The current Defi hack that happened to polynetwork should be a wake up call for all defi development teams. The current hack was the highest in the history of Defi hack and if am not mistaking , it’s generally the highest crypto financial hack even higher than the popular 2014 Mt.Gox bitcoin hack.
This is not the time for other defi platforms to feel superior and untouchable over polynetwork’s hack, this is the time to crosscheck and learn from other hacked Defis. Defi is very new and it’s barely 3 years old. It has massive potentials as its slowly developing and solving problems found in the financial system. The usage and its development is still new, not every one is investing in defi or knows what defi means.
Currently the defi platform is experiencing what we might call battle testing. Give the defi platform extra 5-10 years, they would be matured at that time and be ready for any attack, remember technology is a continuous evolving process. Some individuals assume that this polynetwork hack could be poor managent or security issues in the polynetwork system. Some also suggested it could be a leakage of private keys.
In my honest opinion I think this is an opportunity to employ a decentralized defi insurance network if possible. This decentralized insurance platform will have to be extremely sophisticated and almost impossible to get hacked because it’s supposed to be an insurance that defi platforms should have.
But the other problem I think will be associated to this idea is Insurance fraud. We might start seeing cases of defi platforms exploiting and hacking theirselves for the purpose of taking the insurance money.
Posted Using LeoFinance Beta