However you read the facts and motivations behind the Poly Network hack, it was still possible to remove over $600 million in cryptos without anyone being able to stop it.
In both cases - Poly Network’s $600 million and Kucoin’s $285 million losses - all or nearly all of the missing money returned to where it came from. But that’s hardly the point. In just the third quarter of 2021 alone, $1 billion was hacked, with the Ethereum ecosystem subjected to 19 other known hacks besides the Poly Network episode, according to a report compiled by Atlas VPN using information supplied by Slowmist Hacked.
And that’s just crypto currencies. Another $120 million was hacked in DeFi in 2020.
Looking at numbers like these, anyone considering putting more money in crypto must be thinking twice. It seems like a good time to look at what protections currently exist for them and what new moves are needed to make blockchain investment more secure?
Looking for protection?
Insurance is one obvious form of protection but insurers have been slow to enter the crypto world. Despite being a growing, multi-trillion dollar industry, crypto remains 96% uninsured. Only 2% of the coins on North America’s largest cryptocurrency exchange, Coinbase, are insured.
Continue reading: https://www.finextra.com/blogposting/21338/how-we-can-make-blockchain-more-secure
In both cases - Poly Network’s $600 million and Kucoin’s $285 million losses - all or nearly all of the missing money returned to where it came from. But that’s hardly the point. In just the third quarter of 2021 alone, $1 billion was hacked, with the Ethereum ecosystem subjected to 19 other known hacks besides the Poly Network episode, according to a report compiled by Atlas VPN using information supplied by Slowmist Hacked.
And that’s just crypto currencies. Another $120 million was hacked in DeFi in 2020.
Looking at numbers like these, anyone considering putting more money in crypto must be thinking twice. It seems like a good time to look at what protections currently exist for them and what new moves are needed to make blockchain investment more secure?
Looking for protection?
Insurance is one obvious form of protection but insurers have been slow to enter the crypto world. Despite being a growing, multi-trillion dollar industry, crypto remains 96% uninsured. Only 2% of the coins on North America’s largest cryptocurrency exchange, Coinbase, are insured.
Continue reading: https://www.finextra.com/blogposting/21338/how-we-can-make-blockchain-more-secure
