Decentralized Finance (DeFi) Fraud in 2021 Is Up 600% Over 2020, Topping $10.5 Billion, Research Fin …

decentralized finance defi fraud in 2021 is up 600 over 2020 topping 10 5 billion research finds

Sumary of Decentralized Finance (DeFi) Fraud in 2021 Is Up 600% Over 2020, Topping $10.5 Billion, Research Finds:

  • According to a report published by crypto risk management firm Elliptic, fraud and theft of decentralized finance (DeFi) investments has surpassed $10.5 billion so far this year — that’s a 600% increase over all of 2020. DeFi is an automated method of banking and financing that runs on blockchain-based computer programming.
  • Key DeFi weaknessesThe Elliptic report found that the main vulnerabilities of DeFi were programming design errors that produced software bugs that hackers exploited as well as outright theft from “trusted” founders and developers who turned out to be crypto-cons.
  • “Decentralised apps are designed to be trustless in that they eliminate any third-party control of users’ funds,” said Elliptic chief scientist Tom Robinson in an official statement.
  • Earlier this month, the San Francisco Federal Reserve branch posted a blog on its website that cited a report from Javelin Research which stated that total combined fraud losses climbed to $56 billion in 2020, with identity fraud accounting for $43 billion.
  • Only trust projects with founders who have been in the crypto space for years with a good reputation on different ventures.

Want to know more click here go to source.

From -

Generic selectors
Exact matches only
Search in title
Search in content

Site Language

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.