ICOCalendar.Today

  • ICO Directory 📖
  • ICT Token 🔥
  • Blockchain News 🗞
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project 💣
  • Submit Press Release 👍
  • ICO Directory 📖
  • ICT Token 🔥
  • Blockchain News 🗞
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project 💣
  • Submit Press Release 👍

Ethereum DeFi Protocol Assures User Funds Are Safe After Rumored Attack

6/18/2020

Comments

 
Ethereum defi
One of Ethereum and crypto’s “hottest use cases,” decentralized finance, got a big scare on June 17th as some market participants thought that a key application was being attacked by a bad actor. The application’s operators have since assured the community that user funds are safe. Ethereum DeFi Protocol ‘Hack’ Scares Users On June 17th, decentralized finance information portal DeFiPrime reported that the Ethereum addresses affiliated with decentralized liquidity network Bancor were being “drained.” San Francisco-based venture capital fund Hex Capital elaborated on the details, writing in response to DeFiPrime: “User funds being drained […] Looks like they are trying to white-hat drain user funds before someone else can, but it appears they are/were too late in many cases.” Breaking: looks like @Bancor is being drained right now ?#defi #ethereum h/t @Hex_Capital It's developing situation and need to be monitored closely — defiprime (@defiprime) June 18, 2020 This would have been Bancor’s latest major security breach — $13.5 million worth of cryptocurrency (mostly Ethereum) was lost in 2018 due to compromised smart contracts. But according to DeFiPrime, who conversed with the Bancor team, nothing is too amiss: “A security vulnerability was discovered in the new BancorNetwork v0.6 contract pushed two days ago. After discovering the vulnerability we performed a white-hat attack to migrate funds to safety.”   It was added that the smart contract has since been reaudited to minimize risk and that users who deposited cryptocurrency into the Ethereum contract have no lost no funds. Not Without Its Problems While Ethereum DeFi may be safe for now, that’s not to say that this segment of the industry is without its problems. Bancor may have dodged a bullet, but other DeFi users and protocols have not been as lucky. Lending protocol Lendf.me/Dforce lost $25 million worth of cryptocurrency in April due to an exploit. The funds have since been recovered, but there was a point in time where they could have been lost forever if not for mistakes on the hacker’s part. The hack still shows the risks that DeFi users face when using new protocols and when finance blockchain applications are literal honeypots for hackers, available to be breached 24/7. Camila Russo — a Bloomberg journalist turned Ethereum content creator — once remarked on the matter of DeFi security:  “It’s not just one project’s problem. DeFi needs better security standards or we’ll continue seeing the downside of that composability double-edged sword.” DeFi is also currently being bottlenecked, according to a top fund manager in the space. As reported by Bitcoinist previously, Multicoin Capital managing partner Kyle Samani explained that DeFi is likely at a “plateau” in the medium term due to “invisible asymptotes. “You just can’t build global scale trading systems for lots of users on POW chains. It just doesn’t work. High latency –> all kinds of negative second order effects. So I think for now we are near a plateau for DeFi – measured in ETH terms (not USD) – until the core latency problems are solved.” This was in reference to ETH’s relatively high block times (compared to the speed of the internet) and its potential high fees, which may deter DeFi adoption. Featured Image from Shutterstock Price tags: ethusd, Ethereum DeFi Protocol Assures Users "Funds Are Safe" After Rumored Hack

Originally from Bitcoinist.com https://ift.tt/3hCqVPn
Comments

    Blockchain News

    Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.
    BLOCKCHAIN NEWS

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017

    RSS Feed

​About

  • About us​
  • ICT Token
  • News​​
  • Testimonies
  • Terms of Service​​
  • ​​We on Google News​ 🤑
  • ​We in the media
  • ​Partners

Let's connect!

News Feeds

  • Blockchain News
  • Jobs Board 👨‍🎓
  • Bitcoin News
  • Ethereum News
  • Binance News
  • ​Tron News
  • Cardano News
  • EOS News
  • Tezos News
  • Stock Markets
  • COVID-19 News
  • Crypto News
  • Chainlink News
  • Litecoin News
  • Dash News
  • Monero News
  • ETC News
  • NEO News
  • Maker News
  • DeFi News
  • ZCash News
  • Algorand News
© 2017-2020 ICOCalendar.Today. All Rights Reserved.