The team at Astra Protocol, which aims to equip the decentralized finance (DeFi) space with a complete legal layer and unlock the future growth of the industry, notes that operating within DeFi comes with “unpredictability” as well as key opportunities. Some of the main benefits of the underlying tech also pose certain challenges that have to addressed.
According to the Astra Protocol team, the DeFi market is evolving rapidly and malicious actors have been able “to anonymously exploit weaknesses in protocols to take vast amounts of money from unsuspecting individuals.”
Quite often there’s no recourse or route to justice for those impacted, the Astra Protocol team writes in a blog post. They also mentioned that with its rise in popularity in early 2020, the news that often accompanies DeFi involves hacks and various other types of exploits.
Last year, 17 major DeFi scams took place that “resulted in the loss of $154…