the ministry of lands. This enables you to confirm the real owner of the land and know whether it has any legal dispute, loan or unpaid tax. 2. Site visit: Make sure you see the land physically and confirm its boundaries. 3. Land verification: Verify the authenticity of the property at the land registry and confirm if it is freehold, leasehold or communal. 4. Sale agreement: Engage a lawyer and a surveyor for legally sound transaction. 5. Land transfer: Make sure the original titledeed is transferred from the name of the seller to your name. 6. Register your land w...
Post a Comment
Read more