cryptocurrency

FBI Alerts Investors About Recent DeFi Scams

  • According to recent reports, the attackers stole nearly $2.45 billion in DeFi.
  • Cybercriminals stole $1.3 billion in cryptocurrency between January and March 2022.

After warning of a DeFi attack from the US Federal Bureau of Investigation (FBI), the latest data revealed that since the inception of decentralized finance (DeFi), nearly $2.45 billion has been stolen. The Federal Bureau of Investigation (FBI) recently issued a warning to investors that cybercriminals are increasingly getting into DeFi platforms to steal cryptocurrency. This will result in a financial loss for investors, according to the FBI.

Increased DeFi Fraud Activities

The FBI noted that cybercriminals stole $1.3 billion in cryptocurrency between January and March 2022, almost all of which came via DeFi networks. There is also an increase from 72% in 2021 to 30% in 2020. In addition, they note that criminals are taking advantage of quick loans, signature verification, crypto price gouging, and slippage checks.

The FBI stated:

The initiation of a rapid loan led to a DeFi smart contract exploit, causing investors and project developers to lose nearly $3 million in cryptocurrency as a result of the theft. Exploiting a signature verification vulnerability in the DeFi token bridge and withdrawing all of the platform’s investment, resulting in an estimated loss of $320 million.

In addition, the FBI proposes some recommendations for DeFi investors and suggests being aware of the risks surrounding DeFi investments. Apart from this, the agency also recommends DeFi platforms create and implement an incident response strategy that includes notifying investors of any smart contract exploits, vulnerabilities, or other unusual activity.

Furthermore, the FBI is urging investors who fear that their DeFi assets may have been stolen by cybercriminals, to contact them through the Internet Crime Complaint Center (IC3) or their FBI field office.

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