Cryptocurrency Report
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Altcoin
  • Blockchain
  • Analysis
  • DeFi
  • NFT
  • ICO
  • Videos
What's Hot

Solana (SOL) price is poised for a potential 95% crash — Here’s why

August 16, 2022

Bank of China unveils new e-CNY smart contract test program for school education

August 16, 2022

Hyundai’s Securities Affiliate to Add Crypto Data to its Asset Management Platform

August 16, 2022
Facebook Twitter Instagram
  • Advertise
  • Privacy
  • Contact
  • Terms
Facebook Twitter Instagram LinkedIn
Cryptocurrency Report
  • Home
  • News
    1. Bitcoin
    2. Ethereum
    3. Altcoin
    4. View All

    Hyundai’s Securities Affiliate to Add Crypto Data to its Asset Management Platform

    August 16, 2022

    Russian Banks to ‘Start Handling Digital Ruble by 2024’

    August 16, 2022

    Judge Grants Ripple’s Video-Related Subpoena Requests, Galaxy Digital Calls Off BitGo Acquisition, Monero Upgrade + More News

    August 16, 2022

    Kimchi Premium Trading Total Could Be Almost Twice as High as First Thought, Says Regulator

    August 16, 2022

    Business Exec’s Noisy Illegal Ethereum Mining Rigs Left Employees Sweltering in 40°C Furnace

    August 16, 2022

    Ethereum’s Vitalik Buterin Lists ‘Worthwhile’ Ideas for Developers to Work On

    August 12, 2022

    Iran Goes Crypto, Ethereum Classic Camp Is Against Ethereum PoW Fork + More News

    August 11, 2022

    Reddit Community Points Ready for the Ethereum Mainnet Move

    August 10, 2022

    Most Popular Dog Coins Rise for 4 Consecutive Weeks, as Major Shiba Inu Development Nears

    August 16, 2022

    Bitcoin and Ethereum Signal Bullish Continuation, SHIB Rallies 30%

    August 16, 2022

    Binance Chief Says Exchange ‘Froze/Recovered 83%+ of Curve Stolen Funds’

    August 15, 2022

    Bitcoin and Ethereum Extend Gains, LDO and CEL Outperform

    August 15, 2022

    Solana (SOL) price is poised for a potential 95% crash — Here’s why

    August 16, 2022

    Bank of China unveils new e-CNY smart contract test program for school education

    August 16, 2022

    Hyundai’s Securities Affiliate to Add Crypto Data to its Asset Management Platform

    August 16, 2022

    Is Bitcoin really a hedge against inflation?

    August 16, 2022
  • Blockchain
  • Analysis
  • DeFi
  • NFT
  • ICO
  • Videos

    The Crypto Metaverse is Growing RAPIDLY! (INSANE MICROSOFT BUY)

    January 18, 2022

    BEST Crypto Safety Guide 101 (Keep Your $$ SAFE with Passphrases)

    January 18, 2022

    SHOCKING: Microsoft Enters the CRYPTO METAVERSE!!! (HUGE $69 Billion CASH Buy)

    January 18, 2022

    URGENT NEWS For Cardano Holders!! (MUST Watch Before Jan 20)

    January 17, 2022

    ⚠️ WARNING To All Bitcoin Holders ⚠️ (Time is RUNNING OUT!!!)

