DeFi protocol Umami Finance sours as CEO goes rogue and core team quits
Umami chief Alex O’Donnell has been accused of dumping tokens and crashing the price. Its team has resigned from the firm’s legal wrapper.
Umami chief Alex O’Donnell has been accused of dumping tokens and crashing the price. Its team has resigned from the firm’s legal wrapper.
Despite Alameda’s lack of risk mitigation procedures, it appears those in charge of liquidations may be as gung-ho as the previous leaders.
Many DeFi hacks and exploits are down to smart contract vulnerabilities, from which there is generally no recourse.
How decentralized are DeFi protocols with a small group of leaders with admin keys, multi-sig wallets, and wealth-based voting policies?
While decentralization is one of crypto’s main tenets, it’s likely that more centralization could have stopped the fall of crypto giant FTX.