FBI urges DeFi platforms to increase security measures, warns of vulnerabilities

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The Federal Bureau of Investigation (FBI) has urged decentralized finance (DeFi) platforms to strengthen security measures and has warned investors against potential vulnerabilities in blockchain networks.

The FBI alert comes amid several major attacks on DeFi platforms that do not use third parties to conduct financial transactions on the blockchain this year, which include the nearly $650 million gaming-focused Ronin Network (RON) hack. .

Between January and March 2022, cybercriminals stole $1.3 billion worth of cryptocurrencies, nearly 97% of which was stolen from DeFi platforms, the FBI said citing a report by blockchain analysis firm Chainalysis.

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According to the FBI, criminals often break into DeFi platforms by initiating a flash lending vulnerability, exploiting signature verification, or manipulating trading pairs.

In this scenario, the agency asks investors to do their due diligence when using DeFi platforms, always looking for those that have performed audits or that have been in existence for some time.

The expectation, according to the FBI, is that DeFi platforms will begin to institute real-time analysis, monitoring and testing. Platforms must also have a plan to combat cyberattacks and alert investors, the office added.

Earlier this year, the FBI teamed up with LinkedIn to fight fraudsters who were using the professional networking platform to lure investors into cryptocurrency schemes.

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