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01.12 - 03:13
Criminals have made off with over $10 billion in 'DeFi' scams and thefts this year
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cnbc.comLONDON — Investors have lost billions of dollars to criminals targeting so-called «decentralized finance» platforms this year.
According to a report from London-based firm Elliptic, more than $10 billion worth of user funds has been stolen in cases of fraud and theft on DeFi products, which aim to replicate traditional financial services using blockchain technology.
DeFi has often been referred to as the «Wild West» of cryptocurrencies. Such services often promise users huge returns but lack any involvement from middlemen like banks. High-interest rate savings and lending products are a common sight in the space.
But, as is to be expected with a young industry like crypto, DeFi platforms aren't regulated. It's something regulators have
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