اخبار دیفای

In 2021, more than $ 10 billion was stolen from Difai users; Which programs are more dangerous?


By 2021, more than $ 10 billion has been stolen or defrauded from DeFi users. The data show that a significant portion of this amount was related to lending protocols.

to the Report The users of decentralized finance platforms have lost $ 12 billion in the past two years due to hacking and fraud, according to Elliptic, a risk management company.

Hacking, robbery and fraud through Defy’s fraudulent projects cost users $ 1.5 billion last year. According to a new report released by the Elliptical Risk Management Company, this figure has risen to $ 10.5 billion this year with the rise in the price of digital currencies.

Decentralized finance, or DFA, is a Blockchain-based program that allows individuals to engage in activities such as borrowing, raising capital, and trading using smart contracts tied to protocols without the need for banks and other traditional financial intermediaries. Do finances in a decentralized manner.

There is more than $ 250 billion in digital assets in decentralized finance programs, according to data compiled by DeFi Llama. As of June 2020, that figure was less than $ 1 billion. The increasing use of defy protocols, the rise in the prices of currencies active in this field and their governance tokens have created a powerful cycle for investors in this space.

Also read: The most comprehensive defense training; From garlic to onions, decentralized platforms

This increase in popularity means that despite the efforts of projects to keep up with this growing sector, there will be more money to steal from Difai. It should be noted that the increase in Difai’s popularity does not mean the expansion of networks from Ethereum to Solana and Binance Smart Chain.

Elliptic summarizes the problems facing Defy projects:

Many of them are startups with poor cybersecurity, and the irreversible nature of digital currency transactions makes the recovery of these funds very challenging. This has made these companies tempting targets for attackers, from hackers to governments.

Elliptic also added that sometimes this poor cybersecurity is not so unwanted, but the manufacturers themselves have specifically designed to steal their users’ property.

According to Elliptical, $ 2 billion has been stolen directly from Defy programs in the last two years. The company has also added $ 10 billion in additional losses to the final figure as a result of the scams, which have reduced the price of tokens active in the field. Getting the exact number of stolen items is not easy, but the damage done to these protocols can reduce users’ trust in decentralized applications.

The bulk of the $ 8.6 billion in losses to Defy’s programs over the past two years have been from the Ethereum network, which manages decentralized finance. Lending protocols such as MakerDAO, decentralized exchanges such as Uniswap, and derivative trading programs such as Synthetix are all decentralized programs operating on the Ethereum network that have so far lost money in hacking attacks. China’s Binance Smart Protocols have lost $ 2.5 billion in hacking and fraud since 2020.

According to the criteria provided by Elliptic, users should be more concerned about lending protocols; Programs that allow users to borrow digital currency from a lending pool of currency pairs.

Also read: Are you going to borrow from Defai? 3 threats you need to know

These protocols, which are responsible for more than one-third of the damage to defenses, are just as vulnerable to economic abuses as they are to technical abuses. For example, in Flash Loans, users sometimes receive large sums of money, manipulate the price and then repay the borrowed money in order to create arbitrage opportunities.

As decentralized financial space grows, these attacks are limited to unreliable protocols and risky platforms. Elliptic has asked users to always be vigilant about their activities. The company believes that Difai has now become a “tempting honey pot for hackers.”

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