Another Day, Another Hack. Coincover Exec Comments on Exactly Protocol Exploit that Saw Millions in ETH Stolen

The hacks and thefts are too numerous to remember. The crypto sector is a field littered with poorly crafted security protocols, stolen funds, and apologetic management. Most recently, Exactly Protocol is said to have been the target of an attack that saw over $7 million in ETH pilfered.

Exactly Protocol identified the malefactors:

And soon, a fix was proposed after the “DebtManager periphery contract was manipulated.”

“The attacker passed in a malicious market contract address, bypassing the permit check, and executed a malicious deposit function to steal assets deposited by users.”

Everything is back up and running now.

But as an executive with Coincover said, a black eye on one is a black eye on many as outsiders view crypto from a holistic perspective and policymakers, who largely understand little, believe everything is a nail in need of a hammer.

Coincover CEO and co-founder David Janczewski said:

“Hacks and scams like this can cause firms huge damage as people withdraw funds, which happened to Curve Finance just last week. However, they also cast a shadow over the entire crypto industry and reduce people’s confidence in the industry. Regulatory policy meetings are already taking place to maintain a sustainable future for cryptocurrencies, but we need to ensure the outcome of these meetings results in a well-defined set of regulations in order to introduce protections, such as security and governance standards to phase out malicious activity.

However, institutions looking to venture into the dynamic world of cryptocurrencies can take measures to protect themselves against instances of digital theft by implementing preventative technology such as transaction monitoring, which can significantly mitigate the risk.”

Hacks and scams like this can cause firms huge damage as people withdraw funds, which happened to Curve Finance just last week. However, they also cast a shadow over the entire crypto industry Click to Tweet

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