Largest Cypto Heisty Raises Concerns over Future of DeFi

There have been increased rates of hackers targeting DeFi sites. In what Reuters news has reported as the largest crypto heist, Jump Cypto announced that it had restored $320 million that was stolen from their site.

The unregulated Decentralized Finance (DeFi) platforms enable users to borrow, lent and safe in crypto form rather than using traditional financial institutions such as banks. However, the bypassing of regulated financial institutions comes with great risks.

Many investors are lured to DeFi owing to low interest rates with the expectation of high returns. However, fraud and theft has continuously hit DeFi sites and no hacker has been brought to book.

Elliptic research reveals that in 2020, DeFi sites lost an excess of $10 billion. The huge loss makes DeFi to be the most vulnerable branch of cryptocurrencies.

In 2018, digital tokens worth $530 million were stolen from Coincheck, a Tokyo-based Crypto platform. This was after an earlier loss of a half a billion to hackers in 2014 where another Japanese transaction flopped.

In 2021, Poly Network lost more than $612 million that were stolen in more than 12 different cryptocurrencies. The loss of the over $600 million tokens is reportedly the largest crypto heist ever on record.

Crypto trading platform Bitmart also reported a loss of $200 million to hackers last year.

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