{"id":205137,"date":"2021-11-19T10:32:00","date_gmt":"2021-11-19T10:32:00","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=205137"},"modified":"2021-11-25T14:21:03","modified_gmt":"2021-11-25T14:21:03","slug":"crypto-defi-crime-hit-10-5-billion-in-2021-research-shows","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/crypto-defi-crime-hit-10-5-billion-in-2021-research-shows\/","title":{"rendered":"Crypto DeFi crime hit $10.5 billion in 2021, research shows"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Fraudulent activities have been running rampant on Decentralized Finance (DeFi) platforms, according to new research conducted by crypto analysis firm <\/span><a href=\"https:\/\/www.elliptic.co\/resources\/defi-risk-regulation-and-the-rise-of-decrime\"><span style=\"font-weight: 400;\">Elliptic<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The losses have amounted to up to $10.5 billion, illustrating the real risks associated with DeFi\u2014an industry that is still <\/span><a href=\"https:\/\/nationalinterest.org\/blog\/reboot\/innovative-and-unregulated-defi-hottest-trend-cryptocurrencies-167756\"><span style=\"font-weight: 400;\">considered<\/span><\/a><span style=\"font-weight: 400;\"> an unregulated part of cryptocurrencies.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">DeFi platforms make crypto transfer easier for many by allowing the users to lend, borrow and save crypto using smart contracts. The technology has excluded traditional banks as intermediaries and made crypto transfers direct and simple, a step regarded by many as transformative for the broader financial sector.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, DeFi platforms have frequent hacks and frauds, which according to blockchain data analytics firm Elliptic, amount to $10.5 billion in 2021.\u00a0<\/span><\/p>\n<h2><b>DeFi and associated risks factors\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">According to Elliptic, <\/span><a href=\"https:\/\/cryptoslate.com\/cryptos\/defi\/\"><span style=\"font-weight: 400;\">DeFi<\/span><\/a><span style=\"font-weight: 400;\"> has grown increasingly popular with the masses and has attracted a lot of investors ready to invest their stake. The sudden outpouring of funds in the sector has given birth to soaring crime associated with money laundering, where a large part of funds has been employed in <\/span><a href=\"https:\/\/www.forbes.com\/sites\/stevenehrlich\/2021\/08\/27\/sec-signs-deal-to-investigate-defi-transactions\/\"><span style=\"font-weight: 400;\">sponsoring illicit activities<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cA tempting honeypot for hackers and a deep pool of liquidity that can be taken advantage of by money launderers,\u201d the reports noted.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It also highlighted how the hackers have exploited the platform by utilizing dApps or decentralized applications to engage in <\/span><a href=\"https:\/\/arxiv.org\/pdf\/2101.05589\"><span style=\"font-weight: 400;\">illicit<\/span><\/a><span style=\"font-weight: 400;\"> financial activities or &#8220;DeCrime &#8221; as per Elliptic.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;The DeFi ecosystem is an incredibly exciting and fast-moving space, with financial services innovation happening at light speed, this is attracting large amounts of capital to projects that are not always robust or well-tested. Criminal actors have seen the opportunity to exploit this,\u201d said Tom Robinson, chief scientist at Elliptic.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The continuous exploitation via thefts and scams has caused DeFi platforms to shed approximately $10.5 billion (as of November 9, 2021), reporting a striking increase of 600% from last year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The majority of the losses have been borne by dApps, which have lost roughly $8.6 billion, followed by <\/span><a href=\"https:\/\/cryptoslate.com\/defi-hacks-on-binance-smart-chain-continue-as-impossible-finance-drained-for-500k\/\"><span style=\"font-weight: 400;\">Binance Smart Chain<\/span><\/a><span style=\"font-weight: 400;\"> with losses amounting to $2.5 billion.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fraudulent activities have been running rampant on Decentralized Finance (DeFi) platforms, according to new research conducted by crypto analysis firm Elliptic.\u00a0 The losses have amounted to up to $10.5 billion, illustrating the real risks associated with DeFi\u2014an industry that is still considered an unregulated part of cryptocurrencies.\u00a0 DeFi platforms make crypto transfer easier for many [&hellip;]<\/p>\n","protected":false},"author":824,"featured_media":205210,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76799,46940],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto DeFi crime hit $10.5 billion in 2021, research shows<\/title>\n<meta name=\"description\" content=\"Fraudulent activities have been running rampant on Decentralized Finance (DeFi) platforms, a report by onchain analysis firm Elliptic said.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/crypto-defi-crime-hit-10-5-billion-in-2021-research-shows\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto DeFi crime hit $10.5 billion in 2021, research shows\" \/>\n<meta property=\"og:description\" content=\"Fraudulent activities have been running rampant on Decentralized Finance (DeFi) platforms, a report by onchain analysis firm Elliptic said.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/crypto-defi-crime-hit-10-5-billion-in-2021-research-shows\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-19T10:32:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-11-25T14:21:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/11\/crypto-defi-crime.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Juhi Mirza\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Juhi Mirza\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/crypto-defi-crime-hit-10-5-billion-in-2021-research-shows\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/crypto-defi-crime-hit-10-5-billion-in-2021-research-shows\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/juhi-mirza\/#person\",\"name\":\"Juhi Mirza\",\"url\":\"https:\/\/cryptoslate.com\/author\/juhi-mirza\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/juhi-mirza\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/juhi-mirza\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/10\/juhi-mirza-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/10\/juhi-mirza-author-300x300.jpg\",\"caption\":\"Juhi Mirza\"},\"description\":\"Juhi Mirza is an archaeology major who is obsessive about blockchain\/Crypto technology and deems it to be the foundational philosophy of the future. 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