According to Rosco Kalis, founder of Revoke.cash, it will be difficult to attract enough new users for crypto to become mainstream as long as scams and hacks are still common in the crypto industry. Kalis said this while analyzing the increasing cases of crypto hacks in the blockchain industry.
The security expert noted that this trend would continue until crypto users are adequately educated about how the industry works. He suggested that solving this common problem requires educating new crypto users on the security topics specific to the industry.
Kalis also noted that a better solution would be to provide users with the right tools to protect themselves without spending too much time on education. Tools that enable pre-transaction checks, alerting users to what their transaction will do, making it easier to understand what users are doing.
Contributing to the same topic, Hartej Sawhney, CEO and founder of Zokyo, noted that increasing cyber threats signal an urgent need for strengthened security measures and highlight the pressing vulnerabilities within the digital financial ecosystem. According to Sawhney, it is clear that the negative impact of these frequent hacks is eroding trust and potentially hindering adoption and investment in a space where trust is paramount.
The Zokyo founder noted that the stakes for these challenges are enormous from a financial standpoint. According to him, nearly $889 million in compromises in one quarter puts enormous pressure on investors and project stability, and highlights a disturbing trend of security failures.
Sawhney noted that the crypto industry needs decentralized platforms for real-time threat intelligence, similar to what Splunk does for traditional IT, to ensure immediate detection and rapid remediation of threats. According to him, comprehensive audits and embedding security tools in the development lifecycle are moot, while educating users and developers on security best practices is paramount.