Security News > 2022 > April > Cryptocurrency DeFi platforms are now more targeted than ever
Hackers are increasingly targeting DeFi cryptocurrency platforms, with Q1 2022 data showing that more platforms are being targeted than ever before.
The new report comes from Chainalysis, which is seeing a massive rise in successful cyberattacks against cryptocurrency platforms, with attacks primarily focusing on DeFi platforms.
A whopping 97% of all cryptocurrency stolen this year are from DeFi platforms, leaving a mere 3% to exchanges.
DeFi platforms are completely decentralized and free of intermediaries, exchanges, and brokers, using a system of smart contracts on a blockchain to offer lending, trading, insuring, and interest-earning.
DeFi platforms need to rely on transparent, open-source development models to convince investors of their trustworthiness, which allows researchers to analyze the smart contracts and services for bugs.
In 2021, a significant 25% of all cryptocurrency stolen from DeFi platforms was returned to the victims after some time, serving as an atypical white-hat hacking exercise.