Most DEXs are unsafe, alleges new report

Most DEXs are unsafe, alleges new report

14 out of 25 decentralized exchanges, or DEXs, rating poorly when it comes to cybersecurity, in line with a current report. 

Supply: CER.

CER’s standards included a number of components akin to whether or not a DEX underwent safety audit, the provision of bug bounties and if it had correct SSL/TLS certificates. CER deemed any rating under 6 as “low” and, thus, “not protected.” Solely two of the DEXs obtained a “excessive” rating: Uniswap and Syntetyx.

“You will need to be aware that 6 exchanges (24%) didn’t go a safety audit or didn’t publicly announce that they’ve undergone an audit. It must be famous that an unaudited change can’t be thought of protected.”

A few of the 25 exchanges used particular person researchers quite than corporations — a follow that the report’s authors strongly discouraged. Remarking on the unimaginable development of DeFi in the previous couple of months, the researchers concluded that DEX customers are extra uncovered to fraud than hacks:

“Even though there haven’t been any vital hacks on decentralized exchanges compared to centralized platforms, DEX customers are literally extra prone to fraudulent assaults.”