Coincheck Hack Highlights the Need for Proper Decentralized Exchanges


Many different lessons can be learned from the Coincheck debacle. The heist on this Bitcoin exchange raises a lot of questions and provides few answers. Additionally, it seems criminals will continue to exploit any sort of weakness on centralized platforms. As such, there is a growing need for decentralized trading solutions. These decentralized exchanges will be of great interest to cryptocurrency users worldwide. Even so, this new business model is not without its flaws either.

Several companies and projects already provide a decentralized exchange model. EtherDelta and BarterDEX are two of those examples. They cut out the middleman and let users trade currencies directly. It’s an intriguing business model, although one that still needs some work. In the case of EtherDelta, a few vulnerabilities have been discovered already. The centralized web front‐end of this decentralized exchange still attracts criminal activity. Although only minor heists occurred, it is evident things will need to change.

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