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Thursday, June 19, 2025
Crypto self-custody a fundamental human right but not risk-free: Community
The FTX debacle sparked an increase in calls for cryptocurrency self-management this week, which Binance CEO Changpeng Zhao described as a fundamental human right. However, some warn that choosing to keep digital assets to yourself still comes with risks.
Ethereum co-founder Vitalik Buterin highlight Decentralized finance (DeFi) and the ethos of self-management have gained popularity on Twitter this week, but they still come with risks. According to Ethereum co-founder Smart, bugs in his contract code are some of those risks. To avoid risk, Buterin also mentioned tips like keeping code simple, auditing, formal verification, and defense in depth.
Apart from smart contract bugs, posthumous cryptocurrency transfers also made headlines on social media. Bruce Fenton, an executive at broker Watchdog Capital, said: bring up Do some self-control tests, such as asking close relatives to retrieve their coins as if they were dead. According to Fenton, self-management is incomplete without an inheritance plan. “It’s not a gift for anyone,” he said. claimed.
Tom Dunleavy, a research analyst at crypto data platform Messari, brought the demand for self-management into the conversation.Analyst claimed Its self-management is “not desired by 95% of the population”.
Bankless is a meme, not reality
Dad, Grandma and your friend Joe don’t be your bank
They want some protection and backup
If you want people to use crypto, you need to figure out how to provide them
Tom Dunleavy (@dunleavy89) November 11, 2022
Dunleavy argued that onboarding billions of users requires safe, transparent, and trustworthy custodial practices, and most people want some form of protection and backup. I’m here.
Related: Contagion of FTX: Which companies were affected by the collapse of FTX?
Rumors surrounding former FTX CEO Sam Bankman-Fried continue to circulate as the aftermath of the FTX demise continues to be felt within the crypto community. Some claim it was filmed by an executive who was forced to stand in the throne. Separately, officials are preparing to fly Bankman-Fried to the United States for questioning, according to unnamed sources.
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