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The perfect storm: DeFi hacks will advance the crypto sector moving forward

Published 08/17/2021, 09:54 AM
Updated 08/17/2021, 11:40 AM
The perfect storm: DeFi hacks will advance the crypto sector moving forward
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The rise of decentralized finance, or DeFi, could be paving the way toward a fully decentralized financial ecosystem. Yet, given the innovative nature of DeFi, the sector remains in constant development and is therefore prone to a number of vulnerabilities.

Unsurprisingly, one of the biggest challenges currently facing the DeFi sector is security threats. This has become apparent as more DeFi hacks continue to wreak havoc across the crypto community. Most recently, the largest DeFi hack within the crypto industry took place. The Poly Network hack resulted in over $600 million dollars removed, and then returned, from Binance Chain, Ethereum and the Polygon Network.

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