A certain old DeFi protocol has had another incident, averaging a loss of ten million dollars each year over the past few years. To be honest, this safety record is really hard to commend, so I suggest everyone temporarily steer clear of it.

Just flip through its "black history" and you'll know:

Back in September 2020, the experimental project Eminence created by founder Andre Cronje, which hadn't officially launched yet, was hacked for 15 million dollars. The entire community was shocked at the time, after all, it was a project by a big player.

By February 2021, their v1 version of the yDAI fund pool fell victim again, as the smart contract had vulnerabilities that were exploited, resulting in a direct loss of $11 million.

This frequency is really no joke. Although DeFi offers tempting returns, safety is always the top priority.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

14 Likes

Reward
14
3
Repost
Share

Comment

0/400

SilentObserver

· 5h ago

Again and again being hacked? This frequency is really unbelievable, I am truly impressed. --- Burning ten million, ten million, who can withstand this? If it were me, I would have exited the circle long ago. --- Pro projects still crash, indicating that code auditing must be taken seriously. --- Started crashing in 2020, and still hasn’t learned a lesson? Forget it, I’ll just stick to stable ones. --- This is why I never go all in and bet everything on a single protocol, it’s too risky. --- Safety in this area is really lacking, no matter how high the returns, it’s useless. --- I completely no longer trust Andre's projects, there are too many dark histories.

View OriginalReply0

ParanoiaKing