Technology and human vulnerabilities are a separate

Opinion: Andrey Sergeenkov, Researcher, Analyst and Writer

Crypto founders like great promises: banks of freedom of distributed financing, non -banks and brokers. Then a hack occurs. In some cases, billions of billions will disappear overnight.

On February 21, 2025, the North Korean Lazarus group stole $ 14 billion from BYBIT. They sent a phishing email to the staff by accessing Cold Wallet. After compromising on this account, we accessed BYBIT’s interface and replaced the multi -signing wallet contract with a malicious version. When BYBIT attempted a routine transmission, the hacker redirected with an address that controlled 499,000 ethers.

This is not just a human error. This was a design failure. The system that allows human elements to stolen $ 1 billion is not innovative.

People are not protected

In just 10 days, the hacker used Thorchain as the main channel to switch to 499,000 ETH into unable to track. Distributed exchanges handled $ 4.66 billion a week, but no protection against suspicious activities was implemented.

The encryption industry has created a system that cannot protect the user even after discovering theft. Some services actually benefited from this crime and collected millions of dollars of commissions by handling the washing of stolen funds.

Recent: Safewallet will release the BYBIT HACK post report.

In February 2025, investigators Zachxbt and Tanuki42 said that Coinbase users lost more than $ 300 million every year in social engineering attacks. Their reports showed that they stolen $ 65 million in phishing and other social manipulations in December 2024 and January 2025. According to the investigator, Coinbase did not deal with the security vulnerabilities known in the API key and verification system.

ZACHXBT has directly criticized the exchange of “useless customer support agents” and not reporting the stolen address to the blockchain monitoring tool, making it more difficult to track the stolen funds. One con artist even claimed that he had even made a rich user and made at least five people a week.

These are not isolated. The US Federal Investigation Bureau reported in 2023 that general encryption users lost more than $ 5.6 billion in fraud and social engineering drove more than half of these systems. Americans alone lose about $ 2 billion every year for human vulnerability attacks. Conservative estimates have more than 600 million encryption users worldwide, so in 2024, personal losses from social engineering led to $ 6 billion to $ 15 billion.

Barrier

The security issue is currently recognized as a major barrier to 37%of the world’s encryption users. On the other hand, the industry continues to promote high -risk speculative assets such as Memecoins, and the average user generally loses money while gaining internal interest.

Founders arousing financial freedom, but millions of real people will lose their savings through weakness. The industry refuses to solve it. They are symptoms of fundamental problems. The encryption builder selects marketing rather than security.

If a disaster occurs and the pressure on security failures, the encryption leader hides the “code” principle of the blockchain and provides a philosophical claim to his sovereignty and personal responsibility. The encryption industry likes to blame ordinary users. “Do not save the key online,” “Check the address before sending”, “Do not open a suspicious file.”

No one is safe

Even industry leaders are sacrificed to the same basic attack. In January 2024, Ripple’s co -founder, Chris Larsen, lost 223 million XRP (XRP) by storing a private key to an online password manager. Defiance Capital founder Arthur_0x has lost $ 1.6 million in the PHISHING PDF file to simply fail to fail.

These people are not naive beginners. They are creators and experts of the system that they can’t even protect. They know all the security rules, but the human elements are inevitable. What kind of opportunity can a general user have if even the system architect loses millions?

Knowledge of security rules does not provide complete protection because heat, stress, lack of sleep or emotional pain seriously affects decision -making ability. The attacker continues to test another approach to waiting for the moment when the user becomes vulnerable. They constantly develop their tactics to create more and more persuasive scenarios, impersonation and emergency situations.

Unchanging characteristics of blockchain transactions require less protection measures. If the user cannot make a mistake or theft, the system should be prevented in the beginning. True innovation means building a system that works for real humans, not theoretically perfect users. The bank has learned this lesson for centuries. The encryption builder must learn faster.

Instead, industry leaders seemed to have lost their contact with reality because of extreme wealth quickly. They bought PR stories, described them as geniuses, and began to see themselves as a visionary.

Behavior

Vitalik Buterin teaches the audience on voting in the election and polishes his declaration, while Justin Sun consumes $ 6.2 million in bananas for a “unique artistic experience,” and consists of $ 6.2 million for a “unique artistic experience.” This approach is fundamentally negative. It is not possible to claim the financial revolution while providing less security than the replacement system.

What technical shine is there in a system that allows users to theft and systematic frauds of billions of dollars? As a core function, true technology excellence includes protection of users from permanent financial losses. Financial systems that cannot secure user assets have not been technically developed and are fundamentally incomplete.

Now is the time to stop writing the declaration and to promote suspicious PR stunt designed to attract a wider and more vulnerable audience. Start a true protection that matches the risk level faced by the user. If ordinary people can’t use these systems without fear of immediate and permanent financial losses, the amount of blockchain innovation is not important.

More is just a reckless experiment on the cost of a user disguised as a revolution. This enriches founders and insiders, while ordinary people take all risks.

If the industry does not solve this problem, regulators will not like solutions. When the license is canceled and the operation is stopped, the philosophical claim of one’s sovereignty is not important.

This is the choice faced by Crypto Builders. Watch a true safe system that justifies your arguments for financial innovation, or when regulators convert “revolution technology” into other regulatory finance services. The clock is ticking.

Opinion: Andrey Sergeenkov, researcher, analyst and writer.

This article is for general information purposes and should not be considered legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.