Part 5/7:
Pomano pointed out that having informed individuals overseeing regulation might foster 'skeptical optimism'—a balance between caution and encouragement toward innovation. The objective is to develop a regulatory framework that addresses potential risks while allowing for the continued growth of the cryptocurrency and blockchain sectors.
The Bybit Hack: An Eye-Opener for Security Concerns
In a shocking incident that underscores the importance of security in the crypto realm, Bybit suffered a hack that resulted in the theft of $1.4 billion. This event raised eyebrows concerning the security of centralized exchanges versus decentralized networks. Notably, Bitcoin itself—despite various thefts at exchanges—has never been hacked at its core protocol level.