FBI Urges DeFi Platforms to up their Security Measures due to Hacking Vulnerability 

August 31, 2022

Reading Time: 2 minutes

The US Federal Bureau of Investigation has called on investors to tread carefully while using DeFi platforms due to the platform’s vulnerability to hacking.

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FBI Issued Warning to Investors, Asked DeFi Platforms to be Security Cautious

Hackers in recent times have been leveraging the vulnerability of DeFi platforms to hacking and between January and March this year, more than $1.3 billion has been stolen in the crypto space and more than 90% of the funds were exploited from the DeFi platform.

According to the FBI release, thieves generally steal from DeFi platforms through the initiation of flash loan vulnerability, exploiting signature verification, or manipulating trading pairs.

In response to this, the FBI has issued warnings to investors to be more cautious while using DeFi platforms, the FBI implored investors to confirm whether the platform has been around for some time or has conducted audits.

Also, DeFi platforms are urged to start instituting real-time analysis, monitoring and testing, said the FBI. The platforms should also have a plan for tackling exploits and alerting investors, the bureau added.

Recently, there have been several hacks that stirred up the crypto community. In March, Ronin Network was hacked, and more than $600 million was exploited from the platform, also Horizon bridge in June was hit with a cyberattack, which led to the loss of $100 million.

An investigation later revealed that the Lazarus group, North Korean government-backed hackers, were behind most of the hacks, many of the stolen funds were laundered through Tornado Cash, which is why it was banned by the US Treasury Department.

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