FBI issues alert on DeFi security protocols vulnerability

FBI issues alert on DeFi security protocols vulnerability

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The most common ways of performing a hack on DeFi protocols are flash loans, digital signature fabrication, trading pairs fabrication

FBI put out a statement where they call for better security protocols for DeFi projects after billions of dollars being lost in a number of hacks this year alone.
One of the biggest hacks this year was the $650 million exploit on the Ronin bridge. The FBI's statement goes out to all the DeFi platforms such as Ronin who do not use any 3d parties for their transactions.
The first half of 2022 marks $1.3 billion stolen in crypto with 97 percent being stolen from DeFi protocols according to Chainalysis.

The most common ways of performing a hack on DeFi protocols are flash loans, digital signature fabrication, trading pairs fabrication, according to the FBI. As a consequence the FBI reminds all the investors to stay vigilant and use only trusted DeFi platforms, who've been around for a while and have proven to have firm security protocols.

 

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