FBI warns against DeFi investments

The FBI warns in a letter about the risks of decentralized financial services (DeFi).

"Cyber criminals are increasingly exploiting vulnerabilities in decentralized financial platforms to obtain cryptocurrencies, causing investors to lose their money," the agency said.

“Cyber criminals are looking to exploit growing investor interest in cryptocurrencies, as well as the complexity of cross-blockchain functionality and the open-source nature of DeFi platforms,” it said.

The FBI has observed “cyber criminals exploiting vulnerabilities in the smart contracts of the DeFi platforms to steal investors’ cryptocurrency” and is asking the injured party to pass on information to the authority.

The FBI cites reports from blockchain analytics firm Chainalysis that “cyber criminals stole $1.3 billion worth of cryptocurrencies between January and March 2022.” Of this, “almost 97 percent” was stolen on DeFi platforms.

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