Kim Grauer, research director at Chainalysis, stated that the top priority of the crypto industry should be reducing hacks through improving cybersecurity.
According to the firm, crypto thefts through hacks could surpass 2021 this year. These exploits mainly target the field of Decentralized Finance (DeFi).
Grauer stated in an interview with Cointelegraph that “this can’t continue in the industry because people will lose faith in investing on DeFi platforms.”
Decentralized protocols are more vulnerable than centralized exchanges. This is mainly because they are built on open-source code.
“Anyone can look through this open-source code to find code vulnerabilities they can exploit,” Grauer explained.
The researcher believes that hacking vulnerability is not an inherent problem of DeFi but rather a result of insufficient security at the code level.
She pointed out that “there are contracts that have shown that they can be kept secure.”
Grauer believes that decentralized protocols can be more secure than their centralized counterparts if enough resources are spent on making the code “perfect”.