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Improving cybersecurity to reduce the amount of hacking should be considered a top priority for the cryptocurrency industry, said Kim Grauer, research director at blockchain intelligence firm Chainalysis.
As the company noted, the number of cryptocurrencies stolen by hacks could exceed 2021 this year. Most of these exploits target the field of decentralized finance.
In an interview with Cointelegraph, Grauer said, This cannot continue in the industry because people will lose faith in investing in DeFi platforms.
Unlike centralized exchanges that have made themselves more resilient to crypto hacks, decentralized protocols have proven vulnerable to exploits, largely due to the open source code they are based on. .
Anyone can analyze this open source code and look for vulnerabilities in the code that can be exploited, explains Grauer.
Still, researchers believe the vulnerability to hacking is not an intrinsic problem of decentralized finance, but a result of the fact that not enough resources have been invested in code-level security.
“We have contracts that prove we can stay safe,” she noted.
Grauer believes that decentralized protocols will be more secure than centralized ones if enough resources are invested in making the code “perfect.”
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