A decade has passed since the infamous hack of major exchange Mt. Gox. The exchange’s subsequent collapse lost 7% of all bitcoin at the time — the equivalent of approximately 45 billion dollars today. It was one of the first events to threaten the very existence of the crypto ecosystem, but certainly not the last.

The industry hasn’t learnt from this catastrophe — rather quite the opposite. 

We’ve seen plenty more similar incidents in recent years. In 2023 alone, the industry suffered losses exceeding $1.8 billion due to hacks. Large platforms like Binance have given in to pressure from institutional players when it comes to holding assets with independent custodians, but not…

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