DeFi platforms should strengthen security, says former prosecutor<br><br><br>

crypto security

DeFi platforms should strengthen security, says former prosecutor

Cyber defenses need to harden their strategies to curtail the crypto hacks, says the head of legal and government affairs at crypto sleuthing firm TRM labs, Ari Redbord, on Thursday. 

A former prosecutor for the Department of Justice, Redbord, suggested developing strategies to explore and track illegal activities that will require building improved “blockchain intelligence tools” to find new mixers before bad actors make their way.

Redbord said, “Bad guys are getting better, and their tactics are becoming more sophisticated. But the reality is the tools, regulation and the investigators and law enforcement are also becoming more sophisticated.”

Another crypto sleuthing firm, Chainalysis’s vice president of investigation, Erin Plante, expressed during the same segment on “First Mover” that the bridges that enable the transfer of assets between different platforms are prone to attacks.

Whereas, Chainalysis explored that “sophistication in money laundering” is becoming difficult to decode as bad actors targets cash out on centralized platforms. As bad actors hide the funds’ source using the help of multiple mixers, the exchanges are unaware of the stolen funds.

Crypto mixers that also work like black boxes let users send and receive Bitcoin anonymously. 

Plante said, “There’s really a need to continue to evolve the intelligence and the tools to be able to identify the new mixers that are popping up in those places.”

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