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The Establishment Strikes Back — Let’s hear your chorus again, CryptoBros. DeFi is the Future!
Well, it would appear that the future is suspect when you ask those with the power to shape a world in which DeFi struggles or thrives.
I’m talking about law enforcement here, Apes.
Recently, the FBI (yes, the Mar-a-Lago raiding, Hilary-exonerating, etc. FBI) is sounding the alarm about how insecure DeFi has been lately.
You mean to tell me that this public blockchain technology, one which underpins the likes of poocoin, a currency jokingly named after a dog, and cummies, that has been sold to us as uber-secure because of science is not actually robust from a cybersecurity standpoint? Go figure.
Crypto grew 200% in 2021. Jokes on them, because assets have stopped flowing into DeFi in 2022, all the while market cap is down 50% due to less than stellar performance.
The FBI’s argument is that while billions of USD worth of assets exist, there is little backing from any public goodwill or insurance policies. If there is a hack, a ponzi scheme, or a “bank run,” investors will lose their shirts without recourse.
That was the case earlier this year. In the first quarter, $1.3bn in DeFi assets were pillaged by nerds with computers.
“Investors” are literally just out the money with no hope of being made whole ever again without moving back in with their parents, further student loan forgiveness, or more stimmy checks from Joey B.
We know that DeFi is popular for laundering money. We know that many of these so-called exchanges are looking to skim from their user base and then sneak away in the night.
I wish I had a good analogy for wearing a jimmy hat with DeFi, but if you’re actually trying to protect yourself here, the only way to limit your exposure is abstinence.
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