Letter #33: PolyNetwork and the Biggest Hack…

Listen now | Various areas of cryptocurrency and blockchain have exploded in popularity over the past several years, and DeFi has seen its fair share of that growth with around $80 billion sitting in DeFi as of this writing. Its popularity has grown for a variety of reasons. But as DeFi has grown, so have the risks associated with using it. Whether from flaws in the protocols’ software or exit scams perpetrated by the entities to which we entrust our crypto, losses have mounted for users across the DeFi landscape. Perhaps the most common risk to DeFi protocols and their users is that of external hacks. CipherTrace estimates that over $350 million USD worth of crypto assets were stolen from DeFi during just the first seven months of 2021. That number was quickly dwarfed earlier this week by a single hack perpetrated against an up and coming protocol in the space: PolyNetwork.

Listen →