DeFi hacks accounted for 76% of major hacks in 2021
The Hindu
Many DeFi projects could be hacked because of developer incompetence which causes coding mistakes that hackers can abuse.
Hacks in the decentralised finance (DeFi) system accounted for nearly 76% of all major hacks worldwide in 2021 so far, according to a report by security firm AtlasVPN. (Subscribe to our Today's Cache newsletter for a quick snapshot of top 5 tech stories. Click to subscribe for free.) DeFi is a peer-to-peer system that allows financial products to be available in a decentralised blockchain network through smart contracts, without the participation of intermediaries like banks and brokerages. According to crypto analysis firm DeFi Pulse, total value locked in DeFi contracts has risen to over $80 billion in August from $10 billion in September last year.
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