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The native chain of the crypto exchange Binance was suspended Thursday after an exploit led to millions of dollars of crypto being exposed.
The incident obviously sent shockwaves through the crypto world, but for me it also highlighted the dangers of decentralisation.
Don’t get me wrong. Decentralisation is arguably the single biggest pillar of everything upon which cryptocurrency is built. It is a concept which has a genuine chance to upend all that we know about finance, money and the economy at large. It can make the world a better place.
But the Binance incident highlights that in this early stage of cryptocurrency – let us not forget that Satoshi Nakamoto only wrote his Bitcoin whitepaper in 2008 – that decentralisation also poses some very real risks.
What happened with Binance and what has decentralisation got to do with it?
An attacker targeted the Binance chance late Thursday evening,
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