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More scrutiny of DeFi platforms demanded after attacks, FBI warnings

August 30, 2022

Michael Oglesby, Executive Vice President for Security Services and Innovation at Cerberus Sentinel, comments on the FBI warning of growing exploits aimed defrauding cryptocurrency customers at SC Magazine.

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“The explosive growth and high returns of the DeFi ecosystem have lured many early adopters to embrace blockchain technologies, such as smart contracts. However, early investors should be wary. Most DeFi systems have little protection or safety nets in place to prevent catastrophic loss from a fraudulent attack”

“financial merits of a project before investing but also carefully review the cyber security practices of the developers and the platform. Unfortunately, given the relative immaturity of the DeFi space, finding these projects can be difficult. Investors should consider these risks before risking their hard-earned dollars.”

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