Hackers steal $ 10 million from DeFi projects every month – CipherTrace
Crypto-related crime has dropped in 2020, but sectors of the space are receiving increased attention from attackers, according to a new report from CipherTrace..
Losses from the actions of criminals in the cryptocurrency industry in 2019 were estimated at $ 4.4 billion, and in 10 months of 2020 they amounted to $ 1.8 billion.CipherTrace CEO Dave Jevans linked the latest improvements to improving security measures.
“We see that exchanges and other players in the cryptocurrency industry have implemented additional security procedures. They heeded the management and did so to better protect their funds. Thus, you can expect a decrease in the number of large-scale attacks, “he said..
At the same time, hacker activity in the decentralized finance (DeFi) space has skyrocketed. While its volumes were small in 2019, DeFi now accounts for 20% of all industry losses from hacks and thefts..
From January to June, $ 51.5 million was stolen from DeFi projects, and from July to the present, the value is $ 47.7 million, which corresponds to 14% of all losses in this segment..
“DeFi’s growth is attracting criminal hackers, which is why this sector has seen the most attacks since the beginning of the year,” the report says..
Jevans also said the DeFi space has become a “money laundering haven.” Since DeFi projects strive for unlimited access, they usually do not have the verification mechanisms inherent in centralized services..
“Companies and individuals have flooded the market with DeFi products that have not passed security verification. People realized that this is their weak point, ”added Jevans.
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