Reading Time: 2 minutes
- DeFi hackers are turning the vice into a “sustainable and viable business”
- According to ImmuneFi founder Mitchell Amador, crypto hackers are taking hacking seriously
- He said that they’re also exploring new ways of making money in the crypto space
ImmuneFi founder Mitchell Amador believes DeFi hackers are turning the vice into a full-time “sustainable and viable business.” Amador said that the malicious actors are concentrating on siphoning the most from crypto projects and the crypto world. The ImmuneFi executive, however, observed that the crypto space is getting safer, an observation that aligns with a recent report showing that crypto lost to scammers and hackers has significantly dropped over the months.
DeFi Hackers Have a “Unique Skillset”
Speaking to Decrypt during the Web Summit 2024, Amador also noted that the hackers are exploring more ways to earn money since they’re knowledgeable in “different areas.” According to him, hackers can choose to manipulate transactions on a blockchain’s validation process through maximum extractable value (MEV).
Amador added that DeFi hackers have a “unique skillset” that they can choose to monetize to increase their malicious gains. Despite the hacking business becoming sustainable, the crypto space is becoming safer.
The ImmueFi executive supported this view using the amount stolen from DeFi platforms. According to him, the amount has drastically reduced from roughly $3 billion in 2022 to $1.8 billion in 2023, and “just over” $1 billion so far this year.
Humans Are the “Weakest Link”
Amador noted that hackers are using social engineering-based tactics to compromise crypto platforms, adding that the human aspect is “always the weakest link.”
He said that the amount dropped despite a rise in hacking incidents. Amador’s observations come six months after the blockchain platform said that hackers consider DeFi projects easy targets. It also comes five months after a report showed that more than 75% of hacked crypto projects never recover.
With DeFi hackers maximizing their skills, the crypto world should expect more sophisticated hacking attempts.
Read More
Philip Maina