DeFi Fraud and Theft Losses Skyrocket by 600% in 2021: Report

DeFi Fraud and Theft Losses Skyrocket by 600% in 2021: Report


Blockchain analytics firm Elliptic says the rapidly expanding decentralized finance (DeFi) sector of the crypto world has seen fraudsters make off with billions of dollars in illicit gains.

In a new report called “DeFi: Risk, Regulation, and the Rise of DeCrime,” the firm coins the new term “DeCrime” to highlight the type of theft that has increased by 600% since 2020. Total losses as of this month were over $12 billion.

An official press release says,

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“This rise in popularity of DeFi has attracted a significant increase in associated DeCrime. Losses have been suffered by DeFi users and investors, due to the malicious exploitation of flaws in decentralized applications (DApps) such as decentralized exchanges (DEXs), lending protocols and asset management offerings.

These losses include direct

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