- The FBI issued a warning to crypto investors about the
risks of decentralized finance (DeFi) platforms:
- Between Jan. & March 2022, cybercriminals stole
$1.3 billion in cryptocurrencies -- almost 97% of which came from DeFi
platforms.
- Unlike traditional
banks, DeFi platforms aren’t backed by govt insurance policies, meaning
investors have little recourse to recover hacked/stolen funds.
- Fraud, illicit transactions & hacks are pervasive in the
crypto market -- hackers now manipulate DeFi platforms’ own governing
mechanisms to steal funds:
- DeFi systems incurred $10.5 billion in criminal losses in 2021.
- 99% of hacked
cryptocurrencies in Q1 2022 were stolen as a result of software exploits.
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