Unconfirmed: $12 Billion Has Been Lost in DeFi Value to Crime. Here’s How - Ep.299

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/    Learn more about your ad choices. Visit megaphone.fm/adchoices