The Federal Bureau of Investigation (FBI) has issued a new alert focusing on attacks against DeFi platforms.
As the crypto industry expands, so does the number of malicious people. This inevitably requires increased security systems and increased attention. The FBI has also issued a warning against attacks to ensure security.
FBI Warns Users of DeFi Attacks
The Federal Bureau of Investigation (FBI) stated that cybercriminals are exploiting vulnerabilities in smart contracts in DeFi.
Between January and March 2022, cybercriminals stole $1.3 billion in cryptocurrencies, of which almost 97 percent were from DeFi platforms.
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
The Federal Bureau of Investigation listed three tactics cybercriminals use to launch an attack:
- Launching a flash loan, as in the November 2021 attack on Ethereum DeFi Project bZx, where thieves earned $55 million in digital assets.
- The DeFi platform exploits a vulnerability in the token bridge, as seen in the Nomad bridge example earlier this month.
- Manipulating cryptocurrency prices by exploiting a number of vulnerabilities, as in the April 2022 Deus Finance exploit, in which thieves earned $13.4 million.
The FBI also noted that users should carefully review DeFi platforms, protocols, and smart contracts before investing. He said that investors should be aware of certain risks.
