CakeDeFi CEO Julian Hosp released a revealing video about cryptocurrency platforms earlier today. In a one-minute video, Hosp explains why centralized platforms should not be trusted.
CakeDeFi CEO reveals shocking facts about crypto platforms
The famous CEO released a video titled ‘The Shocking Truth About Most Crypto Storage Providers’ today. In the one-minute video, Hosp explains the concept of cryptographic printing and why he believes not all custodians can be trusted.
Hosp’s explanation begins by asking users to imagine a scenario where Amazon Web Services (AWS) causes problems. “If AWS is causing problems, you should be able to leave that way,” Hosp says, snapping his fingers. “You need to be able to move on to something else right away. If you can’t do that, your hands are tied. You will be offline and you will be done. That’s what cryptographic pressure is,” he adds.
The Shocking Truth About most Cryptocurrency Custody Providers pic.twitter.com/7wEktJxsQA
— Dr. Julian Hosp (@julianhosp) May 4, 2023
Explaining the concept in more detail, Hosp explained that cryptographic printing came about when he went to Bitgo or Fireblocks, the two major US custodians, and started putting pressure on them. Hosp’s video hints that in such pressure situations, custodians can prevent users from accessing their wallets.
Hosp suggested that if users want to work with a custodian, they must have very valid cryptographic proof.
“I only trust this platform”
Hosp shared Levain Tech of a provider he personally trusts. Launched in 2022, Levain offers enterprises a secure gateway to DeFi products and services. It also enables them to manage it completely securely through self-surveillance technology with instant multi-chain access to DeFi protocols.
Not safe on Binance
In the meantime, judging from what Hosp said, let’s recall the Trust Wallet hack that occurred in April. The Binance-backed hot storage solution disclosed a vulnerability last month that resulted in a loss of $170,000. Accordingly, “new wallet addresses generated by the Browser Extension between 14-23 November 2022” were affected.
The breach resulted in two exploits resulting in a total loss of approximately $170,000. Nearly 500 vulnerable addresses were left with a balance of $88,000, according to the autopsy report. Affected users will be offered a refund and gas fee assistance to cover the costs of fund transfers.
1/10 Trust Wallet is built on security & trust. So we're sharing a vulnerability affecting new addresses created Nov 14-23,22 using the Browser Extension.
The issue is fixed. Most at-risk funds are secured. Affected users should take actions outlined:
➡️https://t.co/X9AEfqWW87— Trust Wallet (@TrustWallet) April 22, 2023
As Kriptokoin.com, we have included the details of the Trust Wallet hack attack in this article.
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