Security: To Be or Not To Be?

in LeoFinance9 months ago

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What is going on? Every other day you read about stolen crypto, hacked wallets and frontend breaches.
I am going to talk about the last one

Cryptocurrencies is supposed to be the next best thing. If people lose money, not because they do mistakes with their wallets or put money in rug pull sites, but because there is no security why to keep investing? Last big example is Axie Infinity. Can you imagine? 622 million dollars. They wanted speed over security and went from Ethereum network to Ronin. Here is a nice article Dave Chappelle, Axie Infinity, Hive and blockchain security about Axie and most important about how good is Hive blockchain regarding security by @shortsegments.

mm.finance is a DeFi ecosystem on Cronos. It has 1.1 billion TVL at the moment. Yesterday they had a frontend hack. Any transaction you made, instead of going to the DeFi platform was going to the attackers wallet. Never heard that kind of hack before. The team of mm.finance said they found the perpetrator and told him to return the money otherwise they will contact the FBI and gave the example of another thief. He stole 240K from a wallet but found him, even found his phone number and contacted the FBI.

So the future will be like this?
Ok there are ways to protect your assets but something new is always comes up. If the team of Axie will not give back the money what can you do? I suppose nothing.
Bitcoin is the king on security. A tank. Slow yes, but with heavy armor.

Thanx for reading.

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When it comes to DeFi, always look at the stability of the pool and the sustainability of the yields.
I tend to choose pairs that are strong: so a couple of stables or a strong coin vs a stable

Yes, i think the only way now is stable coins.

Question: To be or not to be did not save Hamlet)

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Yep. 100% right.

I think that only 99%, one percent will be left for unforeseen situations).

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It all just still shows how early we are in this thing. I agree that rug pulls have become too common, everybody should be extra careful and not invest more than they can loose.

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Reading and learning is number 1 rule...