John Smit
@johnsmit
š”ļø DeFi Security: Lessons from 2024 Hacks š”ļø Iāve been following DeFi closely this past year, and if 2024 taught us anything, itās that security is still the Achillesā heel of the space. No matter how advanced protocols get, vulnerabilities keep popping up where we least expect them. š© Hereās what stood out to me: 1ļøā£ Smart Contract Bugs Arenāt Going Anywhere Even projects with multiple audits got exploited. Audits are helpful, but theyāre not a safety net. Always assume risk exists. 2ļøā£ Cross-Chain Bridges = The Weakest Link Some of the biggest hacks targeted bridges. The complexity of verifying transactions across chains opens up too many attack vectors. 3ļøā£ Flash Loan Attacks Are Evolving Flash loans are like DeFiās double-edged sword. They allow for innovation, but also for sophisticated exploits, especially in price manipulation.
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John Smit
@johnsmit
4ļøā£ Social Engineering Is Still a Huge Threat Not every hack happens on-chain. Compromised admin keys, phishing attacks, and even malicious front-end takeovers show that humans are often the weakest link. š” My key takeaways: Diversify. Never keep all your assets in one protocol, no matter how āsafeā it feels. Be cautious with bridges, especially those promising high APYs. Triple-check the sites you connect your wallet to. Fake front-ends are getting harder to spot. Always question protocols that promise insane yieldsāif it sounds too good to be true, it probably is. DeFi gives us freedom, but that freedom comes with responsibility. How are you securing your assets? Drop your thoughts below. š
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cryptoseven
@cryptoseven
Thanks, I'll keep an eye on it, it's very important 873 $DEGEN
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Svetlanaššæš©
@svetik007.eth
Thank you, Iāll take a note on your conclusions
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semerkaš
@semerka
Thanks, I'll be on the lookout for those red flags everywhere 600 $DEGEN
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Cryptosport
@cryptosport
one lesson I'll always remember is to know that there are risks in everything 1317 $DEGEN
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Bobby Bronks
@bobbybronks
I've lost money on it myself. now I need to be as careful as possible. thanks for your observations! 67 $DEGEN
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