DeFi & NFT
By Sydney TheCMO
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The cryptocurrency market has suffered some major setbacks over the years, especially hacking incidents which in turn had a negative impact on cryptocurrency prices.
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Numerous DeFi loan exploits have been reported in 2021, raising concerns about the safety of parting as a lender on such platforms.
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bEarn froze all its bVaults and contacted Binance to block the attacker’s address. The DeFi loans platform also stated that it would compensate everyone that fell victim to the…
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A crypto analyst who goes by the Twitter handle @CryptoWhale revealed a message left behind by DeFi100 stating that the project scammed its users.
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Another hacking incident on the PancakeBunny DeFi protocol, also based on the Binance Smart Chain, was reported days ago.
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The three incidents unsurprisingly caused the involved cryptocurrencies to lose some value. The attacks also took place strategically during a bear market, thus allowing the…
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Are DeFi loans as risky as suggested by the latest incidents?
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The latest incidents have created a bad rep for DeFi protocols, highlighting the need for investors to exercise caution.
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DeFi loans are generally not a bad idea, and neither are they supposed to carry risks such as susceptibility to hacking.
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Negative news creates a shockwave of sell-offs in the market and can potentially influence cryptocurrencies not involved in the malicious attacks.
The Currency Analytics
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