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. 


Comments

Popular posts from this blog

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...

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...

Uproar after armed goons infiltrate women press briefing at KHRC

Armed militia stormed KHRC, causing lots of chaos, confusion and mayhem. Goons disrupted Kenya Human Rights Commission (KHCR) press conference in Nairobi on Sunday, and accused the organizers for planning Saba Saba protests . Mothers had convened at the KHRC offices to address issues related to seeking Justice for victims of police brutality. The attack prompted the conveners to scamper for safety. According to Standard Media, one journalist attached to them lost a phone which was snatched from him by one of the goons. Former Chief Justice David Maraga condemned the Sunday attack.  Maraga voiced his criticism on his social media account and advised the president that such acts might lead to anarchy. “I vehemently condemn the violence against mothers gathered at KHRC to speak up against the use of violence at tomorrow’s Saba Saba commemoration,” Maraga wrote on his X account (formerly Twitter).  He added that President Ruto should cease using armed militias against Kenya...