Crypto hacks are set to hit all-time highs in 2022, analyst explains

Share This Post

Kim Grauer, Director of Research at Chainalysis, explains why the amount of crypto stolen in hacks is surging and what could be done to invert this dangerous trend.

Reducing the amount of hacking by improving cybersecurity should be considered a top priority for the crypto industry, said Kim Grauer, director of research of blockchain intelligence firm Chainalysis. 

As pointed out by the firm, this year could outpace 2021 in terms of crypto stolen through hacks. The vast majority of these exploits have been targeting the field of decentralized finance.

“This can’t go on in the industry because people are going to lose faith in investing in DeFi platforms”, Grauer said in an interview with Cointelegraph. 

Unlike centralized exchanges, which have improved their resiliency to crypto hacks, decentralized protocols have proved to be vulnerable to exploits mainly due to the open source code they are based on. 

“Anyone can parse over this open source code and look for code vulnerabilities that they can exploit”, Grauer explained. 

Still, the researcher doesn’t think that vulnerability to hacks is an intrinsic problem of decentralized finance, but rather a consequence of the fact that not enough resources have been invested in security on the code level.

“There are contracts that have proven that they can remain secure”, she pointed out.

Grauer believes that once enough resources will be invested in making the code “perfect”, decentralized protocols could become more secure than their centralized equivalents. 

Check out the full interview on our YouTube channel and don’t forget to subscribe!

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Trump nominates pro-Bitcoin lawmaker Matt Gaetz to serve as US attorney general

US President-elect Donald Trump is continuing to shape his administration with pro-crypto figures by nominating Bitcoin-friendly Congressman Matt Gaetz as Attorney General On Nov 13, Trump

Experts Say Dogen Could Outperform Dogecoin and PEPE in 2024 — Here’s How

Market experts predict that Dogen may surpass popular cryptocurrencies like Dogecoin and PEPE in 2024 This unexpected projection has caught the attention of investors and traders alike What factors

Could Dogen Hit $1 Before Dogecoin and Shiba Inu? Analysts Say 10,000% Gains Are Possible

A new contender is making waves in the cryptocurrency arena, with experts speculating on its potential to outperform established names Dogen, an emerging digital coin, is attracting attention amid

Crypto Millionaire Reveals His Top Picks for 1,000x Gains by 2025

A prominent cryptocurrency investor is sharing his latest insights into digital assets that could skyrocket in value by 2025 With a track record of identifying winning investments, his new

XRP Holders Are Switching to CYBRO as Experts Predict 8,500% Returns

A new wave is sweeping through the crypto world as investors shift focus to an emerging digital asset Predictions of staggering 8,500% returns have caught the eye of those who once backed XRP The

Ripple News: Pro-XRP Lawyer Says $125 Million Should Go to XRP Holders, Not the SEC

The post Ripple News: Pro-XRP Lawyer Says $125 Million Should Go to XRP Holders, Not the SEC appeared first on Coinpedia Fintech News The ongoing legal battle between Ripple Labs and the US