skip to content
Decrypt LOL

Get Cyber-Smart in Just 5 Minutes a Week

Decrypt delivers quick and insightful updates on cybersecurity. No spam, no data sharing—just the info you need to stay secure.

Read the latest edition

DeFi Sector Reports $30 Billion in Crime Losses

/ 1 min read

💸 DeFi sector faces significant crime challenges, with $30B in losses reported. A comprehensive study analyzed 1,141 crime events from 2017 to 2022, revealing that decentralized finance (DeFi) has been a major target for profit-driven crimes, accounting for one-third of the total losses in the cryptoasset industry. The research developed a taxonomy of these crimes and mapped them onto the DeFi stack, highlighting that 52% of incidents directly targeted DeFi actors, primarily due to technical vulnerabilities, resulting in 83% of financial damages. Conversely, 41% of events involved DeFi actors as perpetrators, mainly through contract misuse, but these accounted for only 17% of losses. The findings underscore the precarious position of DeFi participants within the ecosystem.

Source
{entry.data.source.title}
Original