Investors have lost billions of dollars this year due to theft and fraud among criminals targeting decentralized finance (DeFi) products and services, according to new research by Elliptic. The London-based firm, a leader in crypto-asset risk management, released the report titled, “DeFi: Risk, Regulation, and the Rise of DeCrime,” on Thursday.  Elliptic found that more than $10 billion worth of user funds have been stolen in cases of fraud and theft on DeFi products, the ecosystem of cryptocurrencies, exchanges, and shadow banks that aim to recreate traditional financial services using blockchain technology. Specifically, DeFi users and investors have suffered more than $12 billion in losses due to theft and fraud, and those losses are only accelerating, with losses totaling $10.5 billion in 2021 to date, up from $1.5 billion in 2020, as per the research. Owing to the relatively new underlying technology used in DeFi, criminals are able to hack in and steal users’ funds, while the …