BREAKDOWN: So Now They’re Hacking DeFi Protocols Before They’ve Even Launched?

When the DeFi degens caught wind of a new pre-release Andre Cronje project they piled in, only to get $16 million hacked away in a flash.

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When the DeFi degens caught wind of a new pre-release Andre Cronje project they piled in, only to get $16 million hacked away in a flash.

This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.

DeFi is one of the breakout crypto categories of 2020. Indeed, yield farming and the grand game of “money legos” has been so profitable that many are following every new protocol with rapt attention.

This is all the more true for projects graced by YFI creator Andre Cronje. So when word got out about a new, pre-release game economy engine called “Eminence,” the DeFi degens took advantage of the permissionless nature of DeFi to pump $16 million or so into EMN.

What happened next was arguably the first pre-release hack in DeFi’s history. This episode breaks down what happened and what it means for the fledgling field.

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CoinDesk

CoinDesk is the world leader in news, prices and information on bitcoin and other digital currencies.

We cover news and analysis on the trends, price movements, technologies, companies and people in the bitcoin and digital currency world.

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