March 16th 2021 - Pancake Warning

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(source: Wikimedia Commons)

Brave new world of crypto has recently became brand new world of DeFi. Nowadays, anyone and his/her brother are launching DeFi exchanges with their own sidechains, allowing more entrepreneurial crypto enthusiasts to earn some money in ways somewhat different than those in 2017.

Some DeFi projects, like CUBDeFi, proved to be spectacular success. Some, on the other hand, proved to be source of major risk. Recently it happened with Pancake Swap, the oldest of all DeFi projects associated with BSC blockchain. Pancake and couple of other exchanges got hacked with hackers apparently trying to gain access to users’ seed phrases via phishing.

This unpleasant incident proved rather embarrassing for Binance, company known for taking security seriously and pioneering BSC sidechain. It is an also important warning for users of CUBDefi and all those who want develop new blockchains, especially now when large gas fees made Ethereum-based DeFi all but unusable for everyone except the whales. This affair should, at the end of the day, serve as a warning for users not to get too carried away with seemingly easy money which is available during bull markets and never to let their guard down when it comes to finances, decentralised or not.

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