• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Saturday, January 28, 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
ShareShareShareShareShare

Related articles

Meta Masters Guild Raises Over $1.5 Million During Presale with Just Days Left Before 23% Price Rise

January 28, 2023

Biden Administration announces roadmap for reducing crypto risks

January 28, 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

Meta Masters Guild Raises Over $1.5 Million During Presale with Just Days Left Before 23% Price Rise

January 28, 2023

Meta Masters Guild’s decentralized gaming ecosystem has raised more than $1.5 million in its ongoing presale. Aiming to be the...

Biden Administration announces roadmap for reducing crypto risks

January 28, 2023

Following a year in which the crypto sector experienced some of the worst upheavals in its short history, the White...

IOTA enters next phase of European Commission’s Blockchain Pre-Commercial Procurement

January 28, 2023

The IOTA Foundation successfully completed the testing of Phase 2A of the EU blockchain Pre-Commercial Procurement. In Phase 2B, IOTA...

Break Or Make Movement For Crypto Market

January 28, 2023

Despite the recent negative impact by the macroeconomic environment and bankruptcies, the cryptocurrencies have managed to rise since the start...

Azuki’s Official Twitter Account Hacked, Over $750,000 Drained

January 28, 2023

NFT collection Azuki’s official Twitter account was compromised on Friday afternoon, according to an update released by the Azuki team. ...

Load More
Next Post

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

Bitcoin Cash (BCH) Surges 20%, Here Is Why?

January 13, 2023

Fantom FTM Crypto Price Prediction 2023 – Best DApp Platform Returns?

January 27, 2023

US prosecutors subpoenaed hedge funds for records of Binance dealings

January 8, 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!

  • L’Dezen Shines With NFT Fashion Accessories
  • Meta Masters Guild Raises Over $1.5 Million During Presale with Just Days Left Before 23% Price Rise
  • How crypto turned Portugal into a promised land for entrepreneurs

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)$23,040.00-0.38%
  • ethereumEthereum(ETH)$1,579.80-0.62%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.00-0.04%
  • usd-coinUSD Coin(USDC)$1.000.03%
  • binancecoinBNB(BNB)$307.180.31%
  • rippleXRP(XRP)$0.4114400.40%
  • binance-usdBinance USD(BUSD)$1.00-0.04%
  • cardanoCardano(ADA)$0.3864031.17%
  • dogecoinDogecoin(DOGE)$0.0887442.59%
  • matic-networkPolygon(MATIC)$1.15-0.80%
  • okbOKB(OKB)$39.298.79%
  • solanaSolana(SOL)$24.150.10%
  • staked-etherLido Staked Ether(STETH)$1,577.82-0.57%
  • polkadotPolkadot(DOT)$6.45-0.15%
  • shiba-inuShiba Inu(SHIB)$0.0000122.11%
  • avalanche-2Avalanche(AVAX)$20.8914.33%
  • litecoinLitecoin(LTC)$88.150.11%
  • tronTRON(TRX)$0.062584-0.53%
  • daiDai(DAI)$1.00-0.08%
  • uniswapUniswap(UNI)$6.66-1.16%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$23,025.00-0.10%
  • cosmosCosmos Hub(ATOM)$13.341.10%
  • ToncoinToncoin(TON)$2.532.19%
  • chainlinkChainlink(LINK)$7.25-0.45%
  • leo-tokenLEO Token(LEO)$3.80-1.21%
  • moneroMonero(XMR)$182.593.51%
  • ethereum-classicEthereum Classic(ETC)$21.810.07%
  • AptosAptos(APT)$18.212.09%
  • bitcoin-cashBitcoin Cash(BCH)$132.93-1.81%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • stellarStellar(XLM)$0.0928240.60%
  • apecoinApeCoin(APE)$6.11-1.30%
  • quant-networkQuant(QNT)$148.80-2.31%
  • nearNEAR Protocol(NEAR)$2.48-0.96%
  • crypto-com-chainCronos(CRO)$0.0811370.19%
  • filecoinFilecoin(FIL)$5.28-1.22%
  • lido-daoLido DAO(LDO)$2.27-4.08%
  • algorandAlgorand(ALGO)$0.2560131.24%
  • vechainVeChain(VET)$0.024012-2.09%
  • hedera-hashgraphHedera(HBAR)$0.067842-2.24%
  • internet-computerInternet Computer(ICP)$5.95-1.30%
  • axie-infinityAxie Infinity(AXS)$11.43-0.10%
  • decentralandDecentraland(MANA)$0.713.90%
  • aaveAave(AAVE)$85.14-3.36%
  • eosEOS(EOS)$1.09-2.58%
  • the-sandboxThe Sandbox(SAND)$0.74-0.52%
  • fantomFantom(FTM)$0.449252-5.61%
  • flowFlow(FLOW)$1.06-2.18%
  • elrond-erd-2MultiversX(EGLD)$44.490.48%