Bitcoin Forum

This sound wired to hear but that is just the fact from the news coming from the crypto currency industry the rate of projects and individual getting dished by the bad guys either through scam or hacked into the cryptocurrency market most especially in the defi market which witnesses the highest funds stolen, over 1.6 billion dollars worth assets have been stolen a record that is said to be higher than that of 2020&2021 put together.
We have to be warned about the kind of project we invest in especially newbies who are just getting to know cryptocurrency.
https://cointelegraph.com/news/more-than-1-6-billion-exploited-from-defi-so-far-in-2022

Hacking like this will continue as the general growth of the cryptocurrency space keep increasing and this is one of the disadvantages of centralized projects there are easy to get manipulated so many DEFI scam lately and this percentage is huge compared to previous years.

There is a thread created about this in altcoin discussion board by zasad@, you can find it interesting.

DeFi hacks [history] (https://bitcointalk.org/index.php?topic=5267124.0)

Crypto scam of 2020 and 2021, you can read the Chainanalysis report about it, DeFi leads in scam.

https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-cryptocurrency-money-laundering/

2022 will also make an history of how scammers are preferring DeFi as they see it as a safe means to scam.

I have been reading about DAO too, I do not know the difference between DeFi and DAO, maybe they are the same of different, both are the scam means of 2022.

I am not surprised it's happening, especially with the so many half-baked DeFi projects and exchanges that we have. Where there is money, there will always be scammers and hackers.
The problem is crypto is always victimized because.... we most people don't want to see crypto succeed, but I am very sure even other financial agencies have lots of fiat money stolen. However, that doesn't make headlines like any bad news about crypto does.

More than giving a warning to newbies about the specific project, token, or platform they are investing in or using, they should generally be warned about the use of the word decentralized.

It has been so much hyped in the recent years and even until now. It has been labeled as the next best thing in finance. It has been called the future. They should be wary of it. They should be aware how it is now being used as a sort of a bait. Decentralization at the very least shouldn't have a single point of failure. These billions of stolen coins prove otherwise.

So called decentralized finance and web 3.0 decentralized got hacked? This is nothing new, moreover why does the hacker can stole the coins if it's decentralized? It's mean all the stuffs is centralized. Anyway is there anyone still interested with DEFI? There's no more hype since the current hype is NFT and P2E games, the new trend keep continue and there's always a hack or scam incident.

If anyone worried to get hacked or scammed, better to stay away and only stick with Bitcoin (of course not leaving your coins in exchanges).

It's always on the center if the hacks are related to cryptocurrencies and it's because the amounts are bigger than the usual frauds and scams and hacks that we see traditionally.

Newbies are free to choose the projects that they want to invest but they'll also learn in the process that there are too many scam projects around.

The rug pulling of many projects also contributes to the number and they're going to increase since we're just near to the half of this year.

The weird thing to me is not the hack itself because that sounds very natural to me. The weirdest part is when people keep going back to DEFI and keep buying all kinds of useless tokens to continue being scammed every day whether through direct hacks or just dumps. This has been going on for a couple of years now!

The problem are those shithole scammers. Rug pulling is really a pandemic now on crypto and to avoid being rugged is to stay away from shitcoins and instead focus on trading. But I cant blame those guys who keeps degening. Imagine someone who bought a shitcoin meme of shib whom rich now. Probably he will still invest on new ones hoping to find the same gem he did. Only worse is not everybody are lucky to find that kind of gem and some increases losses instead.

When you are spending your money into DeFi it's lost at that moment only but you know people keep on doing the same mistakes which they have been warned off earlier and later on loose their money.For instance some of the mistake they make are :

1) Keeping funds on CEX
2) Investing in DeFi projects
3) Giving out your seeds to some scammers in greed mode

But you still see these exploits and hacks because people are still going the same way of losing their money and for hackers it's still easy to find the victims and the most of amount is stolen from DeFi projects which keeps on growing each year :


And the biggest hack for Ronin network where $625 million were lost while Binance is freezing the account of the scammers won't help a lot and you need to stay away from them for safety of your funds.

