AML

In 2024, according to Cyvers, hacks and frauds in the crypto industry resulted in users losing more than $2.3 billion. Some of the biggest crypto attacks of the year include WazirX, Radiant Capital and DMM Bitcoin with losses of hundreds of millions of dollars in each case. This is why smart contract vulnerabilities in the DeFi sphere are increasingly showing the need to implement robust identity detection and verification mechanisms such as KYC.