• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Friday, June 9, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

FBI issues security warnings for DeFi platforms

August 30, 2022
in Crypto News
Reading Time: 2 mins read
A A
FBI issues security warnings for DeFi platforms
ShareShareShareShareShare

Related articles

Ankr launches Enterprise RPC and AppChain Solutions on Azure Marketplace

Ankr launches Enterprise RPC and AppChain Solutions on Azure Marketplace

June 9, 2023
Ripple Case Critical Amid SEC Crackdown on Coinbase & Binance, Say Attorneys

Ripple Case Critical Amid SEC Crackdown on Coinbase & Binance, Say Attorneys

June 9, 2023

  • The FBI said that 97 percent of the total $1.3 billion stolen in digital assets was taken from DeFi platforms.
  • The FBI also explains how the hackers exploit the vulnerabilities in smart contracts on open-source DeFi platforms.

On Monday, August 29, the Federal Bureau of Investigation (FBI) issued a warning while citing major attacks against decentralized finance (DeFi) platforms. As per the FBI, cybercriminals have been exploiting the vulnerabilities in the smart contracts on the Defi platforms.

Over the last year, decentralized finance (DeFi) platforms have been subject to major attacks. Crypto hackers have been majorly targeting the cross-chain bridges on DeFi stealing hundreds of millions of dollars. During Q1 of 2022, cyber criminals stole a staggering $1.3 billion in digital assets.

Citing a report from blockchain analysis firm Chainalysis, the FBI noted that 97 percent of the total money stolen belongs to DeFi platforms. This represents a 72 percent increase from DeFi thefts in 2021 and a 30 percent increase from 2020. In its official announcement, the FBI noted:

The FBI is warning investors cyber criminals are increasingly exploiting vulnerabilities in decentralized finance (DeFi) platforms to steal cryptocurrency, causing investors to lose money. The FBI has observed cyber criminals exploiting vulnerabilities in the smart contracts governing DeFi platforms to steal investors’ cryptocurrency.

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.

FBI explains how cybercriminals launch attacks

As per the FBI, cybercriminals have been taking advantage of investors’ increased interest in cryptocurrencies. They have been exploiting the open-source DeFi platforms while exploiting the complexity of cross-chain functionality.

As per the FBI, cybercriminals initiated a flash loan triggering an exploit in the smart contracts running on DeFi platforms. As a result of this theft, investors and crypto criminals lost more than $3 million in total.

Furthermore, cybercriminals exploited a signature verification vulnerability in the DeFi platform’s token bridge. As a result,  they managed to withdraw the platform’s investment resulting in losses of more than $350 million. Finally, the FBI explains:

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.

Earlier this month, we covered a story about how a developer managed to fake an entire DeFi ecosystem duping investors worth millions of dollars. Amid all the hacks and thefts this year, trading volumes in decentralized finance (DeFi) have dropped significantly this year.

The FBI has advised DeFi platforms to take necessary precautions through “real-time analytics, monitoring, and rigorous testing of code”. This will help them quickly identify vulnerabilities and respond to indicators of suspicious activities.

Related: FBI launches new unit to ‘aggressively track crypto criminals’


Credit: Source link

ShareTweetSendPinShare
Previous Post

SEC Chair Pushing Aside Fellow Regulators Over Crypto Regulations?

Next Post

barrelDAO Brings Solana-Based Collectibles to the Beer Can

Related Posts

Ankr launches Enterprise RPC and AppChain Solutions on Azure Marketplace

Ankr launches Enterprise RPC and AppChain Solutions on Azure Marketplace

June 9, 2023

Ankr has announced the release of its Enterprise RPC Service and AppChain Solutions on Microsoft’s Azure Marketplace. The announcement expands...

Ripple Case Critical Amid SEC Crackdown on Coinbase & Binance, Say Attorneys

Ripple Case Critical Amid SEC Crackdown on Coinbase & Binance, Say Attorneys

June 9, 2023

The post Ripple Case Critical Amid SEC Crackdown on Coinbase & Binance, Say Attorneys appeared first on Coinpedia Fintech News...

CBA Restricts Payments to ‘Certain’ Crypto Exchanges

CBA Restricts Payments to ‘Certain’ Crypto Exchanges

June 9, 2023

Australia’s Commonwealth Bank introduced new processes to help protect customers from scams associated with making payments to certain crypto exchanges....

