Charlie Lee Slams DeFi for Being Too Much Centralized
Main page News, Litecoin, Ethereum, Crypto Market, Hacker Attack, Cryptocurrency
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Feb. 18, 2020

Litecoin creator & computer scientist Charlie Lee has criticized the whole decentralized finance (DeFi) industry for being a decentralization theatre. The Litecoin creator also said the DeFi industry is flooded with bugs and exploits.

China's First Share-holding Commercial Bank to Develop DeFi Services

Lee's reaction came up right after the developers of the DeFi platform bZx had reported about a second attack in which 2,388 ETH tokens (about $645,000) had been lost.

Earlier iHodl reported that the previous attack on the bZx platform was carried out with the help of a flash loan from dYdX for 10,000 ETH tokens, of which 5,500 were sent to Compound to collateralize a loan of 112 wBTC. 1,300 ETHs were sent to the Fulcrum pToken sETHBTC5x, opening a 5x short position against the ETH/BTC ratio.

Meanwhile, the value of assets locked in decentralized finance apps and protocols exceeded $1B for the first time. As of December 31, this figure amounted to $670.77M.

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