The myth of DeFi security needs to be awakened; everything outside the code is just a minefield.

According to the news from CoinWorld, XBIT DEX said in a post that the DeFi sector is facing unprecedented security challenges: the core mental model has collapsed, non-code vulnerabilities are being exposed one after another, and smart contracts are not foolproof. The three incidents involving drift, kelpdao, and wasabi reveal a chain of liquidations caused by the concentration of power over operational foundations such as cross-chain mechanisms, social engineering, and private keys. Openfi’s “decentralized” marketing masks the risks of trust assumptions such as multisig, validators, and oracles. The industry needs to openly weigh operational leverage, strengthen governance and risk control, clarify the upgrade path, and keep mandatory security safeguards.