Over $10 Billion Has Been Lost To DeFi Exploits In 2021

Over $10 Billion Has Been Lost To DeFi Exploits In 2021

Decentralized finance (DeFi) platforms have been the target of criminal attacks this year. Investors in the blockchain-based form of finance have lost billions of dollars to criminals that target the platforms.

The total amount of money deposited at DeFi services has spiked from just $500 million in 2019 to $247 billion this year.

Related Reading | Dog-Themed DeFi Project Mysteriously Loses Fundraised $60 Million

According to a report from London-based firm Elliptic, the overall losses caused by DeFi exploits have totaled $12 billion in the past year. Out of that amount, fraud and theft accounted for $10.5 billion, seven times the amount last year.

Trending: Alleged Epstein madam Ghislaine Maxwell on trial — here’s what to expect

DeFi, which has drawn in billions of dollars in investor funds, has also been a frequent target by hackers. They exploit poorly protected protocols,

Continue reading

You Might Like


Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Thanks for sharing!
Send this to a friend