Analyst firm Elliptic reports that crime-related losses in the DeFi market have increased sevenfold this year.
📌 Losses due to thefts and hacks on DeFi platforms amounted to more than $ 10.5 billion since the beginning of the year (as of November 9), which is 600% more than $ 1.5 billion in 2020. DApps suffered the most losses on Ethereum – losses amounted to $ 8.6 billion. The projects on Binance Smart Chain (BSC) were slightly less affected – $ 2.5 billion.
📌 Elliptic Chief Scientist Tom Robinson believes that criminals go where there is most money and weak defense.
“The DeFi ecosystem is an incredibly exciting and fast-paced space where financial services innovation is happening at the speed of light. This attracts large sums of capital to projects that are not always reliable or well tested. Criminals see the opportunity and seize it. “