The radical need for updating blockchain security protocols

Decentralized finance (DeFi) is here to stay with over $100 billion in total value locked (TVL), highlighting the evidence of faith in these new financial tools. This investment will continue to increase, but it appears that with each new record in TVL, there is another network attack being reported with astronomical losses.

Crypto crime dropped 57% in 2020, but DeFi hacks surged, costing companies and investors billions of U.S. dollars. In March alone, there were several attacks within just a five-day period, with Paid Network losing $180 million. Later in May, PancakeBunny lost more than $200 million in a flash loan exploit.

Kadan Stadelmann is a blockchain developer, operations security expert and Komodo Platform’s chief technology officer. His experience ranges from working in operations security in the government sector and launching technology startups to application development and cryptography. Kadan started his journey into blockchain technology in 2011 and joined the Komodo team in 2016.