DeFi Protocol dForce Exploited and Lost $3.6M

If you are in crypto, but you never see any scam, exploit or hack, that's unlikely to happen. Looks like exploits, scams, and hacks are common in the crypto space. People lose their crypto assets in one way or another.

Recently Decentralized Finance (DeFi) protocol dForce becomes a victim of an exploit and lost 2,300 ETH which is $3.6 million worth of crypto assets. Twitter user ZoomerAnon first noticed this and later it was confirmed by blockchain security firm PeckShield.

If there is any bug or exploiters find any vulnerability in the DeFi protocol, the attackers take advantage of this to steal crypto assets. People move to DeFi seeing the drastic collapse of centralized crypto exchange FTX.

Once any exchange gets attention and becomes popular, everyone is positive about it. But it does not mean it will remain the same. It can change quickly. If you do not take action instantly to withdraw your funds from the exchange based on the changing situation, maybe you will lose your crypto.

In case the crypto exchange goes out of business and files for bankruptcy, your personal data might come out in public which is a great risk. You do not know what bad actors would do with your personal sensitive data. Even if you get your crypto assets back, it may take a long time to settle the issue.

So what's the alternative? People start using DeFi more. But hackers target Decentralized Finance (DeFi) protocol and exploit any vulnerability to launch hacking attempts. DeFi protocol dForce is just one example of that.

dForce is working with the security firm SlowMist and investigating everything about this exploit. They try to recover from this loss and offer a bounty to the attackers, in case the attackers accept that and return the crypto assets.

We need to use crypto exchange and DeFi to trade and make transactions. Need to be more careful before choosing any exchange and DeFi to interact with. It is clear that you take risks while using any centralized crypto exchange and DeFi protocol.

Losing crypto in any way is devastating. Wish no one is going through this terrible experience. It is better to do whatever you can to secure your crypto assets and minimize the risk. Watch out and stay safe.

So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.

Image Sources: 1, and 2.
Reference: 1.

---

---

About Me

Hi, I am Rezoanul Vibes. I'm a content creator and passionate learner. I write about finance, cryptocurrency, and lifestyle. I'm glad to meet amazing people all over the world.

Follow me on Twitter
Watch my videos: 3Speak, DTube, and YouTube.

---

Posted Using LeoFinance ^Beta