John Smit
@johnsmit
🛡️ DeFi Security: Lessons from 2024 Hacks 🛡️ I’ve been following DeFi closely this past year, and if 2024 taught us anything, it’s that security is still the Achilles’ heel of the space. No matter how advanced protocols get, vulnerabilities keep popping up where we least expect them. 🚩 Here’s what stood out to me: 1️⃣ Smart Contract Bugs Aren’t Going Anywhere Even projects with multiple audits got exploited. Audits are helpful, but they’re not a safety net. Always assume risk exists. 2️⃣ 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. 3️⃣ Flash Loan Attacks Are Evolving Flash loans are like DeFi’s double-edged sword. They allow for innovation, but also for sophisticated exploits, especially in price manipulation.
0 reply
1 recast
17 reactions
John Smit
@johnsmit
4️⃣ 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. 💡 My key takeaways: Diversify. Never keep all your assets in one protocol, no matter how “safe” 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 yields—if 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. 👇
0 reply
0 recast
1 reaction