Vechain’s Blockchain and Groundbreaking Nano-Materials Transform Technology Landscape

Vechain’s Blockchain and Groundbreaking Nano-Materials Transform Technology Landscape

June 9, 2023

Source: Den Rise Shutterstock VeChain has confirmed that it is working with market leaders in the nano-materials industry to bring...

The World’s First AI Cat-Led Ethereum Token and NFT…

The World’s First AI Cat-Led Ethereum Token and NFT…

June 8, 2023

$CatGPT is launching its own NFT collection on its website, CatGPT.Nexus, where you can try him yourself and interact with...

Load More
Next Post
barrelDAO Brings Solana-Based Collectibles to the Beer Can

barrelDAO Brings Solana-Based Collectibles to the Beer Can

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Will SHIB Delete a ‘Zero’ in May 2023?

Will SHIB Delete a ‘Zero’ in May 2023?

May 10, 2023
Silvergate to submit shutdown plan in coming days after Federal Reserve order

Silvergate to submit shutdown plan in coming days after Federal Reserve order

June 1, 2023
‘Barbie x Boss Beauties’ NFTs Break Gender Barriers

‘Barbie x Boss Beauties’ NFTs Break Gender Barriers

May 14, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • Indian Central Bank Aims To Reach 1 Million CBDC
  • Ankr launches Enterprise RPC and AppChain Solutions on Azure Marketplace
  • How Much Percent Must SHIB Rise To Reach $1?

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$26,660.000.13%
  • ethereumEthereum(ETH)$1,848.73-0.52%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.00-0.13%
  • binancecoinBNB(BNB)$262.20-1.38%
  • usd-coinUSD Coin(USDC)$1.00-0.35%
  • rippleXRP(XRP)$0.542.03%
  • staked-etherLido Staked Ether(STETH)$1,847.60-0.46%
  • cardanoCardano(ADA)$0.318820-3.40%
  • dogecoinDogecoin(DOGE)$0.0697711.90%
  • solanaSolana(SOL)$18.980.23%
  • matic-networkPolygon(MATIC)$0.77-1.12%
  • tronTRON(TRX)$0.0782500.23%
  • litecoinLitecoin(LTC)$89.690.94%
  • polkadotPolkadot(DOT)$5.050.25%
  • avalanche-2Avalanche(AVAX)$14.161.04%
  • binance-usdBinance USD(BUSD)$1.00-0.42%
  • shiba-inuShiba Inu(SHIB)$0.000008-0.18%
  • daiDai(DAI)$1.000.01%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,633.000.21%
  • uniswapUniswap(UNI)$4.66-0.16%
  • leo-tokenLEO Token(LEO)$3.51-0.93%
  • chainlinkChainlink(LINK)$6.040.38%
  • cosmosCosmos Hub(ATOM)$9.40-1.84%
  • okbOKB(OKB)$45.161.03%
  • moneroMonero(XMR)$142.84-1.85%
  • ToncoinToncoin(TON)$1.701.81%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • ethereum-classicEthereum Classic(ETC)$17.100.18%
  • stellarStellar(XLM)$0.087550-0.49%
  • bitcoin-cashBitcoin Cash(BCH)$111.38-0.93%
  • true-usdTrueUSD(TUSD)$1.000.00%
  • lido-daoLido DAO(LDO)$2.21-1.48%
  • internet-computerInternet Computer(ICP)$4.332.54%
  • filecoinFilecoin(FIL)$4.11-1.22%
  • quant-networkQuant(QNT)$109.27-2.21%
  • AptosAptos(APT)$7.72-1.04%
  • hedera-hashgraphHedera(HBAR)$0.0489320.61%
  • crypto-com-chainCronos(CRO)$0.058513-2.04%
  • ArbitrumArbitrum(ARB)$1.14-0.54%
  • GGTKNGGTKN(GGTKN)$0.1121310.76%
  • nearNEAR Protocol(NEAR)$1.42-0.18%
  • vechainVeChain(VET)$0.017507-2.23%
  • apecoinApeCoin(APE)$2.90-0.71%
  • the-graphThe Graph(GRT)$0.113476-1.26%
  • paxos-standardPax Dollar(USDP)$1.000.05%
  • BSCEXBSCEX(BSCX)$263.04418.01%
  • fraxFrax(FRAX)$1.00-0.29%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • eosEOS(EOS)$0.900.46%