The Wild World of DeFi
Decentralized Finance (DeFi) is like that distant relative who shows up to family gatherings we’re too polite to ignore. It started turning heads in 2018, catching attention amid the ICO boom. Fast forward a bit, and DeFi was finally on the map by 2019, yet remained the hidden gem no one dared to treasure until recently.
Splashes, Crashes, and bZX
Enter bZX, a DeFi platform that became something of a poster child for bad luck this year. Remember the phrase, “When it rains, it pours”? Well, bZX must have been caught in a downpour of hacks! In February 2020, the platform made its big debut in the security breach hall of fame, only to be followed by another not-so-glorious entry post relaunch.
A Not-So-Happy Valentine
The first hack struck while the bZX team was at ETHDenver. Imagine the scene: party vibes, bustling conversations, and, oh, a rogue transaction sending the team spiraling into crisis mode! With no pause button on their platform, they concocted a makeshift solution to halt further chaos. Let’s just say, not all heroes wear capes… some are sipping drinks at a party.
Return to the Scene of the Crime
Fast forward to the second hack which sent bZX back into the trenches, this time while they were away celebrating at a ski retreat. Kistner and friends were living la dolce vita until an alarming transaction caught their eye. Food was momentarily forgotten as they sprinted back, leaving behind dollar bills — supposedly — and their lunch. Talk about priorities!
What Went Wrong?
Two hacks in close succession had the crypto community speculating whether it was all a stroke of bad luck or an indication of deeper troubles within bZX’s practices. Does misfortune hinge purely on randomness, or should we look under the hood of their operations? Turns out, a little of both. Security auditors didn’t quite fulfill their duties, and some stubborn choices regarding oracles didn’t help either.
The Audit Debacle
When it comes to launching smart contracts, thorough auditing is paramount. The bZX saga, unfortunately, includes a less-than-stellar experience with ZK Labs, where the lead auditor couldn’t keep all the plates spinning. Kistner shared that it was a grueling ordeal to secure an audit and the eventual findings left a storm in their coffee cups. Typos and sloppy messaging made them question whether they really got what they paid for — think buyer’s remorse at its peak!
Onward and Upward
Despite the trials and tribulations, Kistner remains optimistic about bZX’s path forward. “Ever since we got the money back and the funds are safe, we’ve got a whole bunch more total value locked and a huge amount of trading volume,” he reassures. That sounds better than a cold brew on a Monday morning!
+ There are no comments
Add yours