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In 2020 almost 100 million dollars were stolen from Defi projects by hackers

Around $ 2020 million was stolen by hackers on DeFi projects during 100. This is what emerged from the CipherTrace report.

DeFI - Nearly $ 2020 million stolen from Defi projects by hackers in 100

The CipherTrace report revealed that nearly $ 2020 million on projects were stolen by hackers in 100 DeFi.

During the first half of 2020 the DeFI would have attracted several "web thieves" and hackers who chose to steal the cryptocurrency. Thefts jumped to 50% during the second half of the year that has not yet closed, and which saw 21% responsible in the dollar volume field for all 2020 hacks and thefts in this sector.

Funds stolen with the more big hack during 2020, the one equal to 281 million dollars which is you have damages of KuCoin would lead to recycling via DeFi platforms. In 2019 this volume was negligible, but due to the DeFI boom during 2020 it exploded.

The CipherTrace He noted that DeFI's protocols often lack regulatory compliance, making it more possible for anyone to access them with no or very little information. That's why they are a point of reference as well as a real refuge for those who have to launder dirty money.

In addition, the Smart Contract they are based on are not always certified, they contain a vulnerability that can be exploited easily so by those who are malicious.

However, the continued growth of DeFI may over time attract more attention from regulatory authorities. In fact, the FATF has also been taking into consideration for some time exchange decentralized type, the FinCEN would like to apply to DEX instead the same legislation of TMJ of cryptocurrencies.

The SEC is also on this level, especially in order to be able to address the risks that may exist from a fund fraud point of view. The European Union, on the other hand, is working on a new proposal for a regulation that would take the name of MiCA Markets in Crypto Assets that could prohibit decentralized exchanges from offering services to European citizens unless they are constituted as a legal entity with a registered office within a member state of the European Union.

In any case, the success of DeFi is continuing, but it will inevitably end up attracting more and more attention not only from the bad guys but also and especially the regulators. 

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Silvia Faenza

Graduated in Political Science and International Relations at the University of Salento, in the 2014. From 2015 he is in charge of content management for online companies and publishing agencies, mainly as a ghostwriter, copywriter and web editor.

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