Open source software is needed to prevent future crypto hacks, Polygon CISO says
The pace of crypto hacks hasn’t slowed in the dog days of summer, with tens of millions of dollars stolen in August alone. As the crypto community carries on in the wake of the expensive exploits, many web3 users are biting their tongue waiting for the next big one to strike. On August 1, Nomad, a crypto bridging protocol, was hacked for about $190 million. (Crypto bridges allow users to transfer one token on one chain into another on a different blockchain.) In a separate incident, just a day later, over 8,000 Solana-focused crypto wallets were drained of their funds. Earlier this week, Curve.Finance, a decentralized finance protocol, was hacked for about $570,000 – nominal compared to the Nomad exploit, but noteworthy nonetheless. As 2022 continues to rack up expensive exploits, many people in the crypto space are wondering what can be done to prevent these hacks in the future. Sure, they can emphasize the importance of education and protecting your own digital assets – but what else?