    January 17, 2022
  • bitcoinBitcoin(BTC)
    $42,304.00-0.92% 24H
    BITCOIN
    24H : -0.92%
    Volume : $18,001,823,455.00
    Marketcap : $804,136,324,461.00
  • ethereumEthereum(ETH)
    $3,187.18-1.80% 24H
    ETHEREUM
    24H : -1.80%
    Volume : $11,828,130,842.00
    Marketcap : $383,283,409,099.00
  • tetherTether(USDT)
    $1.000.020% 24H
    TETHER
    24H : 0.020%
    Volume : $42,292,952,195.00
    Marketcap : $82,566,134,570.00
  • binancecoinBNB(BNB)
    $416.19-2.16% 24H
    BNB
    24H : -2.16%
    Volume : $1,421,783,549.00
    Marketcap : $69,948,357,062.00
  • usd-coinUSD Coin(USDC)
    $0.9980.110% 24H
    USD COIN
    24H : 0.110%
    Volume : $3,215,590,549.00
    Marketcap : $50,856,931,622.00
  • solanaSolana(SOL)
    $110.52-1.25% 24H
    SOLANA
    24H : -1.25%
    Volume : $1,326,948,052.00
    Marketcap : $36,230,891,086.00
  • rippleXRP(XRP)
    $0.744-2.62% 24H
    XRP
    24H : -2.62%
    Volume : $2,611,405,064.00
    Marketcap : $35,798,721,281.00
  • cardanoCardano(ADA)
    $1.02-1.97% 24H
    CARDANO
    24H : -1.97%
    Volume : $735,911,632.00
    Marketcap : $32,692,285,870.00
  • terra-lunaTerra(LUNA)
    $87.96-7.21% 24H
    TERRA
    24H : -7.21%
    Volume : $2,091,404,457.00
    Marketcap : $31,224,000,667.00
  • avalanche-2Avalanche(AVAX)
    $79.94-4.23% 24H
    AVALANCHE
    24H : -4.23%
    Volume : $651,461,780.00
    Marketcap : $21,345,345,382.00
  • polkadotPolkadot(DOT)
    $18.98-3.96% 24H
    POLKADOT
    24H : -3.96%
    Volume : $522,492,664.00
    Marketcap : $20,904,948,600.00
  • dogecoinDogecoin(DOGE)
    $0.147-0.35% 24H
    DOGECOIN
    24H : -0.35%
    Volume : $1,709,936,369.00
    Marketcap : $19,528,083,067.00
  • binance-usdBinance USD(BUSD)
    $0.9990.100% 24H
    BINANCE USD
    24H : 0.100%
    Volume : $3,031,521,102.00
    Marketcap : $17,907,585,119.00
  • terrausdTerraUSD(UST)
    $1.000.00% 24H
    TERRAUSD
    24H : 0.00%
    Volume : $710,407,989.00
    Marketcap : $16,759,326,710.00
  • shiba-inuShiba Inu(SHIB)
    $0.000024-0.91% 24H
    SHIBA INU
    24H : -0.91%
    Volume : $622,427,689.00
    Marketcap : $13,391,607,837.00
  • wrapped-bitcoinWrapped Bitcoin(WBTC)
    $42,263.00-1.06% 24H
    WRAPPED BITCOIN
    24H : -1.06%
    Volume : $205,987,180.00
    Marketcap : $11,648,041,723.00
  • crypto-com-chainCronos(CRO)
    $0.437-1.87% 24H
    CRONOS
    24H : -1.87%
    Volume : $43,191,918.00
    Marketcap : $11,045,868,142.00
  • nearNEAR Protocol(NEAR)
    $15.96-4.67% 24H
    NEAR PROTOCOL
    24H : -4.67%
    Volume : $1,001,407,008.00
    Marketcap : $10,603,423,829.00
  • staked-etherLido Staked Ether(STETH)
    $3,182.92-1.85% 24H
    LIDO STAKED ETHER
    24H : -1.85%
    Volume : $8,945,498.00
    Marketcap : $10,259,684,260.00
  • matic-networkPolygon(MATIC)
    $1.43-2.09% 24H
    POLYGON
    24H : -2.09%
    Volume : $379,202,804.00
    Marketcap : $9,786,905,958.00
Cryptocurrency Report
Home » Centralization Caused Most Decentralized Finance Hacks in 2021
DeFi

Centralization Caused Most Decentralized Finance Hacks in 2021

CryptoReporterBy CryptoReporterJanuary 19, 2022No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email
Source: AdobeStock / GoodIdeas

 

Centralization issues have emerged as the main attack vector in decentralized finance (DeFi), facilitating the largest share of the hacks — with USD 1.3bn worth of user funds stolen in 44 DeFi attacks last year, according to a recent report by security-focused ranking platform CertiK.

