FBI says investors should take precautions before putting money into decentralized finance platforms
Cybercriminals are increasingly exploiting security flaws in smart contracts to steal cryptocurrency, according to the Federal Bureau of Investigation. In an advisory it published on Monday (via Bleeping Computer ), the agency warned investors of a significant uptick in attacks targeting decentralized finance platforms. Between January and March of this year, hackers stole $1.3 billion worth of cryptocurrencies, with almost 97 percent of that money coming from DeFi platforms, the FBI said citing data from Chainalysis . That’s an increase from both 2021 and 2020 when DeFi-related thefts represented 72 percent and 30 percent the source of all stolen crypto. The agency has seen criminals employ a variety of methods to fleece DeFi platforms. In one case, hackers employed a so-called flash loan attack to steal approximately $3 million worth of cryptocurrencies. In a separate attack targetting a signature verification vulnerability in a platform’s token bridge, cybercriminals made off wit...