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Curve exploit shows DeFi still far from decentralized in 2023

DeFi 2023 was supposed to solve the problem of centralized crypto collapses in 2022 like FTX, Celsius, Voyager, and Terra LUNA.

Here’s why decentralized finance is actually very centralized

Most DeFi protocols are controlled by a small number of smart contracts whose keys are held by one person or a tiny group of insiders.

DeFi protocol BarnBridge DAO immediately halted operations after a lawyer warned that token-holders could be personally liable.

Arcadia Finance has said that it’s in contact with the exploiter who drained $455,000 in a hack made possible through code vulnerabilities.

Since teasing a new version of its decentralized exchange protocol, Uniswap has been accused of co-opting the community’s open-source ethos.