RATE Group | Are the BZx Flash Loan Attacks Signaling the End of DeFi? By Cointelegraph
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Are the BZx Flash Loan Attacks Signaling the End of DeFi? By Cointelegraph

23 Feb Are the BZx Flash Loan Attacks Signaling the End of DeFi? By Cointelegraph

Posted at 04:00h in Cryptocurrency News by

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Earlier this week, the decentralized lending protocol bZx was exploited in back-to-back “flash loan” attacks. While the two exploits were distinct, the end results remained the same. In total, $954,000 was gleaned from the platform. But what exactly happened? Was it an exploit, a simple case of arbitrage or a malicious attack? And where does decentralized finance go from here?

It hasn’t been a good PR week for the DeFi sector. For some, the movement promising an alternative to the legacy financial system is starting to look like a failed experiment. For others, the attacks amounted to little more than being caught on the wrong side of a trade. But regardless of semantics, whether these attacks transpired from a legitimate loophole or were the result of a premeditated attack, faith in DeFi is truly being tested.

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