"IOSG: The Most Dangerous Time for DeFi, The Real Vulnerabilities Aren't in the Code" (Author: Darko) In April 2026, the core mental model of DeFi collapsed: non-code vulnerabilities were exposed one after another, proving that smart contracts are not foolproof. The incidents involving Drift, KelpDAO, and Wasabi revealed how power centralization in cross-chain operations, social engineering, and private key management led to cascading liquidations. OpenFi's "decentralized" marketing masked the risks tied to trust assumptions like multisig, validators, and oracles. The industry must openly weigh operational leverage, strengthen governance and risk control, and clarify upgrade paths while maintaining essential safety nets. Read the full article: https://www.(wublock123.com)/articles/article-59045