Crime at crypto "DeFi" sites hits $10.5 billion in 2021, research shows

FILE PHOTO: Representations of Bitcoin and other cryptocurrencies on a screen showing binary codes are seen through a magnifying glass in this illustration picture taken September 27, 2021. REUTERS/Florence Lo/Illustration/File Photo

LONDON (Reuters) - Fraud and theft at decentralised finance platforms has totalled $10.5 billion so far this year, research showed on Thursday, laying bare the risks in the fast-growing but still mostly unregulated area of cryptocurrencies.

So-called DeFi platforms allow users to lend, borrow and save - usually in cryptocurrencies - while bypassing traditional gatekeepers of finance such as banks. Backers say the technology offers cheaper and more efficient access to financial services.