Bybit-hack triggers debate about defi regulation: Experts warn of the dangers of centralization and demand cooperation for secure solutions

Von Krypto News Österreich

Bybit-Hack bringt DeFi-Regulierungsdebatte ins Zentrum der Aufmerksamkeit Die aktuellen Entwicklungen rund um den Bybit-Hack, der als der größte Krypto-Raub in der Geschichte eingestuft wird, haben eine grundlegende Debatte über die Regulierung dezentraler Finanztechnologien (DeFi) angestoßen. Experten sind sich einig, dass die Zusammenarbeit zwischen verschiedenen Akteuren der Schlüssel zur Schaffung eines Rahmens ist, der regulatorische Bedenken ernst nimmt, ohne das Potenzial dezentraler Technologien zu gefährden. Die Reaktionen auf den Bybit-Hack Nach dem Übergriff durch die Lazarus-Gruppe, bei dem über 1,4 Milliarden Dollar an Krypto-Assets entwendet wurden, wurde die anfängliche industrieübergreifende Zusammenarbeit zur Verhinderung des weiteren Abflusses der gestohlenen Gelder gelobt. Doch …
Bybit-hack brings Defi regulation debate to the center of attention The current developments around the Bybit hack, which is classified as the greatest crypto robbery in history, have initiated a fundamental debate about the regulation of decentralized financial technologies (DEFI). Experts agree that cooperation between different actors is the key to creating a framework that takes regulatory concerns seriously without endangering the potential of decentralized technologies. The reactions to the Bybit hack after the attack by the Lazarus Group, in which over $ 1.4 billion in crypto-assets were stolen, the initial cross-industrial cooperation to prevent the further drainage of the stolen funds was praised. But … (Symbolbild/KNAT)

Bybit-hack brings defi regulatory debate to the center of attention

The current developments related to the Bybit hack, which is classified as the greatest crypto robbery in history, have initiated a fundamental debate about the regulation of decentralized financial technologies (DEFI). Experts agree that cooperation between different actors is the key to creating a framework that takes regulatory concerns seriously without endangering the potential of decentralized technologies.

The reactions to the Bybit-hack

After the attack by the Lazarus Group, in which over $ 1.4 billion in crypto-assets were stolen, the initial cross-industrial cooperation to prevent the further drainage of the stolen funds was praised. However, the growing allegations of accusations of some platforms, especially decentralized providers, quickly led to controversy. Thorchain and Okx, a cryptocurrency exchange based in the Seychelles, were accused not to have been sufficiently against the hackers who tried to redirect the stolen funds.

supporters of decentralized protocols warn of censorship and changes in the code to meet regulatory requirements. They fear that this step undermines the basic principles of decentralization. Critics argue that regulatory authorities exceed their skills and try to apply existing financial regulations to a new, fundamental system.

excitement and regulatory measures

While Thorchain was confronted with violent feedback from the community, Okx had to endure noticeable pressure due to its activities in Europe. According to the allegation that the Dex aggregator from OKX was used to move stolen funds, the stock exchange confirmed the initiation of an investigation and announced the suspension of its Dex aggregator app. OKX justified this step with the need to implement further security updates to prevent misuse.

The situation illustrates a broader trend: regulatory institutions use rising measures such as the Ordinance on Markets for Crypto-Assets (Mica) to gain more control over the crypto sector. These developments show how willing regulatory authorities act against decentralized technologies that are perceived as beneficial for illegal activities.

security deficiencies and the pursuit of a balance

A central problem is the balance between security and compliance with the principles of decentralization and censor resistance. The Fallout from the Bybit hack has shown that not all members of the crypto community are loyal to the ideas of decentralization in times of crisis. Therefore, a common understanding of the various interests will be necessary to avoid future conflicts.

nanak nihal Singh Khalsa, co -founder of holonym, emphasizes that a solution should not require censorship or harmful forms of centralization. Nevertheless, he sees the intervention of the regulatory authorities as inevitable if the industry does not improve its security standards.

Andrei Grachev, managing partner of Falcon Finance, pleads for the cooperation of all stakeholders to establish decentralized risk framework. These should protect both users and protect the principles of open financial systems.

The influence of regulation on innovation

An argument that is often raised against the regulation of the Defi sphere is that it inhibits innovations. Opponents of censorship fear that regulatory measures could drive developments underground. However, an anonymous security advisor from the APEX Foundation points out that external regulatory influence is not fundamentally problematic as long as the values ​​of a project are preserved.

In order to clarify this point of view, he refers to the decisions of data protection -oriented services such as Protonmail and Tutanota, which rejected certain regulatory requirements that they considered incompatible with their mission.

conclusion: the need for collaboration

Overall, the crypto industry stands on a crossroads where it has the opportunity to demonstrate its ability to regulate self-regulation. The three experts agree that the cooperation is crucial to develop a framework that takes into account regulatory concerns without reducing the potential of decentralized technologies. The discussion about how this goal can be achieved will continue to be important, in particular against the background of the current challenges in the industry.