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FBI Asks DeFi Platforms to Increase Security Measures, Warns Crypto Investors Against Vulnerabilities
The warning comes after a slew of DeFi hacks this year, which has led to investors losing billions of dollars worth of crypto.
Updated May 11, 2023, 5:40 p.m. Published Aug 30, 2022, 6:17 a.m.
The Federal Bureau of Investigation (FBI) has asked decentralized finance (DeFi) platforms to beef up security measures and warned investors against the vulnerabilities in those platforms.
The FBI's warning comes as DeFi platforms, which do not use third parties to carry out financial transactions on the blockchain, have suffered several major attacks this year, which includes the massive near $650 million Ronin bridge exploit earlier this year.
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Between January and March 2022, cyber criminals stole $1.3 billion in cryptocurrencies, almost 97% of which was stolen from DeFi platforms, the FBI said citing a report from blockchain analysis firm Chainalysis.
The #FBI warns that cyber criminals are increasingly exploiting vulnerabilities in decentralized finance (DeFi) platforms to steal investors cryptocurrency. If you think you are the 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
Criminal generally exploit DeFi platforms by initiating a flash loan vulnerability, exploiting signature verification or by manipulating trading pairs, the FBI said. To this effect the agency asked investors to do their due diligence while using DeFi platforms and use platforms that have conducted audits or been around for sometime.
DeFi platforms should start instituting real-time analysis, monitoring and testing, the bureau said. The platforms should also have a plan for tackling exploits and alerting investors, the bureau added.
Earlier this year, the FBI had joined with LinkedIn (LNKD) to fight fraudsters using the professional networking platform to lure investors into cryptocurrency schemes.
Read more: How to Stay Safe in DeFi: Red Flags and Risks You Need to Know
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