Centralized and DeFi Platforms Face Growing Risks
While DeFi platforms have seen a higher number of hacks, their centralized counterparts (CeFi) have suffered much higher losses, with individual attacks resulting in hundreds of millions of dollars in assets being stolen from these platforms.
âWe are seeing more attacks on DeFi platforms, while centralized exchanges are seeing fewer attacks that result in much higher losses, with one of them typically resulting in hundreds of millions of dollars in assets being stolen,â said Mitchell Amador, co-founder and CEO of Immunefi.
Amador noted that managing private access keys to wallets remains one of the biggest vulnerabilities for DeFi platforms, explaining, âThere needs to be strict policies, practices, and contingency plans in place to manage these access keys.â As a result of these attacks, some exchanges, such as WazirX, have already begun working to recover stolen assets and restructure their systems.
WazirX Begins to Recover
The release of this report coincides with a decision by the High Court of Singapore to grant WazirX a 4-month grace period to restructure, giving it time to recover affected customer balances and reset operating systems.
