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DeFi fraud and theft losses reach $10.5 billion in 2021
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finextra.comDeFI defines a flourishing alternative financial system that replaces traditional intermediaries with software running on blockchains.According to the Elliptic report, the prevalence of DeFi theft and crime is largely due to the untested and immature nature of the technology available. Mistakes in the design and development of decentralized apps are the most common cause, giving rise to bugs which hackers can exploit, accounting for $10.8 billion of all losses.
Another $1 billion in losses are the result of exit scams (where a Decentralised App creator intentionally leaves a ‘backdoor’ in the code that allows them to steal users’ funds) and the theft of 'admin keys'. “Decentralised apps are designed to be trustless in that they eliminate
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