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DeFi attacks are on the rise — Will the industry be able to stem the tide?

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The decentralized finance (DeFi) industry has lost over a billion dollars to hackers in the past couple of months, and the situation seems to be spiraling out of control.According to the latest statistics, approximately $1.6 billion in cryptocurrencies was stolen from DeFi platforms in the first quarter of 2022.

Furthermore, over 90% of all pilfered crypto is from hacked DeFi protocols.These figures highlight a dire situation that is likely to persist over the long term if ignored.In recent years, hackers have ramped up operations targeting DeFi systems.

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