Crypto crime is booming on DeFi platforms and has caused over €9 billion in losses this year
euronews.comFraud and theft at decentralised finance platforms has totalled $10.5 billion (€9.3 billion) so far this year, newly-published research showed on Thursday, laying bare the risks in the fast-growing but still mostly unregulated area of cryptocurrencies.
It is all due to Decentralised Finance (DeFi) platforms, according to the study.
DeFi is a blockchain-based platform that allows users to lend, borrow and save (usually in cyrptocurrencies), but it can be done without the traditional gatekeepers of finance such as banks.
Instead, it uses smart contracts, which are software programs that allow for agreements on the blockchain. Backers say the technology offers cheaper and more efficient access to financial services.
Cash has poured into DeFi sites
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