DTIFT PROTOCOL SLASHING ⚔️
#GateSquareAprilPostingChallenge
Kang Bok Soon put forward a slashing request on Ethos against Drift Protocol after the recent $285M exploit which occurred on the 1st of April due to Drift Protocol's failures
According to him, the slashing proposal is to demand a strict accountability for the exploit as it was not a "mere unfortunate hack"
His reason was because he believed a protocol handling over $300M that maintains a disastrous security level of 0 second timelocks and 2/5 multisig is a total sloppiness that needs to be punished
This occurrence once again proved DEX-phobic people's fears right: you might wake up one day to see all your assets gone
This unfortunate incident should be a wakeup call to other protocols (both DEXes and CEXes) to tighten up their security and check for loopholes every now and then
Like I always say, in crypto, and every other financial institution, security should be a foundational feature, not a latter choice
If you were affected by this loss, I'm so sorry for your loss and it was in no way your fault. You were only looking for opportunities to increase your money.
There are bad people out there who are always looking out for money they don't work for by exploiting every weakness/loophole they see
$285M is not $285
I really hope this doesn't happen again 🤞
Good morning, Happy weekend and Happy Easter to you all 🧺
#GateSquareAprilPostingChallenge
Kang Bok Soon put forward a slashing request on Ethos against Drift Protocol after the recent $285M exploit which occurred on the 1st of April due to Drift Protocol's failures
According to him, the slashing proposal is to demand a strict accountability for the exploit as it was not a "mere unfortunate hack"
His reason was because he believed a protocol handling over $300M that maintains a disastrous security level of 0 second timelocks and 2/5 multisig is a total sloppiness that needs to be punished
This occurrence once again proved DEX-phobic people's fears right: you might wake up one day to see all your assets gone
This unfortunate incident should be a wakeup call to other protocols (both DEXes and CEXes) to tighten up their security and check for loopholes every now and then
Like I always say, in crypto, and every other financial institution, security should be a foundational feature, not a latter choice
If you were affected by this loss, I'm so sorry for your loss and it was in no way your fault. You were only looking for opportunities to increase your money.
There are bad people out there who are always looking out for money they don't work for by exploiting every weakness/loophole they see
$285M is not $285
I really hope this doesn't happen again 🤞
Good morning, Happy weekend and Happy Easter to you all 🧺
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