that describes it as moving from the ‘fringes of finance to the mainstream’.
“The cryptocurrency ecosystem is still very much the Wild West,” she says. “According to Elliptic’s report, over $12 billion in losses have been suffered by DeFi users and investors, due to theft and fraud through malicious exploitation of flaws in decentralized applications , decentralized exchanges , lending protocols and asset management offerings.
“This could be used to phish their customers, scam them, hijack accounts and steal data, or gain user trust so they can steal their information. These are just some of the opportunities that are ripe for fraud, and people need to be prepared for these risks and take steps to protect their funds.” That is why it is really important to fully understand the complexities and vulnerabilities that come with cryptocurrencies so that you can protect against them, intelligently.
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