DeFi data manipulation is too easy — and current oracle solutions aren’t helping much

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DeFi computing is too easy – and current oracle solutions do not help much

It seems that every week we hear news that another DeFi project is hacked or exploited. The latest crop of victims includes projects like Harvest Finance, Acropolis, Value DeFi, Origin and of course Connection.

When exploitation occurs, they usually involve manipulating the reference price as on a data source, such as Curve, Cyber ​​or Coinbase Pro. Sometimes it’s a mistake, as in the SNX case, where the Korean victory was quoted with the wrong decimal.

Samuel Kim is the founder of the Umbrella Network, a lag-to-oracle that provides the next generation of DeFi applications. Previously, he was the founder and CEO of Lucidity, a blockchain-based transparency solution for digital advertising and co-founder of Gimbal, a mobile advertising platform. He is a graduate of Columbia University and received his MBA from the Chicago Booth School of Business, where he concentrated on analytical finance.