Crypto industry is not immune to hacking attacks. There are cases of online theft of cryptos stored in wallets. There are raids on exchanges where investors buy and sell digital currencies. There is a whole new field of DeFi with many startups such as Beanstalk.

Ben Weintraub, a college drop-out, developed a software platform Beanstalk offering Stablecoin which attracted crypto investors. Stablecoin has a fixed value of $1. However, this platform collapsed as a hacker stole away $180 million from users. There are other thefts on other DeFi platforms too.

There DeFi platforms have brought in disintermediation — people can borrow, lend and conduct other transactions without banks or brokers. The whole system is governed by a code.

The sector of DeFi has been hailed as the future of finance. Crypto users made available a huge corpus of fund, say $100 billion in virtual currency to DeFi projects. However, the software was not flawless. It led to thefts. The thefts occur because of the smart contract code that was faulty. This code powers DeFi, and is open source. It is an attack on infrastructure rather than an individual infiltration.