DeFi Has a Risk Problem and It’s Time to Solve It

Tyler Spalding, CEO / Co-Founder, Flexa, 2Chainz and Zack Seward, Deputy Editor-in-Chief, CoinDesk

Not only is the risk not diminishing, but the attacks are also becoming more sophisticated. Take the recent KyberSwap hack, for example, which resulted in losses of $54.7 million. At the time, the protocol called the exploit “one of the most sophisticated in the history of DeFi”, requiring a “precise sequence of on-chain actions”. Similarly, the recent Ledger hack, which saw $484,000 drained from wallets, was intricate and multi-layered, allowing the hackers to stealthily siphon assets from the wallets of unsuspecting users.

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