The FBI has warned crypto investors against the vulnerabilities in decentralized finance (DeFi) and asked DeFi platforms to step up their monitoring and security measures. By parikshitm899
Between January and March 2022, cyber criminals stole $1.3 billion in cryptocurrencies, almost 97 percent of which was stolen from DeFi platforms, the FBI said citing a report from blockchain analysis firm Chainalysis.
Criminal generally exploit DeFi platforms by initiating a flash loan vulnerability, exploiting signature verification or by manipulating trading pairs, the FBI said. To this effect the agency asked investors to do their due diligence while using DeFi platforms and use platforms that have conducted audits or been around for sometime.
DeFi platforms should start instituting real-time analysis, monitoring and testing, the bureau said. The platforms should also have a plan for tackling exploits and alerting investors, the bureau added.with LinkedIn to fight fraudsters using the professional networking platform to lure investors into cryptocurrency schemes.
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