Security News > 2022 > September > FBI: Look out, crooks stole $1.3b in cryptocurrency in just three months this year

The FBI has urged people to be cautious and heavily research a DeFi - decentralized finance - provider before putting your money into it, after more than a billion dollars was stolen from these providers in three months.

The FBI wants folks to realize the risks, get professional financial advice if in doubt, and do their homework on the security and general practices of DeFi providers.

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

The agency has already outlined methods used by cybercriminals to defraud DeFi platforms, such as combining smart contracts with flash loans to steal millions in seconds.

"The explosive growth and high returns of the DeFi ecosystem have lured many early adopters to embrace blockchain technologies, such as smart contracts," Oglesby told The Register.

DeFi platform operators need to institute real-time analytics, monitoring and testing of code, and develop incident response plans that includes alerting investors, the FBI said.

News URL

https://go.theregister.com/feed/www.theregister.com/2022/09/01/fbi_cybercrime_defi_cryptocurrency/