Can DeFi Platforms Bridge the Security Gap with CeFi as Losses Exceed $336 Million in Q1?

CeFi institutions adopt a methodical and cautious strategy. Leveraging their extensive expertise and adhering to the highest standards of cybersecurity, CeFi platforms place a premium on protecting client assets and ensuring the integrity of their systems. They allocate substantial resources towards implementing robust security measures. Additionally, they regularly subject themselves to thorough security audits conducted by reputable third-party firms, often on a yearly or biannual basis. For instance, Coinbase proudly proclaims that it undergoes quarterly audits of its systems and infrastructure by leading security companies. Moreover, CeFi platforms typically possess well-established protocols for incident response, enabling them to swiftly freeze or recover assets in the event of a security breach or hack.