$88,149.00
0.99%$1,576.46
-3.57%$2.09
-1.33%$600.31
-0.07%$138.85
-1.23%$0.999977
0.00%$0.160642
0.15%$0.245965
0.05%$0.624763
-1.89%$1,576.87
-3.35%$88,194.00
1.05%$13.17
-2.83%$9.09
-3.00%$19.96
-0.17%$0.249287
-0.57%$0.00001243
-1.81%$2.91
-3.49%$2.24
2.01%$0.99986
-0.01%$0.170129
-0.44%$344.78
1.26%$1,902.91
-3.07%$18.42
1.45%$78.72
-0.87%$3.77
-3.91%$4.45
-1.28%$1.001
0.01%$0.999695
0.05%$1,585.63
-3.14%$0.632006
-1.19%$28.29
0.35%$215.40
-0.18%$88,134.00
0.98%$1,689.08
-3.10%$0.00000798
2.26%$5.28
-2.65%$50.98
-0.51%$4.90
-4.78%$23.05
0.32%$316.21
-2.51%$0.86228
-1.12%$2.21
-2.89%$32.57
-0.48%$4.77
-3.83%$1.049
0.03%$1.00
0.00%$15.62
-3.91%$4.42
-0.73%$0.087488
10.88%$0.082366
-0.99%$0.660616
-0.75%$143.21
-1.16%$1.17
-0.01%$0.02359234
-1.73%$4.23
-0.00%$4.06
-3.88%$88,158.00
1.43%$0.200082
3.76%$2.60
-2.78%$8.39
0.64%$0.193246
-2.75%$0.999334
0.21%$0.29117
-2.03%$0.60437
0.48%$2.60
1.56%$0.465728
-3.30%$0.299036
-3.40%$3.91
-0.57%$88,136.00
1.31%$9.85
-0.95%$0.774298
10.56%$144.94
-1.49%$0.701121
-3.26%$0.405373
2.12%$0.072123
0.68%$1,342.02
-3.36%$1.037
-0.84%$0.01616615
-2.28%$1.02
11.37%$0.771261
-1.96%$3.67
-2.23%$66.88
-0.88%$0.00001247
-1.57%$0.636977
-2.62%$1,578.69
-3.43%$1,650.43
-3.17%$0.177266
0.56%$1.00
0.05%$0.474014
-1.11%$1.00
0.08%$3,488.09
2.66%$1.001
-0.00%$8.63
-0.30%$14.60
-4.87%$0.999864
0.00%$3,484.18
2.56%$0.0833
-1.49%$0.597038
-3.51%$600.53
-0.04%$1,784.44
-3.16%$86,641.00
0.18%$88,002.00
0.96%$0.01581051
-0.51%$0.01425145
-5.03%$153.16
-1.20%$0.997919
-0.02%$0.273511
0.29%$2.28
0.75%$0.655315
-4.03%$178.52
-1.42%$0.711293
-3.98%$0.109066
4.54%$0.170397
1.73%$0.62812
-6.58%$3.47
0.23%$0.999065
0.04%$1,676.83
-3.44%$0.00000061
-0.79%$0.373085
-1.33%$1.085
-1.30%$0.311458
4.91%$87,909.00
0.46%$29.08
-0.56%$1.93
-2.55%$0.01701014
-4.95%$0.00005813
-2.46%$0.224696
-1.46%$1.70
0.78%$3.28
1.09%$0.506549
-0.10%$0.415942
-3.25%$0.142693
-1.58%$0.00552291
9.59%$0.528483
-3.20%$1,656.00
-3.27%$31.12
-1.27%$14.98
0.15%$0.998768
0.03%$0.068664
3.16%$0.00839918
12.26%$0.999859
-0.01%$0.999978
-0.00%$86,229.00
-0.09%$0.592233
-2.09%$88,321.00
-0.11%$0.412864
-2.22%$88,061.00
0.86%$1.60
-6.78%$0.433565
-2.32%$1.23
-0.23%$0.00000043
0.32%$2.01
-7.11%$0.16105
0.38%$0.442906
1.18%$0.00002061
-0.79%$1.084
0.00%$1.001
0.29%$110.77
0.02%$1,653.19
-3.29%$88,216.00
1.58%$14.13
-1.84%$0.136829
1.15%$5.52
-2.41%$1,585.48
-3.12%$3.50
2.15%$0.581629
-1.41%$0.46765
-1.08%$0.072262
0.46%$5.62
1.01%$0.00435812
18.40%$2.28
-1.76%$1,575.79
-3.59%$21.87
-1.77%$0.03614326
1.57%$0.999522
-0.07%$39.73
-2.65%$0.03708094
-2.43%$1.00
0.02%$0.077451
-1.15%$1.001
0.16%$1,578.25
-3.40%$0.199798
3.55%$0.172515
1.45%$1,578.68
-3.30%$1,672.58
-4.07%$0.00642868
-0.10%$0.00006084
-1.82%$0.01714622
1.45%$0.998126
-0.24%$0.277363
-0.49%$0.398579
-4.24%$0.771204
-0.79%$0.517644
1.30%$0.999917
-0.02%$0.00507156
-1.01%$0.119772
-6.78%$0.03122344
0.60%$0.722261
0.03%$0.999748
-0.06%$0.139939
0.35%$0.306599
1.26%$87,995.00
0.78%$1,590.26
-3.65%$0.999703
0.04%$3.44
3.92%$2.47
-5.11%$1.11
3.40%$105.30
-3.13%$0.00045403
11.48%$24.52
3.76%$0.218086
-0.36%$3,187.10
0.00%$88,091.00
0.05%$0.261583
-1.14%$0.263945
2.85%$20.91
-2.69%$0.574448
1.90%$2.73
-0.37%$0.00000127
-5.98%$1,567.25
-3.05%$0.555138
-0.05%$0.107305
2.02%$0.03556998
-2.97%$0.175322
-0.61%$1.00
0.06%$1,770.06
1.02%$0.47717
-0.51%$0.418961
1.29%$19.96
-0.05%$0.02785276
0.13%$0.093931
5.34%$0.0118245
-1.29%$0.999637
0.05%$1,676.25
-2.98%$1,575.80
-3.76%$13.97
0.49%$0.673785
2.29%$2.15
2.67%$1.15
-0.02%$1.39
8.12%$0.0025241
3.78%$1.095
-0.07%$88,574.00
1.27%$0.22338
5.24%$0.00478496
3.08%$0.00249697
-2.10%$3.41
-4.88%$0.92636
-1.59%Reading
