DeFi Platforms Exploits: Federal Bureau of Investigation Issues Warning

Investors in decentralized finance (DeFi) platforms have received new warnings from the US Federal Bureau of Investigation (FBI), who say that $1.6 billion in vulnerabilities gets planned for these systems in 2022. The #FBI warns that cyber criminals are increasingly exploiting vulnerabilities in decentralized finance (DeFi) platforms to steal investors cryptocurrency. If you think you are the victim of this, contact your local FBI field office or IC3. Learn more: https://t.co/fboL1N17JN pic.twitter.com/VKdbpbmEU1 — FBI (@FBI) August 29, 2022 Crypto Steal From DeFi System The domestic intelligence and security service organization of the United States reveals cybercriminals stole $1.3 billion crypto between January and March 2022. A staggering 97% of stolen crypto was from DeFi systems. The same also indicated a rise from 30% in 2020 to 72% in 2021. The agency reported that it had seen criminals take advantage of signature verifications, manipulate cryptocurrency price pairs, get around slippage checks, and use flash loans as a payment method. Regarding the latter, the FBI provided an example and made a note. FBI Recommends Due Diligence, Testing Even while the FBI acknowledged that “all investments carry some risk,” the agency has advised that investors thoroughly examine DeFi platforms before using them and, if in doubt, consult a qualified financial adviser. The agency stated that it was crucial that the platform’s protocol...