OpenZeppelin Co-founder Warns All DeFi Unsafe, Calls for Exit as DeFi Hacks Hit $630M in April

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According to The Block, on May 27, OpenZeppelin co-founder Manuel Aráoz called all DeFi protocols unsafe and advised friends to exit positions in major protocols including Aave, MakerDAO, and Compound. Aráoz attributed the risk to asymmetric incentives between attackers and defenders: attackers need only one successful exploit to steal funds, while defenders must patch every vulnerability. DeFi protocols lost approximately $630 million in April, with Drift and Kelp DAO attacks each causing $285 million and $293 million in losses, respectively. Since mid-April, total DeFi locked value declined 14 percent, from $172 billion to $148 billion.
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