The biggest problem with game research is that they have no teeth. Twitter threads or blog posts in which crypto-sleuths disclose their findings are only good for warning potential victims or scammers. The hope is that people will care enough about their history to fix it. This was the case with Divergence Ventures, as well as in the past with the NFT OpenSea market, which in September was found to be at risk of “insider trading” after Twitter user criticized their leader for keeping NFTs and artists who were about to be shown on the OpenSea homepage, thus benefiting from the rise of hype. The head of the drug was forced to resign.
But if shame does not change quickly, there is little that one can do. Many of the behaviors that crypto-sleuths reveal occur without control. “Internal trading has a real meaning – the use of non-personally identifiable information in trading in the stock market,” says Nick Price, a crypto-asset analyst at law firm Osborne Clarke. “These signals are not objects and components. NFTs are not controlled, so they are not internal trade.”
Fraud cases, such as crypto theft or bribery fraud, can be reported to the police, Price says. But he says the amount of analysis that comes from cryptocurrency groups, as well as the type of information that can be shared with many people, “has never happened”. For example, in October users of the DeFi protocol Indexed Finance he said revealed the man who stole $ 16 million from the networks – although negotiations with the burglar to recover the money have not ended. The group is trying to “inform the authorities who have power over the attack,” according to a recent Twitter post.
An open blockchain book is a great opportunity for finding flaws. “It leaves a better way to calculate than in other areas,” says Price. “There is a lot of information for people who are interested in technical research.”
That said, there are risks in relying on anonymous Twitter accounts to keep dangerous, high-profile sites online. In May, @WARONRUGS, A Twitter-based moderator who made a name for himself as a firefighter, says he fled with approximately $ 500,000 in crypto stolen. While eliminating the worst forms of infidelity, some worry that the Internet-based approach is the most common form of harassment. Mitchell Amador, founder of Immunefi – a company that sells “bug bounty” among hackers and makers of DeFi – has denounced what he calls a “mob” and referred to the Twitter violence that erupted at Harris, a young Divergence Ventures employee who took action. run the bag used to run the airdrop operation. Harris, who is still a college student, came across several abusive, abusive, and abusive tweets. Divergence Ventures said they could not comment on the company’s actions, but Harris deleted his Twitter account and remained silent on TV.
Gabagool admits there is a “bad side” of police and Twitter. “I think, for some people, it reminds them of ‘cultural restraint’. But that was not my intention,” he said. And I can’t guarantee that the alternative will be to the benefit of the community, ”he says.
It may be too late to avoid this. In September, the US Securities and Exchange Commission launched research at Uniswap Labs, the maker of DeFi exchange Uniswap. SEC chairman Gary Gensler said some DeFi protocols could be in place according to safety rules.
“The question is, do we use an open system that people have created for themselves? Or do we use a long arm of government?” Amador says. “In any case, we will have other types of laws – there is no doubt about the consequences. At the moment, we are still in the process of changing.”
Some of the Best WIRED Stories