Cetus just lost $223M to yet another exploit.
Same liquidity math BS, different chain.
It's funny how the only projects not getting rekt are either protocols nobody’s using or leaning into features like permissioned validators and built-in threat detection.
Feels gross… but maybe that’s what survival looks like now?
Where do we draw the line between decentralization and just being dumb?
just use chainlink, simple as
I feel like a quite big cascade failure is coming this year.
Cetus just lost $223M to yet another exploit.
the hacker only succeeded in bridging about 62M out of the protocol. the remaining funds stay frozen, awaiting further action from the team.
Big ups to the team for managing the situation well, but this puts a flag on the ecosystem, and from experience, others will be looking to try their luck
and why TF would i do that?
It's money laundering.
Real defi like uniswap or aave has never seen a hack
Where do we draw the line between decentralization and just being dumb?
does US buying BTC count as being dumb?
It happened already with the Bybit hack. None seem rekt proof between CEX and DEX
the remaining funds stay frozen
This shows us that DeFi isn't that decentralized after all, since devs can just decide to pause and resume DEX at anytime
I've used Defi since 2020 and nothing happened to me yet
What do you think they are doing differently to be resistant to hacks?
I think it's a matter of when right now
real defi unaffected
actually valid
you don't pay your oracle? not using your shit
Unironically, decentralization with zero safety nets is just Darwinism at this point.
DeFi security is a meme,
Uniswap’s cool but I don’t want to LP on a chain where one misdeploy drains the pool.
It's not all DeFi projects that will get compromised, especially those that take their audits serious like Haven1 which does double audits before any protocol can get deployed on their L1
Every time someone says “innovative math model,” hide your liquidity.
The only thing fully decentralized is how fast you can get rugged.
If either of those two gets hacked, that might be the end of DeFi
it isn't
you would know that if you had read the contracts
what you're suggesting is akin to saying "all concrete in the world could just instantly evaporate with no rhyme or reason"
not really something anyone concerns themselves with
there will be no end of DeFi
they pay hackers to stay away from their protocol
I believe other projects also do audits, except they will KYC both devs and users, I don't see audits preventing hacks
Governments owning BTC is centralizing it, that isn't DeFi.
Uniswap is on a dozen plus chains. Which one are you talking about, retard?
Fuck outta here with your feeling
lol we all know its chainlink hacking other defi protocols
i think a permissioned approach might do the trick. for both devs and users.
but then again, the fear of centralization kicks in
Its still a top defi protocol, you moron.
If that will help keep funds Safu, then I really don't mind
Using known validators like AWS is another way to identify a good DeFi project.
Hackers are making the most profit in this market. Please, how do I get started?
More reason why they shouldn't joke with audits from now on. As a matter of fact, it should be double audits or nothing
I don't see any good reason why anyone should use Link
People still think decentralization means security. It’s not. Real safety comes from structure: KYC vaults, audit walls, and permissioned rollouts.
Haven1 which does double audits before any protocol can get deployed on their L1
What’s crazy about it is the real-world asset backing combined with institutional-grade security. Most protocols just chase yields with risky code. Here, it’s about actual compliance and solid infrastructure, things that would make even the skeptics pause.
True, cause they kept it tight. most of the garbage getting hacked now is copy-paste farms and overengineered bridges.
It's always the same cycle, some new DEX gets hyped, LPs pile in, TVL pumps, then boom: math bug or a sneaky function call, and it’s exit scam by code. Real DeFi doesn’t even start until protocols stop pretending auditors are infallible. One bad formula, $100M gone.
Everyone else either got hacked or rugged
They are basically the last protocols standing without major stains.
And i kinda prefer how they allow multiple audits before letting a protocol go live. It’s slower, but I’d rather have uptime than innovative TVL mechanics that drains funds overnight.