The FTX debacle sparked a wave of calls for crypto self-custody this week, including Binance CEO Changpeng Zhao calling it a “fundamental human right.” However, some caution that there are still risks if you hold your digital assets yourself. Ethereum co-founder Vitalik Buterin stressed on Twitter that while the spirit of decentralized finance and self-government was popular this week, there are still risks. According to the Ethereum co-founder, errors in intelligent contract code are some of those risks. To avoid them, Buterin also mentioned tips like keeping code simple, auditing, formal verification and defense in depth.
According to Dunleavy, onboarding billions of users requires secure, transparent, and trusted oversight work, and he argued that most people want security and backup measures.
As the aftershock of the FTX collapse continues to be felt in the crypto community, rumors surrounding former FTX CEO Sam Bankman-Fried circulate. On Twitter, some claim the embattled executive filmed a master class on trading that was due to be released in December. That said, anonymous sources say authorities are preparing to bring Bankman-Fried to the United States for questioning.
