Should Big Cryptocrime Sow Doubt in Crypto’s Safety?

 

The Feds just seized nearly $3.4 billion in stolen bitcoin from a cryptothief. This is clearly bad news for that thief, but it also begs the question: Is this a PR problem for the crypto industry? If you can steal billions in crypto assets, is the decentralized infrastructure really all that safe for companies to engage with? Should companies expect cryptocrime on their decentralized ledger of choice?

Crypto Explainer-in-Chief, Columbia Business School adjunct professor, and author of Re-Architecting Trust: the Curse of History and the Crypto Cure for Money, Markets and Platforms, Omid Malekan, says: take a pause. Don’t let cryptocrime deter you from seeing the value (and safety wins!) in decentralized finance.

Omid’s Thoughts

“Everyone’s heard the cliche that crypto is an enabler of illicit activity, and if all you do is read headlines like the one today that the Justice Department just recovered billions of dollars worth of stolen Bitcoin, then you might think that it’s true. But if you read past the headlines and look at the sophisticated tools that the government has developed to take advantage of unique features of crypto, like total transparency of every transaction, then you’ll see that increasingly.

It’s foolish to try to use Bitcoin for illicit activity because in many ways it’s easier for law enforcement to, quote unquote, ‘follow the money’ on the blockchain than it is through the traditional banking system. Project this forward a few years, assume that the government, with the help of private companies, will keep improving its ability to trace illicit activity through crypto, and it’s not unreasonable to assume that criminals will be more likely to use the existing banking system where trillions of dollars still get laundered every year, and the opacity makes it hard for the governments to stop.”

Follow us on social media for the latest updates in B2B!

Latest

Thanksgiving holiday weekend
Thanksgiving Holiday Weekend Proved the Omnichannel Customer Has Fully Matured
December 2, 2022

Now widely reported, last weekend’s Black Friday and Cyber Monday sales were record-breaking on all accounts. Nearly 200 million customers hit physical retail stores over the Thanksgiving holiday weekend according to NRF, a feat all of its own and a validation of the brick & mortar store in an age of omnichannel sales strategy. […]

Read More
travel and hospitality
Consumers Seek More Value from Travel and Hospitality
December 2, 2022

A recent report from PwC suggests that revenue for hotels will continue to go up over the coming months. This is great news for hoteliers who survived the 2020 pandemic and are looking to recoup costs. What’s more, studies also suggest that customers are happy to pay for these increased prices, even at inflated rates. […]

Read More
Colorado healthcare incentives
Are Colorado’s Crafty Healthcare Incentives an Effective Strategy to Lower State Care Costs?
December 2, 2022

Colorado has some of the most expensive healthcare in the U.S., which already spends more than any other country on administering healthcare. Some studies place it in the top half of most expensive states for care in the U.S., while others place it in the top 10. In 2018, for example, Colorado’s average price per […]

Read More