Rampant hacking Cryptocurrency insecurity DeFi is the worst hit

By    12 Jan,2022

According to Coin98 Analytics data, the DeFi space has seen 11 major security incidents in the last month and a half, five of which have occurred in cross-chain protocols. For example, AnySwap, ChainSwap, THORChain, and Never Network, of which THORChain has been hacked twice.

In an interview with Blockchain Daily, Yu Jianing, an expert of the Whale Platform Think Tank and the rotating chairman of the Blockchain Special Committee of the China Communications Industry Association, said that although cross-chain protocols bring unlimited possibilities for DeFi's combination and interactivity, they also bring risks for many combination financial products because of such possibilities.

"Cross-chain protocols are more complex and prone to problems in asset interaction, asset locking, and signature authorization than single-chain transactions in DeFi. A problem with just one of these links can easily result in asset loss. And with more and more assets in cross-chain protocols now, it is also easier to be targeted by hackers".

DeFi has become the hardest hit by hackers

The Poly Network coin theft case also caused a strong market reaction mainly because of the huge scale of the stolen assets - up to $610 million.



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