Florence Finance, a decentralized finance (DeFi) protocol, has reportedly lost $1.45 million due to a cyber attack. The hackers exploited the DeFi protocol’s smart contracts to drain the funds. It’s another stark reminder of the risks inherent in the nascent DeFi space, highlighting the importance of robust security measures to protect against potential vulnerabilities. As the popularity of DeFi continues to grow, so too does the need for vigilance and enhanced security in this rapidly evolving sector.
