Hacking the DeFi Protocol: Lessons from LendFMe

This chapter analyzes the $25 million hack of the DeFi protocol LendFMe, highlighting the vulnerabilities that arise from poorly implemented designs borrowed from other systems. It contrasts the nature of digital assets like USDC and IMBTC with physical commodities like oil, illustrating the complexities in decentralized finance. The discussion also delves into fund recovery and the implications of market dynamics during crises, emphasizing the differences between Ethereum and traditional commodities.

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