Cryptocurrency

Binance CEO Changpeng Zhao Makes DeFi Hack Disclosure

Binance CEO talks about hacking attack

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luis1410

Turkey


  • 11th, August 2021 (3 months ago)
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The hack at Poly Network went down in history as the largest DeFi attack to date. The fact that many DeFi platforms have been hacked before reminds investors of the risks they take in this area.
There were approximately $611 million in losses on the Binance Smart Chain, Ethereum, and Polygon network. The hack, which was discovered when a transaction on the O3 Protocol failed to process a $150 million transaction, peaked and became the largest breach after CoinCheck's 530 million hack.
Such exploits, which are often experienced in DeFi projects, have caused disturbances, especially in the cryptocurrency community. Investors also worry that the burgeoning DeFi industry often takes such blows.
Binance CEO Changpeng Zhao pointed out that both centralized and decentralized structures carry some risks.


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