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December 17, 2021by Laura Shin

$12 Billion Has Been Lost in DeFi Value to Crime. Here’s How

Jess Symington, research lead at Elliptic, a blockchain forensics company, discusses the massive upswing in DeFi hacks during 2021, resulting in over $10 billion of DeFi value lost. Show topics:

  • the state of crime in DeFi
  • how much value has been lost to exploits
  • whether the majority of hacks are the result of user or developer error
  • the various types of exploits
  • how to confirm when a project did, in fact, rug pull
  • which blockchains are most susceptible to having exploits
  • what has been happening recently in ransomware
  • how DeFi hackers cash out
  • why ransomware attackers, who usually request payment in Bitcoin, have a tougher time cashing out than DeFi hackers 
  • whether hackers trend towards a specific profile/demographics 
  • how easy it is for law enforcement to find hackers 
  • whether blockchain’s transparency is proving to be a helpful tool for regulators
  • Jess’s advice on how to prevent hacks for both protocols and users

Thank you to our sponsors!

Avado: ava.do

Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021   

Nodle: https://bit.ly/3AXGydJ   

Episode Links

Elliptic

  • Website: https://www.elliptic.co/ 
  • Blog: https://www.elliptic.co/blog 

Hack Coverage

  • Elliptic Research
    • DeFi: Risk, Regulation and the Rise of DeCrime: https://www.elliptic.co/resources/defi-risk-regulation-and-the-rise-of-decrime
    • https://www.cnbc.com/2021/12/14/common-defi-crypto-related-scams-and-how-to-protect-your-wallet.html 
    • https://cryptobriefing.com/elliptic-estimates-12b-lost-to-defi-exploits/ 
  • Rekt Leaderboard (giving a dollar figure for recent hacks along with a summary of what happened)
    • https://rekt.news/leaderboard/ 

Unchained Podcast on Ransomware

  • https://unchainedpodcast.com/how-ransomware-evolved-into-a-big-business/ 

Posted in: 2021, Shows, UnconfirmedTagged in: crypto, Defi, Hacks

Our guest on this episode:
Jess Symington, Research lead at Elliptic

Jess Symington

Research lead at Elliptic

© Copyright 2022 Laura Shin Media LLC. All Rights Reserved.

Website by Zach Swinehart.

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Unchained Podcast

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