Sam Bankman-Fried, founder of crypto exchange FTX, shared his views on crypto regulations.
There were over $3 billion in hacking attacks from the crypto industry this year, which is set as a hacking record. Especially in the last 2 months, intense crypto attacks have been carried out. Sam Bankman-Fried also shared his thoughts on crypto regulations, with particular emphasis on security.
Sam Bankman-Fried Aims To Reduce Crypto Attacks
Sam Bankman-Fried outlined a framework to limit the impact of attacks and exploits that plague the industry, including limiting the maximum reward for attackers to $5 million.
Bankman-Fried, co-founder of digital asset exchange FTX, suggested in a blog post what he calls the “5-5 standard”, in which hackers hold 5 percent of the amount they take from a protocol, or $5 million, whichever.
5) Second, we need something to reduce the impact of security breaches and hacks in crypto.
One way we could do that is with a community standard that required attackers to return the vast majority of assets and prioritize customer protection, in return for settling the dispute.
— SBF (@SBF_FTX) October 19, 2022
Other important conditions are that customers must be integrated and the hacker acts in good faith, intends to cooperate fully and return most of the assets.
According to Chainalysis data, over $800 million in cryptocurrencies have been stolen from DeFi protocols in 11 different attacks so far this month.
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