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Litecoin Founder Slams Ethereum’s Fastest Growing Use Case in DeFi Hack’s Wake - newsBTC
Following a recent DeFi smart contract compromise, Charlie Lee has attacked the sector for being centralised. The Litecoin founder called the decentralised finance industry, growing fastest on Ethereum, “decentralization theatre”. The most recent application to succumb to a smart contract security breach is the non-custodial crypto margin trading service Fulcrum. Following the compromise, developers at Fulcrum have frozen the affected contract. Is it Really Decentralised if Someone Can Shut it Off? Litecoin Founder Charlie Lee has criticised the rapidly expanding DeFi sector for being centralised. Lee called the industry “decentralization theatre” in response to a recent smart contract compromise. Over the weekend, an attacker managed to breach the Ethereum-based margin trading application, Fulcrum. Although not officially disclosed, some believe as much as $350,000 in ETH is missing. 1/ ⚠️ Mini-thread on the Fulcrum situation ⚠️ TLDR: – @bzxHQ took Fulcrum down for maintainence lat...