馃敀 DeFi Security Crisis
馃敀 DeFi Security Crisis
馃毃 Hackers Target DeFi
DeFi projects face mounting security threats from state-sponsored hackers, according to 1inch CLO Orest Gavriliak in Cyber Defense Magazine.
Key security challenges:
- DeFi operates 24/7 with no business hours, unlike traditional finance
- Cross-chain bridge protocols account for 64% of stolen funds
- Complex dependencies create widespread vulnerabilities
Current protection methods:
- Regular security audits and vulnerability assessments
- Bug bounty programs incentivizing white hat hackers
- Community engagement and open-source collaboration
The numbers are stark: DeFi theft reached $3.1 billion in 2022, representing 82.1% of all crypto theft. The 2016 DAO hack stole 3.6 million ether, while Binance Bridge lost $570 million in 2022.
Critical vulnerabilities include:
- Outdated external libraries affecting multiple projects
- Insufficient auditing of underlying infrastructure
- Rush to market overshadowing security concerns
With DeFi's total value reaching $50 billion and projected to hit $231 billion by 2030, coordinated security efforts are essential to prevent catastrophic losses.
DeFi projects need to work together on security - or they鈥檙e leaving the door open for state-sponsored hackers. 1inch CLO Orest Gavriliak @OrestGavryliak breaks down the situation in this month鈥檚 Cyber Defense Magazine. Check out the link to download 馃憞
1inch Streamlines Ledger Integration with Two-Click Connection
**1inch has simplified Ledger hardware wallet integration** with their decentralized exchange, reducing the connection process to just two clicks and a tap. The new integration offers three key benefits: - **Smoother user experience** with streamlined connectivity - **Enhanced security** through hardware wallet protection - **More efficient swaps** on the DeFi platform This update builds on 1inch's previous wallet connectivity improvements, continuing their focus on user-friendly DeFi access. The integration makes it easier for users to securely interact with decentralized finance protocols while maintaining control of their private keys. [Read the full announcement](https://blog.1inch.com/1inch-adds-ledger-connectivity/)
馃彟 MiCA Stablecoins Hit DeFi
**1inch integrates Soci茅t茅 G茅n茅rale's regulated stablecoins** The DEX aggregator now supports EURCV and USDCV - the **first MiCA-compliant stablecoins** - through a new partnership with Flowdesk resolver. **Key developments:** - Traditional banking meets DeFi infrastructure - Enhanced liquidity for European users - Regulatory compliance without sacrificing decentralization This follows 1inch's recent integration with Coinbase's Swap API, expanding access to institutional-grade DeFi tools. [Learn more about the integration](https://blog.1inch.com/1inch-integrates-flowdesk-for-societe-generales-eurcv-and-usdcv/)
1inch Launches Ambassador Program for Web3 Content Creators
**1inch has launched its Ambassador Program**, offering rewards for Web3 community growth and engagement. **Key Program Features:** - Create content about 1inch and DeFi - Bring new users to the platform - **Level-based reward system** with increasing benefits - Multiple ways to earn through community building **How It Works:** Participants can earn rewards by producing educational content, tutorials, and promotional materials while helping expand 1inch's user base. The program appears designed to **incentivize organic growth** through community-driven marketing rather than traditional advertising. [Learn more about the program](https://1inch.network/ambassador/)
1inch Launches Business Platform for Enterprise Web3 Integration
**1inch Business** has officially launched as the new enterprise platform for Web3 API services. The platform offers: - **Complete Web3 stack** with enterprise-grade compliance - **Streamlined pricing** with one integration for all Swap APIs - **99.99% uptime** and sub-100ms latency - **SSO and multi-user management** capabilities Key features include a redesigned portal with clearer navigation and no interruption for existing users. The service targets partners, institutions, and developers seeking scalable DeFi solutions. [Learn more about 1inch Business](https://blog.1inch.com/1inch-business/)