Skip to main content

FBI warns investors about the perils of investing in DeFi – Kitco NEWS

Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!

(Kitco News) – The U.S. Federal Bureau of Investigation (FBI) has issued a new alert highlighting the dangers of decentralized finance (DeFi), which the agency says has become a favorite target of cybercriminals. 

“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,” the agency said. 

According to the Public Service Announcement (PSA) released by the FBI on Tuesday, DeFi platforms were the primary source of stolen funds in the first quarter and continue to experience regular exploits. 

“Between January and March 2022, cyber criminals stole $1.3 billion in cryptocurrencies, almost 97 percent of which was stolen from DeFi platforms, according to the U.S. blockchain analysis firm Chainalysis,” the post from the FBI said. 

The agency noted that the percentage of funds stolen from DeFi platforms was 72% in 2021 and only 30% in 2020, which highlights the increased focus on the DeFi sector by hackers and scammers. 

The PSA revealed several of the methods which the FBI observed cyber criminals employ to fleece funds, with the largest single exploit resulting in a loss of $320 million. 

According to the agency, it involved “Exploiting a signature verification vulnerability in the DeFi platform’s token bridge,” which allowed the attackers to “withdraw all of the platform’s investments, resulting in approximately $320 million in losses.”

Another attack involved “Manipulating cryptocurrency price pairs by exploiting a series of vulnerabilities, including the DeFi platform’s use of a single price oracle, and then conducting leveraged trades that bypassed slippage checks and benefited from price calculation errors to steal approximately $35 million in cryptocurrencies.”

The FBI’s Internet Crime Complaint Center has advised investors that they need to “Research DeFi platforms, protocols, and smart contracts before investing and be aware of the specific risks involved in DeFi investments.”

As for DeFi platforms, the agency recommended that they “Institute real time analytics, monitoring, and rigorous testing of code in order to more quickly identify vulnerabilities and respond to indicators of suspicious activity.”

Overall, the agency highlighted the fact that “Investment involves risk” and stated that “Investors should make their own investment decisions based on their financial objectives and financial resources and, if in any doubt, should seek advice from a licensed financial adviser.”
 

Techyrack Website stock market day trading and youtube monetization and adsense Approval

Adsense Arbitrage website traffic Get Adsense Approval Google Adsense Earnings Traffic Arbitrage YouTube Monetization YouTube Monetization, Watchtime and Subscribers Ready Monetized Autoblog



from Investing – My Blog https://ift.tt/Jv4un0F
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

These money and investing tips can give you a smooth ride in a rough market – MarketWatch

Don’t miss these top money and investing features: Sign up here  to get MarketWatch’s best mutual funds and ETF stories emailed to you weekly! INVESTING NEWS & TRENDS How to approach rebalancing your portfolio for 2023 It’s not a good idea to rebalance your portfolio at preset intervals Read More Bonds aren’t more attractive than stocks even as yields register a 15-year high The S&P 500’s return is similar when the 10-year Treasury yield is high or low. Read More Here’s who’s been trading crypto, and how they’re doing A new study finds that most people who entered the cryptocurrency market have lost money — and that those people are young men. Read More BlackRock sees these thematic ETFs potentially outperforming in 2023 In this week’s ETF Wrap, MarketWatch spoke with BlackRock’s Jay Jacobs on investing themes he likes for 2023 as investors worry about a slowing economy and monetary tightening. Read More Three seasonal effects in the stock market begin around T...
Post a Comment
Read more

Four months until SACSCOC visits Auburn: Four things you might not know about SACSCOC – Office of Communications and Marketing

Notice body There’s less than four months remaining until Auburn University’s accrediting body, the Southern Association of Colleges and Schools Commission on Colleges, or SACSCOC, arrives for its on-site visit. As the Accreditation team prepares for the on-site phase of the reaffirmation process, we want to share four things you might not know about SACSCOC: 1. SACSCOC is self-governed by the accredited institutions SACSCOC’s Principles of Accreditation requires a model of shared governance of its member institutions and holds itself to the same standards. The Commission on Colleges is operated by the SACSCOC Board of Trustees. The 77 Board members are elected by the College Delegate Assembly, or CDA, which is comprised of one voting representative from each of the 780 SACSCOC-accredited institutions. Each representative is the president or other chief executive of their respective college or university. In other words, the election of SACSSCOC’s leadership is in the hands of its ...
Post a Comment
Read more

5 YouTube features to use to boost engagement – Sprout Social

When you want to explore a new hobby or learn something new, where do you go? The answer is probably “YouTube.” The second-most popular social platform has come a long way since the “Charlie bit my finger” days. And new YouTube features are making it even more beneficial to marketers and creators—YouTube Shorts topped 1.5 billion monthly users in just two years. With 51% of consumers anticipating YouTube will be one of the social media platforms they use most this year, it’s a digital space your audience most likely uses. But with 500+ hours of content uploaded to YouTube every minute, high popularity also means high competition. Whether you’re new to YouTube or conducting a YouTube audit , using some of these features can help you stay ahead, grow your audience and give your channels a boost. 5 free YouTube features you need to use more often To help your audience find your videos in YouTube and Google search alike, you need to use the right tools. From underused YouTube sear...
Post a Comment
Read more