ETH DeFi 'circuit breaker' could cut hack losses by 70% — Developer
Diyahir Campos, a smart contract developer behind the new ERC proposal, sought to take action after becoming a victim of the Euler Finance hack in March. A decentralized finance “circuit breaker” could have prevented billions of dollars worth of crypto being stolen from DeFi protocols in 2022, according to the developer of the newly published ERC-7265 proposal. A new Ethereum request for comment (ERC) was published on Github on July 3. In it, the lead developer Diyahir Campos proposed a standard for a DeFi “circuit breaker.” It essentially aims to set a standard for a smart contract with the ability to halt suspiciously large token outflows from a DeFi protocol. 1/ Announcing ERC 7265: Circuit Breaker We are fixing the biggest problem with DeFi Security - lack of response time to mitigate hacks. Built by @Diyahir @tcb_00 @real_philogyhttps://t.co/4KQDYEK2H7 — Meir Bank (@MeirBank) July 3, 2023 Last year was the single biggest year for crypto hacks, with at least $3.1 billion st...