CertiK CEO: Hack risks deterring Wall Street banks from moving trillions onto blockchain
By
Olivier Acuna
Pulled from the oven just right. Trustworthy, fact-dense, deeply satisfying.
Summary
Traditional financial institutions are preparing to move trillions of dollars of assets onto blockchain technology, but are being deterred by the high risk of hacks and exploits. According to CertiK CEO Ronghui Gu, while banks and legacy institutions want to participate in this migration, April was the worst month for DeFi in four years with exploits occurring on 27 out of 30 days, creating a significant barrier to institutional adoption of blockchain technology.
Key quotes
· 2 pulledRight now, more and more institutions are trying to move assets onchain.
They imagine that, let's say in 10 years, multiple trillion dollars — even tens of trillions of dollars — of assets are going to move onchain.
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