DeFi critics criticize freezing of $130m in Kucoin crypto: here's what they get wrong

Most of the tokens were based on Ethereum, with 60 percent of the capital stolen being made up by ERC-20 tokens such as Synthetix Network Token, Ocean Protocol Token, and more.

This was a concern for many of the tokens stolen: KuCoin was known for supporting large altcoin markets, sometimes making up a majority of the liquidity and volume of a project.

The project used its admin keys to render $8 million worth of the OCEAN tokens worthless, forking the protocol to give users a new token where the hacked funds were not accessible by the attacker.

Bitcoin maximalists, others criticize DeFi after these token freezes.

Many Bitcoin maximalists and others in the space were quick to point out that these projects freezing hacked funds are in clear violation of the "Decentralized" aspect of DeFi.

The critics were right in this sense, but wrong in saying that the tokens that were frozen represent all of DeFi.

"Literally none of the DeFi protocols I use have admin keys or freeze functions. Or, if they do, it's clearly stated and not a surprise. Basing an anti-DeFi argument off KuCoin tokens being frozen is, surprise surprise, yet another strawman by salty folks."

Literally none of the DeFi protocols I use have admin keys or freeze functions.

Basing an anti-DeFi argument off KuCoin tokens being frozen is, surprise surprise, yet another strawman by salty folks.

Finance tokens from KuCoin, is now staking his coins in the protocol's governance module.