DeFi is hardly a magic salve for crypto’s multi-billion-dollar woes. Protocols can get hacked, duped, drained and worse, costing their users massive aggregate losses. In contrast with the “black boxes” of centralized exchanges, though, DEXes operate according to their open-source code. Gunsberg noted DEXes have on-chain assets that are open for all to see – so long as one knows where to look.
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