It’s hardly an exaggeration to say that our industry is facing tough times. We’ve been in the midst of a “crypto winter” for some time now, with the prices of mainstays, including Bitcoin (BTC) and Ether (ETH), tumbling. Likewise, monthly nonfungible token (NFT) trading volumes have fallen more than 90% since their multibillion dollar peak back in January of this year. Of course, these declines have only been exacerbated by the numerous black swan events rocking the crypto world, such as the FTX and Three Arrows Capital meltdowns. Taken together, it shouldn’t be a surprise that crypto is facing a trust deficit.
While the destructive actions of reckless CEOs must be addressed and the individuals responsible for these events must be held accountable, our industry cannot stop there if we are to rebound. To address the trust deficit that crypto faces, better security for the end user against the threat of scams and hacks must be a priority.