Why DeFi should expect more hacks this year
Investors in decentralised finance (DeFi) should brace themselves for another significant year of attacks and exploits as new projects hit the market and hackers advance in sophistication, as reported by Cointelegraph.
According to Cointelegraph, Drofa’s “An Overview of DeFi Security In 2022” report, shared exclusively with Cointelegraph, features interviews with executives from the blockchain security and auditing companies HashEx, Beosin, and Apostro.
The executives were questioned regarding the cause of the sharp rise in DeFi hacks last year and whether or not this will persist through 2023.
While acknowledging that “there is no absolute security,” Tommy Deng, managing director of blockchain security company Beosin, stated that DeFi protocols will continue to strengthen and improve security, “As long as there is interest in the crypto market, the number of hackers will not decrease.”
Many fresh DeFi projects “don’t go through complete security testing before going live,” according to Deng.
A sizable number of projects are also investigating the use of cross-chain bridges, which were a top target for attackers last year and resulted in the theft of $1.4 billion in six exploits, Cointelegraph further noted.
(With insights from Cointelegraph)
