Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result
Home General News

FBI Warns Investors To Exercise Caution Before Investing In DeFi Platforms.

Hania by Hania
August 30, 2022
in General News
Reading Time: 4 mins read
A A
0
Federal Bureau of Investigation.
Share on FacebookShare on Twitter
ADVERTISEMENT

In a recent discovery, the U.S. Federal Bureau of Investigation (FBI) has released a fresh warning to cryptocurrency investors over the growing activity of stealing cryptocurrency by taking advantage of loopholes in decentralised finance (DeFi) platforms.

The complexity of cross-chain functionality, the open-source nature of DeFi platforms, and investors’ growing interest in cryptocurrencies are all factors that cybercriminals frequently attack, according to the Federal Bureau of Investigation.

Cybercriminals stole $1.3 billion in cryptocurrencies between January and March 2022, according to Chainalysis. This theft was performed on DeFi platforms to the extent of about 97%.

Whenever In Doubt, Consult A Certified Financial Advisor

Investors lose a hefty sum of money as a result of these frauds, according to the Federal Bureau of Investigation. Because of this, the Federal Bureau of Investigation has urged investors who have suspicions about cybercriminals involving their DeFi investments to get in touch with it via the Internet Crime Complaint Center or their local FBI field office.

You May AlsoLike

BlockFi Moves Closer To Repaying Customers As Court Gives The Nod

BlockFi Moves Closer To Repaying Customers As Court Gives The Nod

September 27, 2023
Mixin Network Falls Victim to $200 Million Security Breach

Mixin Network Falls Victim to $200 Million Security Breach

September 25, 2023

The law enforcement agency also provided information on several ways cybercriminals trick DeFi platforms. These include, among other things, withdrawing all of the platform’s investment and taking advantage of a signature verification flaw in the token bridge of the DeFi platform.

The agency suggested that investors base their investment choices on their financial resources and ambitions in its set of recommendations. It also stated that it is always advisable to get guidance from a certified financial consultant in cases of uncertainty.

Advisory From FBI:

FBI Warns Investors To Exercise Caution Before Investing In DeFi Platforms.

The Federal Bureau of Investigation also advised the investors to take the following precautions:

  • Do a thorough study on DeFi platforms, smart contracts, and protocols before investing.
  • Be aware of the particular dangers connected with DeFi investing.
  • Verify that the DeFi investment platform has undergone at least one code audit performed by impartial auditors.
  • Pay close attention to DeFi investment pools with incredibly short join dates. Swift implementation of smart contracts, especially without the advised code audit.
  • Be cautious of the potential risk presented by crowdsourced solutions for detecting and patching vulnerabilities.

Also Read:

CeDeFi: ALL YOU NEED TO KNOW ABOUT CENTRALIZED DECENTRALIZED FINANCE

CRYPTOJACKING: WHAT IS IT, AND WHY ATTACKS ON IT ARE INCREASING GLOBALLY?

TOP 10 CRYPTO TAX-FREE COUNTRIES (2022)

Tags: cryptocrypto scamcybercriminalDeFihack
Share76Tweet47
ADVERTISEMENT
Previous Post

NFT Calendar: The Best Tool For Finding NFTs Beforehand

Next Post

Crypto.com accidentally transferred $10.5M to the customer instead of refunding $100.

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

BlockFi Moves Closer To Repaying Customers As Court Gives The Nod
Crypto Exchanges

BlockFi Moves Closer To Repaying Customers As Court Gives The Nod

September 27, 2023
Mixin Network Falls Victim to $200 Million Security Breach
General News

Mixin Network Falls Victim to $200 Million Security Breach

September 25, 2023
How To Generate Passive Income With Index Funds And ETFs
General News

How To Generate Passive Income With Index Funds And ETFs

September 19, 2023
Singapore Has Banned The Founders Of Three Arrows Capital From Trading For 9 years
General News

Singapore Has Banned The Founders Of Three Arrows Capital From Trading For 9 years

September 14, 2023
Check Out These 7 Major Crypto Token Unlocks This Week
General News

Check Out These 7 Major Crypto Token Unlocks This Week

September 11, 2023
BitGo And A South Korean Banking Giant Partner To Make Cryptocurrency More Accessible
General News

BitGo And A South Korean Banking Giant Partner To Make Cryptocurrency More Accessible

September 5, 2023
Next Post
Crypto.com accidentally transferred $10.5M to the customer instead of refunding $100.

Crypto.com accidentally transferred $10.5M to the customer instead of refunding $100.

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    201 shares
    Share 80 Tweet 50
  • Elon Musk’s Silence And Its Impact On DOGECOIN

    194 shares
    Share 78 Tweet 49
  • Grayscale vs. SEC Decision Boosts XRP

    194 shares
    Share 78 Tweet 49
  • 3 Cryptocurrencies To Avoid Trading In The Upcoming Week

    194 shares
    Share 78 Tweet 49
  • Bitcoin (BTC) vs. Worldcoin (WLD) Comparative Study

    192 shares
    Share 77 Tweet 48
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2023 CryptoMufasa - All Rights Reserved!

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2023 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.