Crypto Hacks and Scams — #3 on the list

You own, invest, and stake your crypto to develop your wealth, but this Web3.0 ecosystem, although transparent, is completely unregulated. It is the Wild Wild West — and everyone is fending for themselves. So how do you ensure that someone else cannot simply take your digital finances without peace of mind that you could get it back? Insurance. Period.

Image adapted from Bitcoin.com news

At #3: ~$130,000,000 stolen from Cream Finance (CREAM).

Reason for attack?: Poor security and operations protocol after project acquisition/merger. A “fast fork” resulting in ecosystem becoming susceptibile to hacks.
Recently, the Yearn Finance (YFI) team has been aggressively acquiring numerous DeFi projects as the team expands their ecosystem. While these decisions largely affect ecosystem token holders, Governance votes have not always been offered by the ecosystem to the community, raising questions amongst DeFi enthusiasts of whether lack of decentralised voting and distribution of control should be held accountable by underlying ecosystems. Cream Finance was a late 2020 acquisition by YFI. The hack shortly followed, with stolen funds totalling over $130 million USD’s worth across various token streams:

Image sourced from SlowMist Team analytics

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