In a Telegram post, crypto investigator ZachXBT said the hack has been “eye-opening,” showing how the industry is “unbelievably cooked” with hacks and exploits. The crypto sleuth said the industry may be unable to fix itself unless the government “forcibly passes regulations that hurt our entire industry.” The investigator shared that as he helped freeze funds related to the hack, he witnessed flaws with decentralized and centralized protocols.
This includes drug trafficking and migrant smuggling. Europol also said that more criminal schemes have emerged to steal crypto, NFTs and resources used to mine crypto. Related: Hacker breaks into AI crypto bot aixbt’s dashboard to snatch 55 ETHZachXBT says the Bybit hack shows how the industry is “cooked” The most recent high-profile criminal activity in the crypto space is the Bybit hack, which led to nearly $1.5 billion in losses.
The European Union Agency for Law Enforcement Cooperation (Europol) published a report explaining how artificial intelligence and crypto affected organized crime. In a threat assessment report on serious and organized crime, Europol stated that AI and crypto play a role in criminal efficiency.
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Author / Journalist: Cointelegraph by Ezra Reguerra
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