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FBI warns cryptocurrency investors about cybercriminals targeting DeFi
The US Federal Bureau of Investigation has issued a new warning to investors in decentralized finance (DeFi) platforms, which suffered $ 1.6 billion in exploits in 2022. In a public notice dated August 29, the agency advised cryptocurrency investors to conduct thorough research on DeFi platforms before using them. The law enforcement agency warned that cybercriminals are trying to take advantage of «increased investor interest in cryptocurrencies» as well as «the complexity of cross-chain functionality and open source nature of DeFi platforms.» The FBI emphasized that cybercriminals are exploiting vulnerabilities in the smart contracts that control DeFi platforms to steal cryptocurrency from investors.
The #FBI warns that cyber criminals are increasingly exploiting vulnerabilities in decentralized finance (DeFi) platforms to steal cryptocurrency from investors. If you think you are a 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
As a specific example, the FBI mentioned cases where hackers used a «signature verification vulnerability» to steal $ 321 million from the Wormhole token bridge in February 2022. It also mentions an attack that was used to launch an exploit in the Solana protocol.
According to an analysis by blockchain security firm CertiK, more than $ 1.6 billion has been used from the DeFi space since the beginning of the year, which is more than the total amount stolen in 2020 and 2021 combined. Although the FBI acknowledged that «all cryptocurrency investments involve some risk,» the agency recommended that investors thoroughly research DeFi platforms before using them and, if in doubt, seek the advice of a licensed financial advisor. The FBI said that DeFi platforms can also contribute to improving security by regularly testing their code to identify vulnerabilities, as well as analyzing and monitoring suspicious activity in real time.