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DeFi platforms: the latest front in cryptocurrency’s hacking problem
- Monday | 16th August, 2021
Now, a bigger hacking risk in the growing sector has exploded into view: peer-to-peer crypto platforms. DeFi sites allow users to lend, borrow and save – usually in cryptocurrencies – while bypassing the traditional gatekeepers of finance such as banks and exchanges. But the heist at Poly Network – previously a little-known site – has underscored the vulnerability of DeFi sites to crime. Unlicensed DeFi platforms for derivatives were violating commodities trading laws, he suggested. For some analysts, greater regulation in inevitable, with little sign that DeFi sites can do the job themselves.
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