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How safe is the application of Blockchain after yet another exploit on Vyper that has lead to a loss of over $100M?


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The outcry for more modification of the bockchain technology and it's application has once again been exposed after the reported exploits on the Vyper network integrated to CURVE finance protocol resulting in the stealing of $100 million plus assets. This has resulted in the massive dip of CRV token price.

Do you think it's time to embrace wholesome regulation in the industry to protect users asset?

What are your thoughts?

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The implications of this exploit extend beyond Curve. Sources have it that, this bug was in the coding language itself; hence, other smart contracts could be at risk. Considering the interconnected nature of DeFi, platforms like AAVE could be negatively impacted due to the steep fall in CRV value. This is why I carefully selected my primary trading platform with a cold wallet storage strategy in addition to its huge protective fund that has provided an extra resilience layer of security to its users' assets.

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10 hours ago, Bash4j said:

The implications of this exploit extend beyond Curve. Sources have it that, this bug was in the coding language itself; hence, other smart contracts could be at risk. Considering the interconnected nature of DeFi, platforms like AAVE could be negatively impacted due to the steep fall in CRV value. This is why I carefully selected my primary trading platform with a cold wallet storage strategy in addition to its huge protective fund that has provided an extra resilience layer of security to its users' assets.

With the emergence of measures put in place by industry players like the provision of protection fund by some exchanges like bitget, okx and binance, the integration of self-custodial wallets across major centralized platform and adhering to various regional financial regulations, crypto might be shaping up for massive regulation but the risk of online exploits still persist and that's where I think there's need to reconsider the use of smart contract in b;ockchain technology

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12 hours ago, BashJasper said:

With the emergence of measures put in place by industry players like the provision of protection fund by some exchanges like bitget, okx and binance, the integration of self-custodial wallets across major centralized platform and adhering to various regional financial regulations, crypto might be shaping up for massive regulation but the risk of online exploits still persist and that's where I think there's need to reconsider the use of smart contract in blockchain technology

The above-mentioned criteria are obvious fat and a benchmark for identifying a reputable CEX by any crypto trader. And judging from the 2023 Q1 and Q2 crypto exchange performance data show these three exchange must especially Bitget and Bybit has had an inflow of users' funds in the past few months making then the best in the crypto space. 

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