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Blockchain has caused investors billions of dollars in 2021

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10 million dollars is being lost in "DiFi" scams and theft this year

Report from London, claims investors have lost so much this year... Millions of Dollars to criminals in decentralized finance; "DiFi".


This information was reported directly from London-based firm Elliptic. According to these reports, current information reveals that more than 10 billion dollars worth of user funds have been stolen in cases of fraud and theft in DiFi products.



One that aimed at replicating traditional financial services, using blockchain technology

However, this information is not to discourage users from using the platform. But to ensure that the message of being careful is sent across to valid customers.

Elliptic firm, responsible for keeping records of the movement of funds on digital ledgers, have made claims that the overall losses by the DiFi exploit are a total of 12 billion dollars [in 2021].



Moreover, the chief scientist at elliptic Tom Robinson said that;


"The defense system is an incredibly exciting and fast-moving space, with financial services innovation at light-speed"


He continued,


"This is attracting a large number of capital projects, that are not always robust or well tested"



"Criminal actors have seen the opportunity to exploit this" he concluded


Elliptic also made it clear that over the last two years, 500 million dollars to 247 billion dollars worth of money has been deposited on DeFi services.

This is as a result of the price of Bitcoin and other cryptocurrencies, having nailed this year. 




The popular Ethereum coin, which is considered to be behind the world's second-biggest digital coin, is considered the backbone of many different applications. Which includes; blockchain and Tron wallet.

Generally, theft and fraud are reported to really affect African countries with low cyber security systems. Such as Nigeria, Ghana…

However, these countries have promised to take action so as to reduce the number of losses every year.


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