New research by blockchain analytics firm Elliptic showed that fraud and theft at decentralized finance platforms have led to $10.5 billion in losses so far this year.
According to the report, published on Thursday, cash has been pouring into the so-called DeFi platforms, reflecting the explosive interest in cryptocurrencies. DeFi platforms allow users to lend, borrow and save (usually in crypto) while bypassing traditional gatekeepers of finance such as banks. The technology offers cheaper and more efficient access to financial services, supporters say.
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