1inch, Funded By Binance Labs, Partners With Hacken To Address DeFi Security

1-inch decentralized crypto exchange Announced Today it collaborates with the cybersecurity solutions provider Hacken to improve the security of the platform by auditing its code, API and infrastructure. According to the press release, Hacken’s team would particularly focus on serving as a cryptocurrency exchange auditor. Hacken was previously in the news after Announced its integration with Chainlink’s “decentralized” oracles, a development that would allow it to make data more accessible to decentralized applications (dApps).

According to Crunchbase, 1 inch raised 2.8M in a seed round a few months ago, a seed round that saw investments from companies like DragonFly Capital, FTX Exchange and Laboratorios Binance.

This is a crucial announcement as assets locked in DeFi projects are being found thousands of millions right now. And a lot of these protocols do not have adequate audits. In addition, as Hacken’s team said, there are anonymous developers and by-products of yield agriculture that are driving speculation “without regard for safety.”

The collaboration between Hacken and the 1-inch DEX implies that certain sections of the DeFi industry could now be maturing with regard to increased transparency. In addition, this move could benefit the average user who, in real time, would not be able to access DEX security information.

This development comes after various DeFi platforms were attacked by hackers. One of those protocols, Opyn, was attacked by hackers who then stole users’ funds. Meanwhile, even the DeFi LendF protocol lost $ 25 million as a result of an attack. More recently, the KuCoin hackers leveraged DeFi Uniswap platform to exchange various ERC-20 tokens. In most of these aforementioned cases, the code was flawed and exploited due to its unaudited nature.

According to 1inch co-founder and CEO Sergej Kunz, the partnership with Hacken would allow them to take security “to a whole new level”, especially in the decentralized finance (DeFi) space.

Besides 1 inch, other networks like DEX with Ethereum technology Airswap They have also ordered a third party audit of their smart contracts.

This is a machine translation of our English version.

Your opinion is important to us!

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.