It seems like every week we hear news of another DeFi project being hacked or exploited. The latest crop of victims includes such projects as Harvest Finance, Akropolis, Value DeFi, Origin and of course Compound.
When exploits do occur, they usually involve manipulating the reference price like ETH/DAI on a data source, such as Curve, Kyber or Coinbase Pro. Sometimes, it’s a mistake, as in the SNX case where the Korean Won was quoted with the wrong decimal place.
Samuel Kim is a founding partner of Umbrella Network, a layer-two oracle empowering the next generation of DeFi applications. Previously, he was the founder and CEO of Lucidity, a blockchain-based transparency solution for digital advertising and a co-founder of Gimbal, a mobile advertising platform. He is a graduate of Columbia University and received his MBA from Chicago Booth School of Business, where he concentrated in analytic finance.
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