Defi exploits, bugs and hacks thread

[bbc.reporter]

We have witnessed more than 3 Defi exploits and bugs in Ethereum that have ended in those smart contracts losing hundreds of thousands in coins or tokens.

I reckon we compile all news articles about them in this thread to show everyone that we should think well before investing in them.



Attackers raided the decentralized finance (DeFi) protocol Opyn yesterday, making off with over 370,000 USDC.

Opyn, which deals primarily with options for ETH, was subject to a double-spend attack.

"At the time of this post, we've found 371,260 USDC that has been stolen from these contracts," reads Opyn's post-mortem.

Analysis from security researchers PeckShield elaborates that the double-spend transpired due to an exploited smart contract bug, allowing attackers to openly plunder any and all USDC within Opyn’s smart contracts.

Read in full https://decrypt.co/37671/blatant-bug-led-to-370000-defi-hack-say-experts

https://blog.peckshield.com/2020/08/05/opyn/

[Bitstar_coin]

Hackers are relentless, they attack both defi and none defi platform, it is no longer news with this kind of attack,  this is a new trend that is gaining a lot of attention and it is expected that they will face all this challenges, it is left for the devs to tighten up security to protect investors from getting badly hurt by constant attack.

[Tipstar]

The smart contract of the Defi should be tested and white hat hackers should be encouraged to find bugs and vulnerabilities on the contract before going live. And Defi once mastered are going to be one of the safest way to trade and take loans much more safer than traditional and centralized marketplace. The security of coins and token on user level would be another sector to master.

[FinneysTrueVision]

There is already a thread like this.
https://asktom.cf/index.php?topic=5267124.0

[pakhitheboss]

Defi is overhyped we all know that and in recent times there have been many instances when hackers have hacked and stolen a lot of amount from these platforms.

One of the most talked about hacked that was reported in earlier this year was of DeFi Protocol Balancer. Haackers were able to take away $500k worth of liquidity from this platform.

Source - Click here