DEFI HACK ? Tinyman Exploit Explained (By Tinychart Founder - Greg Raczek)
Channel: MrJiazi
Date: 2022-01-18

The pool was tricked due to the asset IDs were changed by the attackers. They took advantage of the very specific bug and nearly wiped out the goBTC/Algo pool ! Caused $3 - 20 Million lost on the first days of 2022. 

Lessons: Reach Blockchain Development Platform most likely be the coding language moving forward; their response to the Exploit was very good and timely as well. And we can quickly rebuild the trust.

During the interview with Greg Raczek, he pointed to us a different angle: Defi was basically nonexistent 4 years ago, we should all be a bit more forgiving, and more patient with the innovators of our time... Especially Algorand and its DeFi ecosystem have huge potential to replace the older ways of buying and selling cryptocurrencies.

#Tinychart #Algorand #Tinyman