Altcoins are DINOs (Decentralized in Name On…

The biggest “DeFi” “hack” ever was on the Poly Network across multiple chains that amounted to $600M in value. The smart contract was obviously flawed and had a bug which the “hacker” was able to exploit. I don’t really like calling these people hackers because in a sense, they’re doing something that any good lawyer would do with a normal contract. That is, looking through the terms of the contract for advantages they can get. A lot of the media treat this perfectly legal execution of the contract as something that was sinister when it’s really a flaw with the complicated smart contracts themselves. There wasn’t a server that was hacked into, or keys stolen from someone. There was simply an overlooked, badly-coded clause in the smart contract that was executed.

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