We’ve had yet another turbulent week in the DeFi space as four projects were exploited or hacked – on the same day. Let’s dive in!
Considering the amount of DeFi hacks tripled in 2021 with no sign of slowing down in 2022, the real question here is WHY have there been so many hacks in the first place? It’s down to many factors including lack of necessary audits, relying on oracles, and using untested technology like blockchain bridges and complex smart contracts. Some are even speculating these hacks are inside jobs, from devs who purposely leave a loophole in the code they can come back to exploit.