Crypto: A new warning from the FBI

In recent months, crypto users have faced many difficulties. While falling market prices have been a major problem, they are far from the only one. We can also mention the many attacks carried out by hackers on different blockchains. Given the increase in the number of such attacks, the FBI responded in a public statement.

The agency’s warning

Three attacks marked the DeFi sector: Ronin Network ($624 million), Poly Network ($611 million) and Wormhole ($326 million). These three attacks, although concerning different platforms, have one thing in common. Which ? The three platforms targeted are blockchain bridges. Concretely, they are designed with the aim of allowing a connection between blockchains in order to facilitate transfers between blockchain users.

Although the solutions provided by inter-chain bridges are beneficial, their vulnerability is of great concern to the FBI! It is for this reason, among others, that he has issued a warning to investors.

“Cybercriminals are increasingly exploiting vulnerabilities in smart contracts governing DeFi platforms to steal cryptocurrencies, causing investors to lose money. They seek to take advantage of increased investor interest in cryptocurrencies, as well as the complexity of cross-chain functionality and the open-source nature of DeFi platforms.”

The causes of hacks in the crypto sector

The most common causes of hacker attacks have been classified into three categories: flaws in the functioning of smart contracts (1), compromised private keys (2) and theft of data from the attacked platform (3).

The first cause is by far the most important, since it is at the origin of nearly 73% of all hacks crypto made since September 2020.

As for the second cause, it is no less important, since it is involved in hacks of almost $91 million each. That said, it is the easiest cause to avoid. It would be enough for each user to better secure their private keys and the risk of theft will be considerably reduced.

Finally, the third cause, which is that of identity theft, targets specific users. We realized this with the attack against the crypto platform BadgerDAO.

The FBI has issued a warning to crypto users to encourage them to be extra vigilant in order not to fall into the traps of hackers.

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