It seems that every time one turns on the TV, something, somewhere, is going catastrophically wrong....
Analyst explains that crypto hacks will reach all-time highs by 2022. 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.” [embedded content] Decentralized protocols are more vulnerable than centralized exchanges. This is largely due to the open source code that they are built on. “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”. You can see the full interview over on our YouTube channel and don’t forget about to subscribe!
Reducing the number of hacks by improving cybersecurity should be considered a top priority for the...
Do you want to sue a cryptocurrency project for ripping off you? Thank...
In September, blockchain gaming user activity (DApps) soared with many games reporting significant increases in...
According to BitPay data, the cryptocurrency bear market had an impact on how people use...
Mainstream outlets are beginning to notice the importance of the Ethereum Merge next week, which...
Since 2017, the interest in crypto has grown and has increased further since 2021 when...
Bitcoin has many positive aspects, but it also has a problem with scaling. Bitcoin can...
The digital gold, aka Bitcoin, has been marked “dead” at least 458 times since 2009. However,...