{"id":811114,"date":"2024-12-09T20:53:42","date_gmt":"2024-12-10T02:53:42","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/09\/immunefi-founder-defi-hacking-has-evolved-to-a-viable-business\/"},"modified":"2024-12-09T20:53:42","modified_gmt":"2024-12-10T02:53:42","slug":"immunefi-founder-defi-hacking-has-evolved-to-a-viable-business","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/09\/immunefi-founder-defi-hacking-has-evolved-to-a-viable-business\/","title":{"rendered":"ImmuneFi Founder: DeFi Hacking Has Evolved to a \u201cViable\u201d Business"},"content":{"rendered":"<div id=\"page\">\n<div id=\"content_box\">\n<header>\n<div>\n<p><img loading=\"lazy\" alt src=\"https:\/\/secure.gravatar.com\/avatar\/88a6334e954018f0dfcc0c926ce81eae?s=32&#038;d=mm&#038;r=g\"  height=\"32\" width=\"32\" decoding=\"async\"><\/p>\n<p><span><span>By <a href=\"https:\/\/fullycrypto.com\/author\/phi_ma\" title=\"Posts by Philip Maina\" rel=\"author\">Philip Maina<\/a><\/span><\/span><\/p>\n<p><span><\/p>\n<p>15 hours ago<span>Mon Dec 09 2024 12:08:11<\/span><\/p>\n<p><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n<\/header>\n<p><img width=\"1300\" height=\"890\" src=\"https:\/\/fullycrypto.com\/wp-content\/uploads\/2024\/12\/ImmuneFi-Founder-DeFi-Hacking-Has-Evolved-to-a-Viable-Business.png\" alt title decoding=\"async\" fetchpriority=\"high\" data-layzr=\"https:\/\/fullycrypto.com\/wp-content\/uploads\/2024\/12\/ImmuneFi-Founder-DeFi-Hacking-Has-Evolved-to-a-Viable-Business.png\">\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<div>\n<p><span><span>Reading Time: <\/span> <span> 2<\/span> <span>minutes<\/span><\/span><\/p>\n<ul>\n<li aria-level=\"1\"><span>DeFi hackers are turning the vice into a \u201csustainable and viable business\u201d\u00a0<\/span><\/li>\n<li aria-level=\"1\"><span>According to ImmuneFi founder Mitchell Amador, crypto hackers are taking hacking seriously<\/span><\/li>\n<li aria-level=\"1\"><span>He said that they\u2019re also exploring new ways of making money in the crypto space<\/span><\/li>\n<\/ul>\n<p><span>ImmuneFi founder Mitchell Amador believes <\/span><a href=\"https:\/\/fullycrypto.com\/what-is-defi-your-guide-to-cryptos-new-buzzword\"><span>DeFi<\/span><\/a><span> hackers are turning the vice into a full-time \u201csustainable and viable business.\u201d Amador said that the malicious actors are concentrating on siphoning the most from crypto projects and the crypto world.\u00a0<\/span>The ImmuneFi executive, however, observed that the crypto space is getting safer, an observation that aligns with a recent\u00a0<a href=\"https:\/\/fullycrypto.com\/crypto-hackers-pocketed-71-million-in-november\" target=\"_blank\" rel=\"noopener\">report<\/a> showing that crypto lost to scammers and hackers has significantly dropped over the months.<\/p>\n<h2><span>DeFi Hackers Have a \u201cUnique Skillset\u201d<\/span><\/h2>\n<p><span>Speaking to <\/span><em><a href=\"https:\/\/decrypt.co\/295310\/defi-hacking-full-time-job-immunefi\" target=\"_blank\" rel=\"noopener\"><span>Decrypt<\/span><\/a><\/em><span> during the Web Summit 2024, Amador also noted that the hackers are exploring more ways to earn money since they\u2019re knowledgeable in \u201cdifferent areas.\u201d According to him, hackers can choose to manipulate transactions on a <\/span><a href=\"https:\/\/fullycrypto.com\/blockchain-news\"><span>blockchain<\/span><\/a><span>\u2019s validation process through maximum extractable value (MEV).<\/span><\/p>\n<p><span>Amador added that DeFi hackers have a \u201cunique skillset\u201d that they can choose to monetize to increase their malicious gains. Despite the hacking business becoming sustainable, the crypto space is becoming safer.<\/span><\/p>\n<p><span>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 \u201cjust over\u201d $1 billion so far this year.<\/span><\/p>\n<h2><span>Humans Are the \u201cWeakest Link\u201d<\/span><\/h2>\n<p><span>Amador noted that hackers are using social engineering-based tactics to compromise crypto platforms, adding that the human aspect is \u201calways the weakest link.\u201d<\/span><\/p>\n<p><span>He said that the amount dropped despite a rise in hacking incidents. Amador\u2019s observations come six months after the blockchain platform said that hackers consider DeFi projects <\/span><a href=\"https:\/\/fullycrypto.com\/immunefi-hackers-consider-defi-projects-easy-targets\"><span>easy targets<\/span><\/a><span>. It also comes five months after a report showed that more than <\/span><a href=\"https:\/\/fullycrypto.com\/immunefi-over-75-of-hacked-crypto-projects-never-recover\"><span>75% of hacked crypto projects never recover<\/span><\/a><span>.<\/span><\/p>\n<p><span>With DeFi hackers maximizing their skills, the crypto world should expect more sophisticated hacking attempts.<\/span><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/fullycrypto.com\/immunefi-founder-defi-hacking-has-evolved-to-a-viable-business?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=immunefi-founder-defi-hacking-has-evolved-to-a-viable-business\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Philip Maina<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Philip Maina 15 hours agoMon Dec 09 2024 12:08:11 Reading Time: 2 minutes DeFi hackers are turning the vice into a \u201csustainable and viable business\u201d\u00a0 According to ImmuneFi founder Mitchell Amador, crypto hackers are taking hacking seriously He said that they\u2019re also exploring new ways of making money in the crypto space ImmuneFi founder<\/p>\n","protected":false},"author":1,"featured_media":811115,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1479,140079],"tags":[],"class_list":{"0":"post-811114","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-founder","8":"category-immunefi"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/811114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=811114"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/811114\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/811115"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=811114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=811114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=811114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}