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.

Comments

How Human Noise Kills Marine Species, as revealed by Scientists

Scientists have warned that the discord of noise made by humans is harming marine species . A comprehensive assessment revealed that large noise from human activities was as harmful as pollution, overfishing and climate change . The study that was conducted by the Journal Science exposed how marine animals can hear from far distances than they can see or smell. According to a report published in the Guardian, most of the marine life uses sound to catch prey as well as attracting a mating partner. Prof Carlos Duarte of King Abdullah University in Saudi Arabia argued that: “Marine animal can only sea up to around 10 meters, smell up to around a hundred meters, but they can hear across the entire ocean basins.” The research concluded that sound “is very important in the marine ecosystems, and noise is pervasive, affecting animals at all levels .” The increasing cacophony in the marine habitat is interfering with how marine animals respond to various survival...

Carbon dioxide to Make Jet Fuel, Study Reveals

Photo Source: twitter.com Aircrafts release a lot of carbon dioxide in the atmosphere which contributes to climate change. A research that was conducted by Science News and reported on December, 22 2020 stated that there was a new iron-based catalyst that has been invented to convert carbon dioxide into jet fuel. It is only a matter of time that carbon dioxide pumped to the atmosphere by planes could be sucked and used to power the same. The air travel’s footprint in carbon emissions could be tremendously curtailed, if the carbon dioxide that is released is recycled to generate fuel. As per Science News reports, Air transport contributes to about 12 percent of the entire transportation carbon-related emissions. Unlike cars, aircrafts cannot carry bigger batteries which can be run on electricity generated from wind or solar panels. The current breakthrough in the conversion of carbon dioxide to fuel involves cheap ingredients such as iron and transformed through a single s...

Why Mt Kenya Leaders are wary about Change of Guard

As 2022 succession battle gains momentum in Kenya, leaders drawn from Mt Kenya region have become more concerned of their political future and survival. Mt Kenya region is predominantly occupied by the agikuyu, ameru and aembu communities. The region has produced three out of the four presidents. It boosts about the tyranny of numbers, thus making the region a battle ground for leaders from other region seeking to succeed President Uhuru Kenyatta. Central alone produced Mzee Jomo Kenyatta, Mwai Kibaki and Uhuru Kenyatta as presidents. The only other Kenyan president drawn out of the region was Daniel Arap Moi. In the recent past, the region has gone against the tide of State operatives as a sign of revolt over what they term as negligence from the government, despite electing one of their own to the much coveted seat. Deputy President William Ruto has taken advantage of the brewing rebellion through making serious political forays in Central and its vicinity. ODM leader Rail...

Phode News Hub

Search This Blog