The losses from DeFi hacks and exploits have skyrocketed to a shocking $77B. Are you raising eyebrows yet.
19 Aug 2023, 18:27
The losses from DeFi hacks and exploits have skyrocketed to a shocking $77B! Are you raising eyebrows yet?
It doesn't stop there. The real shocker is hidden in the indirect impact rocking the industry from its core.
Have you ever tried guessing the total cumulative loss, including direct and ripple effects?
It’s most likely beyond your wildest imagination.
News outlets report only direct losses from stolen or lost funds, but true catastrophe lurks in the ripple effects caused by these attacks.
For instance, consider the aftermath of $UST's de-pegging: in just a few weeks, the Total Value Locked (TVL) in DeFi protocols plummeted by over 65%!⬇️
The @CurveFinance exploit mirrors this story, as the protocol's TVL plunged by half overnight in the wake of the security breach! 📉
Such breaches highlight the serious fallout when crypto security fails. 🔓
It's a red flag that no crypto giant is invulnerable.
Each security breach chips away at DeFi users' trust, hard to regain once shattered.
We believe in DeFi's potential, but it's clear web3 security is critical to the industry's growth and survival.
With the industry's limited loss-absorption capacity, protocols must proactively tackle security to prevent crises. 💡
That's why we're stepping up our efforts to broaden Uno WatchDog's influence, setting a new security standard for every actor in the industry.🛡️
We firmly believe that every actor in DeFi has the power to change this status quo. And rest assured; we will work exhaustively to help them get there.💪