Ciphertrace, a blockchain analytics company, has announced that crypto-related crimes have moved to the realm of decentralized finance (defi) apps and protocols. Now, the impact these hacks and exploits represent is way bigger than the one classic hacks to centralized exchanges and other scams do, according to their latest “Cryptocurrency Crime and Anti-Money Laundering Report.”
Ciphertrace: Crime Moves to Defi
Ciphertrace, one of the biggest cryptocurrency crime and blockchain analytics companies, has found that most of the crypto-related crimes have now moved to decentralized finance (defi) protocols. The information, that comes from its latest “Cryptocurrency Crime and Anti-Money Laundering Report,” examines data from the first four months of the year and exposes an interesting picture of how crypto-related crimes have evolved compared to last year.
The company found that, on the whole, the cryptocurrency sector has become a lot more secure, with only $432 million being stolen as a result of illegal activities in the space. In fact, the projection is way lower than the $1.9 billion Ciphertrace found were taken during 2020. In contrast, these attacks are now pivoting to a sector that is easier to tackle: decentralized finance.
The scams and exploits in the defi sector pulled $156 million in the period studied by the report,…