CertiK’s experts say they identified some 286 discrete centralization risks throughout the 1,737 audits they performed in 2021.

Data on centralization’s impact on DeFi security “underscores the importance of decentralization and highlights the fact that many projects still have work to do to reach this goal,” according to the report.

It added that, 

“Centralization is antithetical to the ethos of DeFi and poses major security risks. Single points of failure can be exploited by dedicated hackers and malicious insiders alike.” 

Among the attacks, DeFi lending protocol bZx (BZRX) was found to be exploited for more than USD 55m last November as a result of a private key mismanagement — serving as an example of privileged ownership which enabled the attackers to gain complete control of all contracts controlled by the key. In total, privileged ownership was detected 76 times in the company’s audits, according to the study.

Missing event emissions were the second most common potential vulnerability after centralization risks, found in 211 instances by CertiK’s auditors. 

The utilization of an unlocked compiler version was another common code error found by the firm’s experts, at 176 instances, and CertiK’s experts came across 104 lines of code which lacked proper input validation. 

Reliance on third-party dependencies, with 102 instances, was another identified potential source of trouble, according to the figures from the report.

Set up in 2018 by professors from Yale University and Columbia University, CertiK says it specializes in blockchain security, using artificial intelligence (AI) technology with the aim to secure and monitor blockchain protocols and smart contracts. The company’s security leaderboard has 1,464 projects onboarded with a total assessed market capitalization of USD 291bn.

____

Learn more:
– Crypto Security in 2022: Prepare for More DeFi Hacks, Exchange Outages, and Noob Mistakes 
– Decentralized dYdX Went Down Due to Reliance on Centralized Cloud Services

– Unstoppable Domains’ New Feature Allows Ethereum, Polygon Login With NFT Domains
– Heavily-Backed DeSo Makes Waves With Controversial Google Login Feature

– The Ethereum Premine Debate On Fairness, Regulation, and Centralization
– Cryptoverse & Busta Rhymes Point Out Flaws in Facebook’s Centralized System

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Nomad DeFi Bridge Drained of At Least USD 150M in ‘Chaotic’ ‘Decentralized Robbery’

August 15, 2022

Solana Team Set to Open Doors of a Physical Store in New York to Promote Solana and Web3

August 12, 2022

US GDP Slips Again, Another DeFi Protocol Attacked, Zipmex Seeks Protection + More News

August 9, 2022

Decentralized Music Platform Audius Identifies Source of USD 6M Exploit, Says it Applied a Patch

August 4, 2022

Staking Pool Lido to Expand to Ethereum L2s, New Proposal Seeks ‘Operating Runway’ for DAO in Stablecoins

August 2, 2022

Mixers Receiving ‘More Cryptocurrency than Ever in 2022’ – Chainalysis

July 28, 2022
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Solana (SOL) price is poised for a potential 95% crash — Here’s why

August 16, 2022

Bank of China unveils new e-CNY smart contract test program for school education

August 16, 2022

Hyundai’s Securities Affiliate to Add Crypto Data to its Asset Management Platform

August 16, 2022

Subscribe to Updates

Get the latest sports news and analysis about crypto coins and the latest news about domains from Techie Memo.

Advertisement

Your number 1 source for all Cryptocurrency news and analysis. here you can follow all updates and latest rates for all currencies. Visit our about page for more information.

We're social. Connect with us:

Facebook Twitter Instagram YouTube LinkedIn
Top Insights

Solana (SOL) price is poised for a potential 95% crash — Here’s why

August 16, 2022

Bank of China unveils new e-CNY smart contract test program for school education

August 16, 2022

Hyundai’s Securities Affiliate to Add Crypto Data to its Asset Management Platform

August 16, 2022
Get Informed

Subscribe to Updates

Get the latest sports news and analysis about crypto coins.

Facebook Twitter Instagram LinkedIn
  • Guest Post
  • Privacy Policy
  • Terms & Conditions
  • Contact
© 2022 Cryptocurrency Report. Designed by Sawah Dev.

Type above and press Enter to search. Press Esc to cancel.