FILE PHOTO: Customers talk against a backboard with signs of cryptocurrency during 2020 Taipei International Finance Expo in Taipei, Taiwan, November 27, 2020. REUTERS/Ann Wang
NEW YORK (Reuters) - Losses from cryptocurrency theft, hacks and fraud fell sharply in the first four months of the year, but crime in the booming "decentralized finance" space hit an all-time high, a report from crypto intelligence company CipherTrace showed on Thursday.
DeFi applications are platforms that facilitate crypto-denominated lending outside traditional banking, using an open-source code with algorithms that set rates in real time based on supply and demand. Many DeFi applications are embedded in the ethereum blockchain.
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