{"id":30786,"date":"2020-10-27T16:02:50","date_gmt":"2020-10-27T14:02:50","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=30786"},"modified":"2025-08-28T00:01:37","modified_gmt":"2025-08-27T21:01:37","slug":"kraken-chief-slams-irresponsible-defi-launches","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/kraken-chief-slams-irresponsible-defi-launches\/","title":{"rendered":"Kraken chief slams &#8216;irresponsible&#8217; DeFi launches"},"content":{"rendered":"<p>Kraken&#8217;s CEO Jesse Powell condemned the stance of \u201cDeFi scams\u201d that rely on the support of centralised exchanges.<!--more--><\/p>\n<blockquote>\n<p>\u201cStop messing up your DeFi scams and hoping that exchanges will save you. I will not accept your attempts to shift responsibility onto others for your hasty and reckless rollout. Invest in audits, insurance and, please, think with your own head. Awareness of losses is the only path to enlightenment,\u201d \u2014 Powell did not mince his words.<\/p>\n<\/blockquote>\n<blockquote class='twitter-tweet'>\n<p dir='ltr' lang='en'>Stop fucking up your bullshit DeFi scams and expecting exchanges to bail you out. I will not accept your attempt at externalizing the cost of your hasty, reckless rollout. Invest in audits, insurance and please DYOR. Taking your losses is the only way to enlightenment.<\/p>\n<p>\u2014 Jesse Powell (@jespow) <a href='https:\/\/twitter.com\/jespow\/status\/1320856204126478340?ref_src=twsrc%5Etfw'>October 26, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src='https:\/\/platform.twitter.com\/widgets.js' charset='utf-8'><\/script><\/p>\n<p>Comments followed after a successful attack on the Harvest Finance protocol, resulting in an unknown hacker <a href=\"https:\/\/u1f987.com\/en\/news\/hacker-drains-19-8m-from-harvest-finance-as-farm-price-falls-more-than-50\">withdrew<\/a> $24 million in stablecoins.<\/p>\n<blockquote>\n<p>\u201cThey are hacked again and again for the same targets. Careless mistakes, obvious oversights, a lack of understanding of the basics,\u201d the head of Kraken added.<\/p>\n<\/blockquote>\n<blockquote class='twitter-tweet' data-conversation='none'>\n<p dir='ltr' lang='en'>Sure but the pace these things are coming, they can\u2019t possibly be taken seriously. It\u2019s not like they are getting hacked because of some 0day after 20 audits. They\u2019re hacked for the same stuff over and over. Careless mistakes, obvious oversights, failures to understand the basics<\/p>\n<p>\u2014 Jesse Powell (@jespow) <a href='https:\/\/twitter.com\/jespow\/status\/1320862254120615937?ref_src=twsrc%5Etfw'>October 26, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src='https:\/\/platform.twitter.com\/widgets.js' charset='utf-8'><\/script><\/p>\n<p>Powell&#8217;s irritation may have been triggered by the founder&#8217;s request to blacklist the hacker&#8217;s funds, addressed to, among others, the Kraken leadership.<\/p>\n<blockquote class='twitter-tweet'>\n<p dir='ltr' lang='en'>Please blacklist these addresses, thank you<a href='https:\/\/twitter.com\/binance?ref_src=twsrc%5Etfw'>@binance<\/a> <a href='https:\/\/twitter.com\/coinbase?ref_src=twsrc%5Etfw'>@coinbase<\/a> <a href='https:\/\/twitter.com\/HuobiGlobal?ref_src=twsrc%5Etfw'>@HuobiGlobal<\/a> <a href='https:\/\/twitter.com\/OKEx?ref_src=twsrc%5Etfw'>@OKEx<\/a> <a href='https:\/\/twitter.com\/krakenfx?ref_src=twsrc%5Etfw'>@krakenfx<\/a> <a href='https:\/\/twitter.com\/FTX_Official?ref_src=twsrc%5Etfw'>@FTX_Official<\/a> <a href='https:\/\/twitter.com\/bitfinex?ref_src=twsrc%5Etfw'>@bitfinex<\/a> <a href='https:\/\/twitter.com\/BittrexExchange?ref_src=twsrc%5Etfw'>@BittrexExchange<\/a><\/p>\n<p>\u2014 Harvest Finance (@harvest_finance) <a href='https:\/\/twitter.com\/harvest_finance\/status\/1320616660294897666?ref_src=twsrc%5Etfw'>October 26, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src='https:\/\/platform.twitter.com\/widgets.js' charset='utf-8'><\/script><\/p>\n<p>Asked why Kraken lists DeFi tokens, Powell did not respond.<\/p>\n<blockquote class='twitter-tweet' data-conversation='none'>\n<p dir='ltr' lang='en'>Why are you listing \u00abDeFi\u00bb tokens in the first place?<\/p>\n<p>\u2014 Mixmaster Hash (@hashamadeus) <a href='https:\/\/twitter.com\/hashamadeus\/status\/1320872784357216256?ref_src=twsrc%5Etfw'>October 26, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src='https:\/\/platform.twitter.com\/widgets.js' charset='utf-8'><\/script><\/p>\n<p>Recall that in late September <a href=\"https:\/\/u1f987.com\/en\/news\/hacker-siphons-15-million-from-unfinished-defi-project-eminence\">took place<\/a> a hack of Eminence, an unfinished DeFi project from Andre Cronje, founder of yEarn.Finance. By then users had attracted $15 million.<\/p>\n<p>In August, the token price of the experimental DeFi protocol Yam <a href=\"https:\/\/u1f987.com\/en\/news\/yam-defi-protocol-token-with-600m-in-assets-plunges-99-in-24-hours\">fell<\/a> by 99% in 24 hours after a vulnerability was discovered in the protocol&#8217;s governance system.<\/p>\n<p>Subscribe to ForkLog news on <a href='https:\/\/twitter.com\/ForkLog' target='_blank' rel='nofollow noopener noreferrer'>Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kraken CEO Jesse Powell criticised the stance of DeFi scams that rely on centralised exchanges.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1093,193,1138],"class_list":["post-30786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-defi","tag-kraken","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"8","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/30786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=30786"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/30786\/revisions"}],"predecessor-version":[{"id":30787,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/30786\/revisions\/30787"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=30786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=30786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=30786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}