Are DeFi transactions traceable?
Asked 3 years ago
If DeFi uses blockchains and smart contracts, then I suppose this means that if something had to go wrong, then all P2P transactions are traceable? I'm making an assumption and I thought it would be best to check it up within a DeFi community. Thanks in advance!
Rodney Pearson
Tuesday, May 24, 2022
DeFi transactions are traceable. You can trace a transaction by clicking on the transaction hash which should take you to a block explorer. You can also read comments on transactions if there are any written by the sender of the transaction. During the $600 million dollar exploit of Poly Network, a blackhat hacker who came to be known as Mr. Whitehat left comments in the transactions waring the DeFi community that he could move the funds to Tornado Cash and delete traces forever. There are protocols like Tornado Cash and Zcash offer advanced privacy and may be hard to track.
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