The ups and downs that the cryptocurrency market is experiencing after the bankruptcy declaration of FTX and the alleged acquisition of Binance have caused the digital financial need to quite convulsed. To get a fair idea of bitcoin trading visit this site.
On the other hand, the position of the followers of cryptocurrencies about the possible solution of the theft of digital currencies through a system of rewards for hackers is attracting the attention of many.
Recently we have seen how the minds filtered to illegally steal partial funds from a specific protocol find the idea of returning the balances in Exchange for a small part of the stolen loot attractive.
Some of the most notorious cases of this fund recovery strategy are the Team Finance and Mango Markets which suffered an exploit for around 130 million dollars.
Both decentralized finance organizations are searching for a consensus where the parties involved, both users, platform creators, and hackers, can benefit.
From Black Hatters to White Hats
The prevailing need of the players in the crypto assets market to purge what the global network of possible hackers represents is promoting good customs and practices in this industry where copying protocols seem to be the most common way of leaving without funds to exchange platforms.
Although it seems crazy to consider cryptocurrency hackers as possible elements that could contribute to the stability of the crypto ecosystem, after the transition in an ideal world, where the illicitly stolen digital currency units were finally returned, it would become the perfect solution to stabilize the market against possible hacks.
It is relevant to consider that on many occasions, what these types of practices have achieved is to destabilize the digital financial market. Therefore, the companies and investors who, at a particular moment, decided to allocate their savings to see their capital grow are disappointed, and the environment is contaminated.
For Exchanges, it is much more practical to take justice into their own hands by offering this type of option where hackers go from being black hatters to White hats after keeping a portion of the money taken since if the authorities are in charge of giving justice, the time will be eternal. Then the recovery of the funds and the prosecution of the authors becomes cumbersome.
Once a hacker steals several digital assets, he runs the risk of being traced and unable to use the illegally obtained cryptocurrencies, which is not at all acceptable.
With this recovery strategy, malicious users can use the fraction of capital as a reward for the return of the global fund, thus achieving decentralized network cleanup.
The legal complications involved in revealing the identity of the author of a crypto robbery are pretty complex, representing a double-edged sword for hackers when making their identity public.
Opinions that Disagree with the Strategy
Just as some people favor this new proposal for the recovery of funds that have been hacked, there is also a counterpart who assumes that they disagree with this type of measure.
The blockchain technology that supports the operations carried out through cryptocurrencies has proven to have a level of security and trust that allows the decentralized digital financial system to operate successfully.
It is there where a complication could be generated on a larger scale because hackers are being given a benefit that undermines the ethical criteria that support the digital financial market, investing in a particular way behavior that is not correct and is also illegal.
The level of tolerance that specific platforms have shown in the face of possible massive theft of digital currencies is a behavior that only supports piracy that, over time, could become a crack that would end the finance project of the future.
Many analysts evaluate the proposal and conclude that a hacker who returns the stolen funds is not a healthy practice; it rewards the one who does an illegal act simply for the kindness of producing what he violated at a time.
Unfortunately, the cryptocurrency market has been violated on several occasions before, these being specific cases due to the proportion of capital that has been infringed, but either by the justice of the security agencies or by what is decided to be established by the Exchange, the primary purpose is to put an end to the hacking of digital currencies.