Ever since the rise of cryptocurrencies, cybercriminals have been looking for every possible way to put them through all sorts of tricks.
The popularity of bitcoin and cryptocurrencies in general has aroused interest in them to cybercriminals and this is demonstrated by the amount of money stolen through fraudulent practices. According to the Crystal blockchain firm, between 2011 and now 2022, scams and attacks on the digital asset industry $14 billion in losses and DeFi is a favorite area of hackers.
DeFi: a favorite of cybercriminals
It has been reported that in the past 11 years, despite the continuous development of blockchain, decentralized finance[डीएफआई]167 attacks, 123 security attacks and 74 fraud schemes have been recorded on the protocol.
The crypto fraud has generated losses of over USD 7,000 million so far this year, taking the total to 2021. Source: CrystalBlockchain.
According to the report “beyond illegal attacks, there are a variety of fraud schemes that have been used by bad actors to extract value from unsuspecting victims, for example, exit scams and Ponzi schemes.”
The report noted that an upward trend was observed in attacks on everything related to DeFi projects. “As far as crypto crime trends are concerned, the first half of 2022 was dominated by DeFi hacks, indicating an incredible amount of stolen money,” Krystal said.
So far in 2022, 154 cases related to fraudulent activities have been identified…
