

Forta 🏰
2.2K posts

@FortaNetwork
Mission-critical transaction screening infrastructure ensuring compliance and security across 3+ million transactions daily



April ends as the most-hacked month in crypto history, by number of incidents.



Spent the last week calling the largest institutions to get their read on the DeFi situation. Key takeaways: 1- Institutional interest isn't going away, for a simple reason: distributors aren't going away. Massive AUM, payments, and loans are coming onchain. Every fintech wants to move fully onchain. As an institution, you don't have a choice. 2- That said, they've completely lost trust in pool/hub models. Institutions and distributors want control: over the code, over the risk, over the compliance. With the flexibility to isolate what they want, while plugging into the global network of liquidity that's compatible with them. The promise of an open financial system is too big to fail: not because of ideology, but because it's going to create an immense amount of value for everybody involved.



Over the past 10 years, more than $17B has been lost from 518 crypto hacks.

Every Defi protocol should have: 1. Circuit breakers for deposit and withdrawals, and possibly other internal operations as well 2. Timelocks for any change 3. Security councils that can shut down protocols immediately We don't need insurance, we need to do start doing the ffcking basics correctly. It's too early for this space to drive without any training wheels. I beg you, sacrifice a tiny bit of UX to gain a lot of peace of mind. The worst possible UX is losing your user's money.

The RHEA team is aware of an incident affecting the protocol. As a precautionary measure, we have temporarily paused the contracts while we conduct a thorough investigation. We are working closely with key partners, stakeholders, and security experts. Protecting user positions is our immediate priority, and our team is focused on minimizing any potential impact. RHEA team has reached out to the responsible party through on chain transaction. #9BfCGUigv3w8TFRx5n8t5Qira62oBcrcAp2fVeGfFZVC" target="_blank" rel="nofollow noopener">nearblocks.io/txns/6r5c2iZig…









