Ethereum co-founder Vitalik Buterin has warned crypto executives to switch focus to collective security and survival rather than competition between platforms. This follows multiple hacks that drained billions from the market and crushed traders’ sentiment.
<h2 id="h-industry-leaders-stress-need-for-stronger-security" class="wp-block-heading">Industry Leaders Stress Need For Stronger Security</h2>
In an interview with MoneyControl, Buterin urged crypto executives to focus on protecting user assets as a collective, as that could shape how regulators approach the sector. The next couple of years are key, as frameworks are still expected in several jurisdictions.
Digital asset firms, particularly centralized exchanges, have focused on gaining a larger share of the market cap, onboarding more users, etc but this buzz around gains leaves room for bad actors. For Buterin, the actions in the next couple of years will determine the long-term roadmap.
Most crypto users agreed with the Ethereum executive because, without asset safety, centralized exchanges will see capital exodus and more backing from traditional finance firms.&nbsp;
Recently, several crypto companies were hacked, including Binance, the largest centralized exchange by trading volume. Bad actors flagged in North Korea <a href="https://zycrypto.com/as-binance-battles-6-3b-hack-fallout-coinbase-reveals-99-of-customer-crypto-assets-are-in-cold-storage/" rel="noopener noreferrer nofollow">drained $6 billion</a>; although large parts were recovered, it still remains the largest crypto hack of all time.&nbsp;
This week, Brazil’s largest exchange, Mercado, also suffered a breach that temporarily suspended trading. In a nutshell, these losses could prompt regulators to tighten requirements, setting the sector back.
Previously, regulators in the US and Europe often cited investor-protection concerns to delay major developments that would open the sector to traditional capital. Notably, spot crypto ETFs are a top example, although things changed after the White House backed the move following President Trump’s election win.
Buterin also added that recent attacks now target user interfaces and centralized components rather than smart contracts. He called for more operations to move on-chain, citing Binance Smart Chain and others.
“One good decision that Binance made is that they also launched Binance Smart Chain. They also benefit from the fact that if you do things with contracts on-chain, you can have very high levels of security. I am expecting we’re going to see more moves in that direction.”
On Ethereum security, Buterin and developers rolled out a roadmap to protect assets <a href="https://zycrypto.com/vitalik-buterin-says-ethereum-is-entering-a-new-quantum-safe-era/" rel="noopener noreferrer nofollow">ahead of Q-Day</a>. The network is lauded for taking early steps ahead of others as supercomputers get more powerful.

Crypto’s Next Two Years Should Be About Survival, Not Competition: Vitalik Buterin

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