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# Smart Contract Bug Results in $31 Million Loss
- URL: https://werd.io/smart-contract-bug-results-in-31-million-loss/
- Published: 2021-12-04T18:51:01.000Z
- Updated: 2021-12-04T18:51:01.000Z
- Author: Ben Werdmuller
- Tags: #Import 2025-06-13 09:24

"The basic problem is that the code is the ultimate authority — there is no adjudication protocol — so if there’s a vulnerability in the code, there is no recourse. And, of course, there are lots of vulnerabilities in code. To me, this is reason enough never to use smart contracts for anything important. Human-based adjudication systems are not useless pre-Internet human baggage, they’re vital."

\[[Link](https://www.schneier.com/blog/archives/2021/12/smart-contract-bug-results-in-31-million-loss.html)\]