Aditya Baradwaj, a former software engineer at Alameda Research, has disclosed that three security issues cost the business $190 million. Among these include a trader who lost $100 million after visiting a bogus link on DeFi, a liquidity mining fraud that cost $40 million, and a plaintext key file breach that cost $50 million.
Due to these security flaws, Alameda Research, a well-known quantitative cryptocurrency trading company, has sustained large losses. The first incidence concerned a trader who lost $100 million after clicking on a phoney link in the decentralised finance (DeFi) industry. A liquidity mining fraud that the corporation fell for resulted in the second security breach, which cost the business $40 million.After a plaintext key file was leaked, which cost the company $50 million, the third and last event occurred.
These security instances show how crucial it is for the cryptocurrency sector to have strong security practises and procedures in place, as even well-known companies like Alameda Research have suffered huge losses as a result of security lapses. Additionally, it serves as a reminder for people and businesses to exercise caution and vigilance while working with digital assets and online platforms.