This article explores the significant security risks present in DeFi projects, focusing on smart contract vulnerabilities, flash loan exploits, and custodial risks in centralized exchanges like Gate. It discusses how these threats result in substantial financial losses, undermining investor confidence and network integrity. Key vulnerabilities such as reentrancy attacks and improper access control are highlighted, along with evolving threats like 51% attacks. The article aims to inform DeFi developers, investors, and security experts about enhancing security protocols and implementing effective mitigation strategies. Highlighted keywords: DeFi security, smart contract vulnerabilities, flash loan exploits, centralized exchange risks, investor protection.