According to a Chainalysis study, scammers took $14 billion in cryptocurrencies in 2021, representing hundreds of thousands – perhaps millions – of victims in a community where every negative experience has a voice in an echo chamber.
Unfortunately, the likelihood of virtually every cryptocurrency trader and/or user today being a victim is quite high. (Even Vitalik Buterin, co-founder of Ethereum, was a victim of a scam, which is described in the book The Cryptopians.) The bad guys are just that good. Now imagine that these scams are real, and thousands of others, repeated over and over again – 24/7.
Web3 is still in its infancy. Perceptions, attitudes and behaviors forged today are likely to have a material impact for decades to come, such as the great reception that some web3 protocols like Ocean Protocol or Tea have received.
If venture capitalists can raise billions to fund new projects and protocols, the community can certainly come together to make a massive statement about how it is collectively looking out for the welfare and best interests of the people it hopes to engage.
The Crypto With Confidence project will not only accelerate best practices in security, it will help mitigate a central argument of regulators: consumers and investors cannot protect themselves.
Yes, the pursuit of new safeguards and innovative security features is justified and welcome. But it is not enough.