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Analyst explains that crypto hacks will reach all-time highs by 2022. Kim Grauer, research director at Chainalysis, stated that the top priority of the crypto industry should be reducing hacks through improving cybersecurity. According to the firm, crypto thefts through hacks could surpass 2021 this year. These exploits mainly target the field of Decentralized Finance (DeFi). Grauer stated in an interview with Cointelegraph that “this can’t continue in the industry because people will lose faith in investing on DeFi platforms.” [embedded content] Decentralized protocols are more vulnerable than centralized exchanges. This is largely due to the open source code that they are built on. “Anyone can look through this open-source code to find code vulnerabilities they can exploit,” Grauer explained. The researcher believes that hacking vulnerability is not an inherent problem of DeFi but rather a result of insufficient security at the code level. She pointed out that “there are contracts that have shown that they can be kept secure.” Grauer believes that decentralized protocols can be more secure than their centralized counterparts if enough resources are spent on making the code “perfect”. You can see the full interview over on our YouTube channel and don’t forget about to subscribe!
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BitMEX CEO warns that Ethereum Merge could cause high volatility
The Ethereum Merge is one the most anticipated events within the crypto space for this year. Crypto firms are always on the lookout to spot any issues that might arise as the new upgraded Ethereum network becomes operational.
Alexander Hoptner (CEO of BitMEX crypto exchange) spoke to Cointelegraph about how the trading platform is preparing the Merge. He also discussed institutional adoption potential after the transition from proof of stake (PoS) and his thoughts on Bitcoin ( BTC and Ether ( ETH).
Hoptner explained that, aside from making sure all boxes are checked on company preparations for big events ahead of them, it is important to be attentive to what could happen and ensure that the services they provide are functioning properly. He explained:
“You must be just, let’s call it, awake and watch what happens. There is a possibility of high volatility. You need to ensure that your services are available. […] We do not expect major disruptions other than volatility.”
BitMEX’s executive said that a fork would be successful if it was supported by a strong community. Hoptner pointed out that forks are at risk if there isn’t enough support from miners.
The issue of institutional adoption following the Merge was another topic discussed during the interview. The BitMEX CEO feels that PoS Ethereum is better for organizations than major players who are increasing their services to institutional players. This is because it addresses the main environmental narrative with which institutions are most concerned. He stated:
“I am certain that this will push for institutional adoption as well as mass market adoption, because […]nerally, the current generation pays close to the efficiency, environmental development.”
He also pointed out that large financial institutions are already experimenting with crypto, primarily BTC and ETH. Hoptner stated that many institutions already offer 1% to 22% crypto in their portfolios and that he expects this trend to continue.
Related: ETH Merge – CoinGecko founder shares his strategy for forked tokens
Contrary to popular belief that the market is at the moment, BitMEX CEO shared his team’s belief that the current market conditions are not bearish. Instead, he believes that there is a small correction in traditional finance. He stated that:
“Beforehand it was extremely overheated on the market. We were too fond of money, and this is now a minor correction. However, we are extremely bullish about Bitcoin and ETH, particularly for proof-of stake.
Hoptner is positive that the Ethereum Merge is a positive step in the industry and reiterated his team’s belief in the value of ETH. He also stated that Ethereum has a strong community and ETH could eventually surpass BTC. He stated that he believes it could surpass Bitcoin in relative growth.
The Ethereum Merge is one of the most anticipated events in the crypto space this year....