This was due to the the decentralized finance (DeFi) platform. 😲 engineering
forcing Instagram users to film"hostage-style videos" as part of a bitcoin scam that saw the nefarious actors gain access to their accounts.ammers stole a whopping $14 billion in cryptocurrency in 2021 partially because of the growth of the decentralized finance platform.
“DeFi is one of the most exciting areas of the wider cryptocurrency ecosystem, presenting huge opportunities to entrepreneurs and cryptocurrency users alike,” Chainalysis stated in its report. “But DeFi is unlikely to realize its full potential if the same decentralization that makes it so dynamic also allows for widespread scamming and theft.”DeFi is a platform that effectively removes the middlemen from traditional financial transactions by replacing them with a programmable piece of code called a smart contract. However, a large amount of the new protocols being launched through DeFi have code vulnerabilities that can be exploited by nefarious actors.
In fact, 21% of all hacks in 2021 were a result of these codes being exploited. “Given the hype around DeFi, people may have been more OK with using less secure platforms due to a fear of missing out on potential gains,” Kim Grauer, Chainalysis’ head of research,This resulted in a 516% rise of cryptocurrency theft from 2020 reaching $3.2 billion in 2021, with 72% of that amount taken from DeFi protocols.
“Crime is becoming a smaller and smaller part of the cryptocurrency ecosystem,” concluded the report.Just enter your email and we’ll take care of the rest:
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