Drift lost $280M to an admin key exploit. A big issue is that most 'DeFi protocols' are not actually decentralized at all. Wanted to give a shoutout to the teams that take decentralization seriously: Liquity - Liquity V2 is one of the only stablecoin protocols with fully immutable code and no admin keys Uniswap - Uniswap AMM smart contracts have been immutable from the very beginning Aave - Aave uses a 5-of-9 multisig wallet that can pause the protocol in case of an emergency, but only AAVE DAO can approve a code change Curve - Curve Finance is controlled by Curve DAO and is one of the very few protocols that use decentralized oracles Sky - All major changes to Sky have to be voted by the DAO and they are enforced only after a mandatory delay that acts as a safety checkpoint I am sure there are also others, but those are a few well-known examples.