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