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Losses from cryptocurrency theft, hacks and fraud fell sharply in the first four months of the year, but crime in the booming “decentralized finance” space hit an all-time high, a report from crypto intelligence company CipherTrace showed on Thursday.
DeFi applications are platforms that facilitate crypto-denominated lending outside traditional banking, using an open-source code with algorithms that set rates in real time based on supply and demand. Many DeFi applications are embedded in the ethereum blockchain. Globally, crypto criminals ran away with $432 million as of end-April, according to the CipherTrace report. About 56% of that, or $240 million were DeFi-related, a record peak.
For the whole of 2020, losses in the crypto sector through fraud and crime were $1.9 billion. In 2019, crypto crime losses hit a record $4.5 billion. Cryptocurrencies are once again in the spotlight with the surge in prices for the second-largest token, ethereum, and social media darling, dogecoin. The drop in crypto crime reflects some maturation in the industry, as infrastructure improved and companies and exchanges boosted security systems.
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