back to article FBI: Look out, crooks stole $1.3b in cryptocurrency in just three months this year

The FBI has urged people to be cautious and heavily research a DeFi – decentralized finance – provider before putting your money into it, after more than a billion dollars was stolen from these providers in three months. In an alert this week, quoting numbers from blockchain research firm Chainalysis, the Feds said $1.3 …

  1. Winkypop Silver badge

    Ya know

    It’s as if the whole she-bang is a bit dodgy!

  2. DS999 Silver badge

    In other news

    You should research anything before putting your money in it. If it is some new type of investment that has only been available to retail investors for a short time, that rule applies double ten times over!

  3. Potemkine! Silver badge

    "The explosive growth and high returns of the DeFi ecosystem have lured many early adopters to embrace blockchain technologies, such as smart contracts," Oglesby told The Register. "However, early investors should be wary. Most DeFi systems have little protection or safety nets in place to prevent catastrophic loss from a fraudulent attack."

    But we were told that blockchain was the future and the solution to everything. .

    I wonder if Gartner isn't in fact an NK proxy...

    == Bring us Dabbsy back! ==

  4. Pascal Monett Silver badge

    "get professional financial advice if in doubt"

    Here's some professional advice for free : don't.

    Only time will tell ? Really ?

    It's been well-nigh 14 years since BitCoin started burning the world and nothing good has come of it, or any of its siblings, since.

    However, the number of exchanges run by crooks or idiots has been revealed to be, well, practically all of them.

    This is a case where you should actually throw the baby out with the bathwater.

    1. vtcodger Silver badge

      Re: "get professional financial advice if in doubt"

      Don't you think that bathwater might be considered to be hazardous waste? I'm not sure how one decontaminates it.

    2. Version 1.0 Silver badge

      Re: "get professional financial advice if in doubt"

      Oh, your baby has gone down the plug, The poor little thing was so skinny and thin, He should have been washed in a jug.

  5. Tempest

    There Goes The DPRK Again.

    The DPRK (North Korea) must at it again.

  6. fxkeh

    Funding North Korea's nuclear weapon programme

    The FBI should have started charging the operators of these DeFi/craptocurrency outfits with aiding terrorism with their shitty coding back when this started happening, rather than years later, after North Korea has used the billions of dollars to fund their weapons programme. That would have given everyone to incentive to write better code, or even better, shut themselves down and saved a lot of idiots from getting scammed.

  7. Anonymous Coward

    DeFi in summary

    DeFi Defies Financial Regulations and Safeguards.

    There are legitimate uses for DeFi:

    1) you're a crook

    2) you're a scammer

    If you haven't figured that out, you fall in the third class 3) you're an idiot.

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