Top on-chain analyst Zachxbt says that Crypto will most likely fall into the hands of strict government regulations if it cannot find out how to prevent hacks.
In a new message in his telegram channel, the blockchain -detective says that his most recent work with the Bybit -hack has given him some clarity about the crypto room.
“Spending long hours on freezing funds for the Bybit -Hack has been a glance.
This industry is incredibly cooked when it comes to exploits/hacks and unfortunately IDK if the industry is going to repair this itself, unless the government passes with violence instructions that damage our entire industry.
Various ‘decentralized’ protocols recently had almost 100% of their monthly volume/reimbursements from DVK [Democratic People’s Republic of Korea] And refuse to take responsibility. “
Zachxbt says that the problem is not only with decentralized fairs, and notes that the policy of centralized trade fairs (KYC) of centralized fairs (KYC) has been proved useless in the prevention of massive hacks and exploits.
“Centralized exchanges will eventually get worse than when illegal funds flow through it, a few take several hours to respond when it only takes minutes to wash.
KYT (Know-Your-Transaction) is completely inadequate and easy to avoid
KYC is just a honeypot for regular users BC from infringements/insiders and is in most cases useless because of purchased accounts.
DVK money laundering of $ 1.4 billion of the recent hack has only exposed how broken it is. “
Bybit suffered the biggest attack in the crypto history last month, reportedly committed by the Noord -Korea Lazarus Group.
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Generated image: midjourney