Latest round of DeFi exploits display its wide range of vulnerabilities
Over the past couple of days, three incidents affecting decentralized finance ( DeFi ) projects have led to a total of around $2 million in losses. The amount may not seem much in comparison to blow-ups such as FTX or some of the larger exploits to hit the sector, but the cases demonstrate the varied nature of the dangers faced by DeFi users. Threats against DeFi protocols can come from all sides and they must defend against hackers, governance attacks, and potentially vulnerable third-party code, as these three incidents show. Atlantis Loans experienced governance attack Atlantis Loans is a lending platform on Binance’s BNB Chain, though it was abandoned by the developers earlier this year. On Saturday, former users were drained of approximately $1 million worth of crypto . Once launched, DeFi protocols are self-executing, maintained or not, and the platform continues to function. As explained in its farewell Medium post, “Atlantis Loans as a protocol is fully decentralize...