Litecoin founder Charlie Lee has criticized the decentralized financedecentralized finance (DeFi) industry, calling it the “worst of both worlds.” His critique comes after a trader exploited several DeFi protocols to take home a staggering $1 million—in just two trades.
This is why I don't believe in DeFi. It's the worst of both worlds. Most DeFi can be shut down by a centralized party, so it's just decentralization theatre. And yet no one can undo a hack or exploit unless we add more centralization.
So how is this better than what we have now? https://t.co/F1HMSeqb6q
— Charlie Lee [LTC⚡] (@SatoshiLite) February 16, 2020
As Decrypt reported, the trader used a clever set of instructions—all executed in one big transaction—to exploit the existing DeFi ecosystem. And then did it again.
After the operation, bZx, which maintains the Fulcrum protocol, posted an update stating that it will use an “admin key” to remedy the situation—exposing that the supposedly decentralized protocol isn’t decentralized at all.
A trader has again exploited a number of decentralized finance (DeFi) tools, to take home a large amount of Ethereum (ETH). After netting $350,000 on Valentine’s Day, he or she has now taken a further $645,000—a total just shy of a million dollars. The theft happened in the same way. A clever set of instructions—all executed in one big transaction—enabled the trader to leverage current weaknesses in the DeFi ecosystem for their own gain. By using several decentralized financial tools, and a smal...
Charlie Lee echoed this exact concern. He said that, if most DeFi can be shut down by a centralized party, then it’s just “decentralization theatre.” At the same time, he noted that undoing a hack or exploit always requires centralization, making DeFi no better “than what we have now.”
But his comments were controversial. Several users pointed out that there are many different DeFi projects and he shouldn’t judge all of them by a few—or one, in this case—examples. Most commenters also acknowledged that DeFi is still a nascent technology experiencing its growing pains. But at the end of the day, with $1 billion on the line—DeFi must do better.
Crypto's best minds are heading east, and it's gaining at a pace that other regions are finding hard to catch up to. Asia was responsible for 32% of global crypto developer activity in 2024, according to a report from venture firm Electric Capital. The firm recently published its comprehensive annual report, analyzing over 900 million code commits across the crypto industry. The transformation represents a nearly threefold increase from Asia's 12% share in 2015, while North America's position de...
Google's announcement of its breakthrough Willow quantum processor has reignited debates about crypto security, with some observers suggesting quantum computers could break Bitcoin's encryption. The tech giant claims its new quantum computing chip can complete certain calculations in five minutes, which would take traditional supercomputers an impractical amount of time to process. Quantum computing is a new type of computing that uses the strange properties of quantum physics, where small part...
Dimo, a platform for developers to build apps and enable car drivers to monetize their data, is migrating between Ethereum scaling networks, the developers exclusively told Decrypt—from Polygon to Coinbase’s Base. Co-founder Rob Solomon believes the move opens doors for valuable partnerships ahead. The project is a “global API layer for cars” that is aiming to make every car on earth smart and programmable. This could manifest, the company says, in a future full of AI car mechanics and smart par...
