<a href="https://www.cryptoknowmics.com/news/renowned-stock-exchange-nasdaq-to-launch-bitcoin-futures-soon">Future of Decentralized Finance</a>, commonly known as DeFi was called into question after bZx, the lending protocol was <a href="https://www.cryptoknowmics.com/crypto/hacker-transfers-606000-worth-eth-hacked-from-bzx/">hacked for some $100 million</a>.

bZx co-founder Kyle Kistner, on twitter, published a <a href="https://bzx.network/blog/mea-culpa">post </a>called *Meal Culpa: A new Beginning. The post tracks back to all the things that lead to the hack with the co-founder of bZx admit that there was a lot of vulnerability in the system.

Kistner insists that the protocol users won’t have to bear any losses. He added that “the company and the protocol stakeholders are absorbing the losses.” He also revealed that the collateral left by the attacker is now streaming as a form of interest in the i ETH pool. Astonishingly, he claims that until 2285, the company will be in a position to service this debt.
<blockquote>“Given the current value of the insurance fund and its annualized rate of growth, it should be more than able to cover the loss at the time it needs to be realized in the year 2285 AD.”</blockquote>
<h2>What’s The Way Forward For bZx?</h2>
In order to ensure that<a href="https://www.cryptoknowmics.com/news/paradigm-leads-in-12-million-argent-wallet-funding"> bZx is safe from</a> such cyber threats in the future. Kistner vows that they would update the company further to be more resolute in the face of such attacks. The company is planning on increasing its bug bounty program, enhance the visibility anf also bZx is planning on “delegating judgment to an independent panel to remove any conflicts of interest.” Probably the most comforting news for the customers is that bZx now will never use unaudited code, big or small.

<img class="alignnone wp-image-146785 size-large" src="https://www.cryptoknowmics.com/crypto/wp-content/uploads/2019/09/bitcoin-price-explained-latest-usd-1024x767.jpg" alt="way forward for bzx" width="730" height="547" />

The error-prone price data was one of the biggest contributors to the hack and got exploited. To deal with it,bZx is teaming up with Chainalysis for impeccable price references, as its one of the best in the market when it comes to decentralized oracles. How successful bZx would be with these implementations remains to be seen but for a change its nice to see a start-up company taking full responsibility.

You May Also Read.
<ul>
 	<li><a href="https://www.cryptoknowmics.com/crypto/hacker-transfers-606000-worth-eth-hacked-from-bzx/">Hacker Transfers $606,000 Worth ETH Hacked From bZx</a></li>
 	<li><a href="https://www.cryptoknowmics.com/crypto/second-bzx-attack-sees-645k-worth-of-eth-stolen/">Second bZx Attack Sees $645k Worth of ETH Stolen</a></li>
 	<li><a href="https://www.cryptoknowmics.com/crypto/defi-lending-protocol-bzx-halts-fulcrum-trading-platform-amid-contract-exploitation/">DeFi Lending Protocol bZx Halts Fulcrum Trading Platform Amid Contract Exploitation</a></li>
</ul>

 bZx Trying to up its Game by Being Proactive Against Hacks

bZx  co-founder Kyle Kistner is suggesting that they have learned their lessons and promise to not use unaudited codes from now onwards

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

bZx Trying to up its Game by Being Proactive Against Hacks

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