Security News > 2022 > August > FBI: Hackers increasingly exploit DeFi bugs to steal cryptocurrency

The U.S. Federal Bureau of Investigation is warning investors that cybercriminals are increasingly exploiting security vulnerabilities in Decentralized Finance platforms to steal cryptocurrency.

"The FBI has observed cyber criminals exploiting vulnerabilities in the smart contracts governing DeFi platforms to steal investors' cryptocurrency," the federal law enforcement agency said.

"The FBI encourages investors who suspect cyber criminals have stolen their DeFi investments to contact the FBI via the Internet Crime Complaint Center or their local FBI field office."

Attackers have used various methods to hack and steal cryptocurrency from DeFi platforms, including initiating flash loans that trigger exploits in the platforms' smart contracts and exploiting signature verification flaws in their token bridge to withdraw all investments.

Research DeFi platforms, protocols, and smart contracts before investing and be aware of the specific risks involved in DeFi investments.

"Cyber criminals seek to take advantage of investors' increased interest in cryptocurrencies, as well as the complexity of cross-chain functionality and open source nature of DeFi platforms," further warned the FBI today.

News URL

https://www.bleepingcomputer.com/news/security/fbi-hackers-increasingly-exploit-defi-bugs-to-steal-cryptocurrency/