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ERC-7265 Proposal: Decentralized Finance "Circuit Breaker" Could Have Prevented Billions in DeFi Hacks

The developer of the ERC-7265 proposal has suggested that a decentralized finance "circuit breaker" could have prevented billions of dollars worth of crypto from being stolen from DeFi protocols in 2022. The proposal aims to set a standard for a smart contract with the ability to halt suspiciously large token outflows from a DeFi protocol.

However, the proposed standard has faced skepticism from some DeFi researchers who are concerned that the circuit breaker could be used for potentially nefarious purposes. The developer notes that the circuit breaker would be an "opt-in thing" for DeFi projects and would need to strike a balance between protecting users and preventing "false positives."

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