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FBI warns crypto traders and Defi platforms. What should you do?



  • FBI issues warning to traders as hackers continue to hit DeFi platforms
  • The body wants users to be security conscious
  • Hackers have stolen more than $1.6 billion this year

The Federal Bureau of Investigation (FBI) has issued a stern alert to investors and traders across several platforms of the decentralized finance sector. According to its statement, there have been concerns about fresh attacks by hackers targeting these platforms. In its statement, the hackers have continued to hit more platforms recently despite most of them beefing up securities. These latest attacks are coming off the back of more than $1.5 billion that has already been stolen by malicious actors this year alone.

FBI wants traders to be security conscious

According to the statement from the Internet Crime center of the FBI, these exploits have caused investors to part away with their funds over the years. The body also implored these platforms to better security and tested their codes to help investors evade these issues. Similarly, it warned investors to conduct in-depth research about these platforms before carrying out activities.

The FBI said that these malicious actors are always on the prowl and are using an increased urge to know more about digital assets by traders to swindle them off their funds. One of the few things that have been able to help them is the technicality of using cross-chain functionality while banking on the open-source nature of the platforms they hit.

Hackers have stolen more than $1 billion in 2022

In their analysis, the FBI noted that they have observed that most of the crimes carried out by hackers involve hitting smart contracts on different platforms in the sector. With this, they have a field day stealing digital assets belonging to users, and if they are lucky, they will find a way to take it out. The body’s typical example was the over $300 million exploit that Wormhole token bridge succumbed to months ago.

Another one that occurred much later was the flash loan attack on Solana. However, these figures are just a tiny bit of a much bigger figure as the hackers have been able to steal more than $1 billion off unsuspecting platforms. This figure is higher than the one recorded over the last two years combined.

Although the FBI agrees that users are open to some risk, the body has warned that users should conduct in-depth research and not rely on what people tell them. The body also noted that the users should ensure that these platforms have the best team of developers and frequently have an external auditor check their codes for bugs from time to time. The FBI also charged the platforms to be more vigilant about the vulnerabilities in their platforms, among other things.

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