Hackers ‘DeFi’ threat risk expectations with new attack vectors in crypto

Decentralized finance (DeFi) platforms have gained a lot of traction in recent years. Unfortunately, they have also gained a lot of attention from bad actors. Indeed, cryptocurrency transfers from illegal digital wallets to DeFi platforms skyrocketed nearly 2,000% between 2020 and 2021 alone, according to research from Chainalysis. Although malfeasance may be waning, the use of cryptocurrency and DeFi networks is booming. Last year, 2021, was found to be the last year in three years where cryptocurrency exchanges did not process more than half of their transactions for bad actors, according to Chainalysis. “I think this year is the year of DeFi coming into criminal activity — not only in the sense that DeFi protocols are being hacked,” said Chainalysis Director of Research Kim Grauer in a prepared release, “but also the way criminals are utilizing DeFi protocols to launder money.”

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