Why does DeFi always get hacked during a bear market? The reason is: it's an inevitable result of centralized structures. The so-called DeFi and CeFi technical frameworks are isomorphic, meaning they both rely on self-referential centralized structures, with control permissions belonging to the project team. During a bull market, DeFi doesn't get hacked for a simple reason: the profit from DeFi's capital flow is enough to sustain the project team, so they have no incentive to act maliciously. During a bear market, CeFi also doesn't get hacked because the project team's profits are sufficient to keep the exchange running.