According to Rosco Kalis, founder of Revoke.cash, it will be hard to attract enough new users for crypto to become mainstream as long as scams and hacks are prevalent within the crypto industry. Kalis said this to Coinedition while analyzing the increasing cases of crypto hacks occurring in the blockchain industry.
The security expert noted that the trend would continue until crypto users become adequately educated on the workings of the industry. He proposed that solving this prevalent problem would require educating new crypto users on the security topics peculiar to the industry.
Kalis also noted that the better solution would be to provide users with the right tools to protect themselves without too much time spent on education. Tools that would enable pre-transaction checks, where users are warned of what their transaction will do, thus making it more understandable what users are doing.
Contributing to the same topic, Hartej Sawhney, CEO and founder at Zokyo, said the escalating cyber threats signal an urgent need for fortified security measures and underscore the pressing vulnerabilities within the digital finance ecosystem. According to Sawhney, the tarnishing effect of these frequent hacks is evident, eroding trust and potentially stifling adoption and investment in a space where trust is paramount.
The Zokyo founder noted that the stakes for these challenges are monumental from a financial perspective. According to him, with nearly $889 million compromised in a single quarter, it places immense strain on investors and project stability, highlighting an unsettling trend of security lapses.
Sawhney noted that the crypto industry needs decentralized platforms for real-time threat intelligence, akin to what Splunk does for traditional IT, ensuring immediate detection and swift remediation of threats. According to him, comprehensive audits and embedding security tools throughout the development lifecycle are non-negotiable, while educating users and developers on security best practices is paramount.
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