I added a link to DeFi hacks [history].
DeFi is a very big field. If you trade on a decentralized exchange correctly, then you have minimal risks, if you invest your tokens in liquidity pools or staking, then you take risks.
If you want to make a profit, then you need to evaluate the risks.
If you can make a profit of 12% per year and lose 100% of your investment, then this is a very wrong investment.

There really are those lucky investors that got in early and they're able to make tons of money from those projects like shib.

Although, it's entirely different from those projects that are openly scam projects and really had the plan to rug and take the investors money. Well, those victims of those projects are going to be wiser this time.

Hopefully, they won't allow themselves to get back into those projects and get scammed again. Once is already enough.

It seems that this number will only increase, and the reasons are very simple :

• Most of those who invest in cryptocurrencies has not even acquired basic knowledge, which in combination with very low computer literacy makes them easy targets.
• Inflation will further increase the efforts of ordinary people to profit in any way, and the idea that there is some magical internet money that can make people rich is gaining momentum.
• When we talk about hacking various platforms and all these new protocols that are full of holes like Swiss cheese, we can conclude that there are a lot of amateurs on the part of those who develop these projects. Of the total amount reported in the OP, more than $600 million was hacked from one source alone (Axie Infinity)

For all those who do not want to be a part of black statistics, the only thing left is to start thinking for yourself and stop trusting various experts and promising projects.

It's not just centralised platforms only, every available projects like dex and decentralised platforms are vulnerable, hackers don't have to target the blockchain and move people's fund, they can easily fool people just like how north Korea use social media to steal from lots of people.

This figure you shared is quite huge and this point to how increase the activities of hackers and scammers have become lately and if this figure is accurate then we are in for more risky time most especially NFT networks.

I think another factor is in the nature of cryptocurrencies- lots of people can actually create NFTs or shitcoins to the point that it can give them the access to pull out instantly. Given the hype surrounded by most of these projects, scammers take advantage of this time and hype to create more hacks that would render more losses in the cryptocurrency world.

Unfortunately, these are the things that are to be expect in a decentralized currency. That is why, to combat this is you have to be diligent and responsible enough to the projects you are planning to invest on. I just hope that the security would be strengthen- but having that sense of caution is still the best way to avoid any problems like these.

Crypto is successful that's why many hackers and scammers are targeting projects , platforms and investors, this is expected because where there is money there will always be scammers at large, the rule of crypto investment is you are the boss of your own wallet safety, do the right things and have a smooth experience, stay safe everyone.

Yeah, so what? I know a person who once won the jackpot and earned millions, but that doesn't mean I should play at a casino every day, just because he accomplished it. There are millions of gamblers who're constantly losing more than they earn; same analogy for cryptocurrencies.

Just because a 18 year old placed a bet in a fancy, purposeless, dog-looking scum, and successfully made millions, it doesn't mean it'll happen to others too.

Defi is trending alongside NFTs and I'm confused at how DEFi that appeared to be disappearing few years ago is now pumping up in the market and, alot of investors running to DEFI projects. Well, millions of fresh people join the internet everyday and, they have the ideology that it's easy to make money online. So, the scam strategy used on decentralized finance even when it's been repeated people still fall for it. Because the victims are totally ignorant that it's a deceit.

It's not that hard to NEVER give your seed phrase to anyone.

Actually no one knew shib would be a legit one too andnsome might think of it as scam too. So we can never tell which one is sitting on a gem, but we can avoid that knowing those codes that teaches us how to check whether smart contract is compromise.

Yeah thats what Im saying, we cant blame others for dreaming to have something like that as well. There are cautious to this, and not simply betting without any safety methods. Anyway, degen is degen.

Defi have become the biggest Ponzi scheme in cryptocurrency market lately, billions of dollars have been stolen from defi platforms lately and I don't know why investors still keep on running back to Defi to get scammed again and again without learning any lesson.


If what the member wrote here is anything to go by, I think the move for charity is a good one most especially if the original owners of such money can not be traced.

With time more and more projects are coming out in DeFi space and people investing in them without any investigation and the team behind them have scam motive or have security bugs which are easily exploited by the hackers for breach and funds lost through that channel.People need to take some security steps or invest some low and affordable amounts in some good projects only.Hackers are becoming smart these days so same needs to be applied on users also.