CrypWhile many people seem very excited about the token, many types of questions arise in the minds of some people. There are many countries where it is considered correct. A case has come to the fore regarding crypto, which has surprised everyone. A bug in a recent update to the finance platform Compound caused users to lose $90 million in crypto, after which its CEO urged users to return it.
This glitch is a black eye for the cryptocurrency platform, which is being seen as the end of the traditional finance system. Decentralizedd finance (Defi) platforms do not have banks or other intermediaries, who manage funds instead of relying solely on smart contracts between users controlled by computer code Huh. DeFi is more non-discriminatory in cutting off traditional firms, according to the promoters.
It is often called ‘code is law’ The use of mantra emphasizes that the computer code controls the system. But according to critics, when there are mistakes in the code, it is difficult for the users.
Andrew Park, a senior policy analyst at the American for Financial Reform, said "There are reasons to criticize the current banking system, but there are plenty of safeguards in place to prevent such things from happening." Critics of many crypto projects said that "If I have my money in Compound, how much confidence will I have in that system now?"