Technology

Over $1,260,000,000 Stolen From Ethereum-Dominated Crypto Sector in Q1 This Year: FBI

The U.S. Federal Bureau of Investigation (FBI) says that one popular niche of the cryptocurrency ecosystem has become a prime target for cybercriminals. In a new press release, the agency reports that users of decentralized finance (DeFi) suffered over a billion dollars in losses during the first quarter of this year due to malicious online actors. “Between January and March 2022, cybercriminals stole $1.3 billion in cryptocurrencies, almost 97% of which was stolen from DeFi platforms, according to the US blockchain analysis firm Chainalysis.” The announcement says that tech-savvy criminals are taking advantage of vulnerabilities within the structure of DeFi platforms to fleece unwitting crypto traders. The FBI reveals several methods which the cyber criminals employed: “Initiating a flash loan that triggered an exploit in the DeFi platform’s smart contracts, causing investors and the project’s developers to lose approximately $3 million in cryptocurrency as a result of the theft. Exploiting a signature verification vulnerability in the DeFi platform’s token bridge and withdraw[ing] all of the platform’s investments, resulting in approximately $320 million in losses.

Read more : Over $1,260,000,000 Stolen From Ethereum-Dominated Crypto Sector in Q1 This Year: FBI.

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