Decentralized finance (DeFi) is a system that allows for financial products to become available on a public decentralized blockchain network. According to the recent Atlas VPN team findings, DeFi related hacks make up 76% of major hacks in 2021. In addition, many fraudsters have started fake DeFi projects to benefit from the crypto industry hype. Even though the first Ethereum based protocol MakerDAO for DeFi was released in 2017, hacks abusing the system were not recorded until 2020. In 2019, money lost to hacks was mostly from phishing, ransomware, and other cyberattacks.
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