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CRIMINALS STOLE $1 BILLION IN CRYPTOCURRENCIES IN JUST THREE MONTHS

 


How serious is this problem?

The $1.3 billion stolen represents an overall increase of 72% from 2021 and 30% from 2020, according to Chainalysis .


The FBI has discovered some trends that it found in its own investigations.


These included cybercriminals who initiated what is known as a “flash loan” that triggered a major vulnerability in a DeFi platform’s smart contracts, causing investors, as well as the project’s developers, to lose around $3 million in cryptocurrency as a result of the theft to have.


It has also been observed that hackers exploited a signature verification vulnerability in a DeFi platform's token bridge to drain all of the platform's investments, as well as a case where hackers manipulated cryptocurrency price pairs by exploiting a number of vulnerabilities before exploiting the conducted leveraged trades.


DeFi vulnerabilities

If that hasn't stopped you from investing in DeFi in the future, the FBI has some handy tips to help you stay well protected.


This sometimes includes educating yourself about the protocols and smart contracts before investing in DeFi platforms and being aware of the specific risks of DeFi investing.


The FBI further recommended ensuring that the DeFi investment platform has had at least one or more code audits by independent auditors and being suspicious of DeFi investment pools where the timeframe to join is extremely limited and the smart contracts are deployed quickly should be.

Cyber ​​criminals are increasingly exploiting vulnerabilities in DeFi platforms' smart contracts to steal cryptocurrencies, causing investors to lose money. A smart contract is a self-executing contract in which the terms of the agreement between the buyer and seller are written directly into so-called lines of code that exist on a distributed, decentralized blockchain network.


Cybercriminals are constantly trying to take advantage of investors’ growing interest in cryptocurrencies, as well as the complexity of cross-chain functionality and the open-source nature of DeFi platforms.

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