So, uh, yeah, there you have it. Yet another fun misadventure in the world of decentralized finance. According to blockchain analysis firm Elliptic, this incident represents the fourth-largest crypto theft of all time (it’s right behind the notorious Mt. Gox catastrophe), and also adds a significant gob to the over $2 billion that has already been lost to DeFi-related hacks.
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While DeFi is supposed to be a pivotal institution in the utopian, crypto-bro dream of a world governed by blockchain, more and more evidence seems to show that it’s really just a great way for you to lose a lot of money. We recently put together a run-down on some of the biggest crypto rip-offs of 2021, of which (surprise!) DeFi-related incidents played a hefty role.