Dominic Williams, the guy behind Dfinity and its whole “let’s make the internet better” thing, recently gave CryptoMoon a bit of a lecture about how we can all avoid the next Bybit hack disaster. His big idea? Make apps fully onchain so no one gets their precious user interfaces compromised — which, clearly, happened at Bybit. 🙄
So here’s the kicker: apparently, a lot of so-called “decentralized” apps are still relying on, you guessed it, centralized platforms like Amazon Web Services for their infrastructure. I know, right? They have these nice onchain tokenomics but still trust AWS? That’s like putting a “Trust Me” sticker on a cardboard box and calling it a vault. Williams had a few words on this:
“The whole point of running software on the blockchain is it guarantees that the written logic will run against the correct onchain data. And you don’t get those guarantees with traditional information technology.”
In case you didn’t get it, he’s basically saying: *guys, that’s not onchain*, that’s just pretending. And yes, he went there, calling out the industry for getting all cozy with AWS and calling it “onchain” just because there’s a token involved. 🙃
Williams also threw some shade at the idea of code updates being pushed by a lone developer. Apparently, he thinks a decentralized autonomous organization (DAO) should review all those updates instead of leaving it in the hands of one coder. Shocking, right? 🤯
How Centralized Security Breaches Are Making Crypto Prices Plummet
Then Williams got really grim and started talking about the aftermath of the Bybit hack. Spoiler alert: it’s not pretty. Apparently, the Lazarus Hacker group (yup, the state-sponsored ones) are really good at laundering money, and that cash will *never* return to the crypto markets. It’s like taking candy from a baby and then eating the candy while the baby cries. 😤
He made it clear that this is exactly why crypto prices are crashing. Thanks, hackers! 🎉
According to CoinMarketCap, crypto’s total market cap is now sitting at $2.8 trillion, down from a juicy $3.62 trillion back in January 2025. Oof. 📉
And just to make it worse, after the hack — which, let’s be real, is the biggest crypto hack ever — crypto prices dropped like they were on a rollercoaster going downhill. But wait, there’s more! Macro uncertainty + investors losing faith in crypto = not good for the economy. 🙈
Bohdan Opryshko, COO at Everstake, also chimed in to say the hack made institutional stakers skedaddle from centralized platforms because, surprise, they actually care about cybersecurity. Who knew?!
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2025-03-01 00:11