Regulators don’t need more excuses to look suspiciously at the crypto industry, but a recent wave of hacks and thefts provide one anyway.
There's been a lot of hacks or other types of theft in the crypto industry recently, which seems likely to continue harming the industry’s reputation .Some $212.5 million in crypto-related funds were hacked or stolen over the past few weeks, the vast majority from a single platform.It’s hard to imagine regulators being super jazzed about the ongoing plethora of hacks and other thefts. It is a bit harder to imagine how the industry can try and rectify this situation.
Mixin hasn't, as of earlier this week, revealed who the database provider is. What we do know is there's an increasing number of service providers of all stripes being attacked. There's multi-factor authentication providers, cloud tool providers, Slack and so on.Bringing this back to regulators, we know that lawmakers in the U.S. at least are looking at bills to try and enforce more know-your-customer rules on the crypto industry.
We may not know for weeks whether Sam Bankman-Fried will take the stand at his own trial. He may want the chance to explain himself to the jury, but his lawyers are surely wary of the withering cross-examination such a tactic would invite. No matter: the unconventional former crypto executive has already said – publicly – plenty about what went down in FTX’s final days.
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