DeFi Protocols Account for 70% of Crypto Hacks, Security Expert Warns

IconCryptoNewsTerminal Staff31 Jul, 2024

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DeFi Protocols Account for 70% of Crypto Hacks, Security Expert Warns

DeFi protocols have become a major target for cybercriminals, accounting for 70% of all crypto hacks in recent times, according to Deddy Lavid, CEO of blockchain security firm Cyvers Alert. This staggering figure highlights the urgent need for robust security measures within the DeFi ecosystem. Lavid emphasizes that attackers are increasingly exploiting vulnerabilities in smart contract-based projects. "The biggest security vulnerabilities today are in the code itself and simple mistakes," he explains. "Hackers are constantly looking for ways to exploit these weaknesses and steal funds." To mitigate these risks, Lavid advises DeFi developers to prioritize code security and conduct thorough audits before deploying their projects. He also stresses the importance of educating users about common security threats and best practices for protecting their assets. By addressing these vulnerabilities and implementing enhanced security measures, the DeFi community can minimize the risk of future hacks and build a more secure and resilient ecosystem.

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