DeFi Protocol bZx Hacked For the Third Time

[mahmud93 231]

Wow how does defi los 10$ billions this shock me when heared it then what will be responsibility of its users that already invested through the platform are they going to be pay off their wages

[Whited35 15285]

On 9/29/2020 at 7:28 PM, Raqeebzy said:

I have used Norton and Kaspaskey but presently doing with Avast, I don't know how effective it can be

@Raqeebzy Are you talking about these antivirus software on your smartphone? I am more focused on smartphone based antivirus here. If you are using mobile app like MetaMask to access DeFi platform, you would love to consider ESET which supports the feature of anti-phishing on any browsers.  

[ariel1969 3]

hay alguna defi confiable y que se haga cargo si ocurre algo?

[Neksoni 2]

Класнно 

[valikhim 24]

А что вообще за дети и откуда оно взялось, может кто-то размазать и подсказать, жато не особо понимаю что за хайп вокруг него, и что это вообще такое?

[d1msolino 24]

I guess it depends on dev team and their inspiration, Defi has blew up recently, so Defi is now ready now to fight against hackers.

[gaisini2 34]

I hope that this is not a General mistake of the Defi sector, otherwise we may get a worse situation than in 2017. Although I am not an ardent fan of Defi, I still believe that its fall will also affect the usual tokens that we all use.

[negociosactuales 58]

On 9/15/2020 at 10:14 AM, Whited35 said:

Just in, the DeFi lending protocol bZx has now lost nearly $10 million equivalent currencies to hacks this year.Due to increasing craze in DeFi, I believe so many DeFi platforms came in this existance without solid security adjustments. News like this definitely gives the negative impressions to the investors on DeFi platforms. The bZx, DeFi protocol has been hacked third time this year which resulted to lose $8 million worth currencies  in user deposits and unfortunately that much amount is now gone to the criminal's pockets. It indicates a growing pain in the DeFi space. 
So guys, what does it means for DeFi? Does this sort of multiple DeFi platforms hacking news indicates DeFi is in extremely experimental mode in the case of crypto sphere ? 
Reference:-

• https://eng.ambcrypto.com/bzx-hacked-again-as-duplication-bug-costs-protocol-8m-in-user-deposits/
• https://decrypt.co/resources/bzx-ethereum-defi-decentralized-finance-explained-guide
• https://decrypt.co/41718/defi-protocol-bzx-hacked-for-third-time-loses-8-million

Defi platforms have a good proposal but due to their short history, we do not know the real problems that they may present in the future, security problems must be analyzed

[ShiNorton 906]

Hacking can never be good news for any crypto investor.  Some experts are advising us not to flow with the extreme hype in DeFi  because it can collapse any time. 

[Yjfebres 11]

he Defi Ecosystem has great potential and is still expanding. Undoubtedly, cases like these do bad to defi, because those who do not know lose confidence. There are also many defi tokens that create them for the purpose of being scam. It is important to DYOR before investing. Invest the project, you check the address of the token contract in etherscan

[Whited35 15285]

On 10/3/2020 at 11:53 PM, ShiNorton said:

Hacking can never be good news for any crypto investor.  Some experts are advising us not to flow with the extreme hype in DeFi  because it can collapse any time. 

Hello, why DeFi collapse as there will be no entity to to control all the DeFi platforms. All things will be controlled by community once DApps are released with the smart-contracts in some specific blockchain networks for the community. 

[Antonio Mendoza 173]

The DeFi protocol is very new, we will need to put atention in this kind of situation while security increases, the losses have been millionaires but the price of bitcoin is keeping very well, the Defi market continues to grow up very fast, you have to be very careful with the time to invest in a Defi project.

[Whited35 15285]

On 12/15/2020 at 4:57 AM, Antonio Mendoza said:

The DeFi protocol is very new, we will need to put atention in this kind of situation while security increases, the losses have been millionaires but the price of bitcoin is keeping very well, the Defi market continues to grow up very fast, you have to be very careful with the time to invest in a Defi project.

Before locking the funds in the smart contracts of DeFi platforms, it is advised to sure whether the platform is reputed or not because small bug in the smart contracts might cause a huge loss like this DeFi protocol has faced. 

On 12/15/2020 at 3:34 PM, Abuzar2233 said:

Wow how does defi los 10$ billions this shock me when heared it then what will be responsibility of its users that already invested through the platform are they going to be pay off their wages

Check the OP and open the link attached the topic, there is everything and you might have a clue how incident was happened ! 

[Whited35 15285]

16 hours ago, Bamallson said:

Yes of course. This sort of criminal activities will quite easily destroy the canvas with which to draw a fine undistorted potential image of DeFi platforms, this multiple attacks will cause the customers to loose confidense in the DeFi world.

So what do you think, is future of DeFi is not looking good in your personal opinion or future is good but the DeFi platforms themselves have to implement the best possible functions to prevent possible hacking from the cyber criminals ? Care to share your constructive ideas here. 

[Whited35 15285]

11 hours ago, Gulmia said:

It truly give me bliss since we can rapidly see the aftereffects of our work here in YoBit's Cryptotalk Campaign. Likewise working in this site is truly useful in light of the fact that we can without much of a stretch find out about digital currency...

We are not talking about the Yobit's campaign here as we are talking about the DeFi protocol hack in this thread. If you were not familiar with it, there were some awful days for the DeFi sector as the multiple DeFi protocols got hacked by the attackers. This bZx DeFi protocol was the another victim to get hacked.