Needed: A massive education project to fight hacks and scams
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Scams are shattering mainstream confidence in crypto, perhaps irreparably. A large-scale, coordinated education initiative can help ensure that they don’t.
The common narrative around the prevailing threats to mainstream adoption of cryptocurrencies is that regulators will put the kibosh on their legality, it has to get much easier for “ordinary” people to use, and the magnitude of its volatility has to be tempered.
All of these are true. But there’s something perhaps just as consequential: scams, hacks, fraudulent exchanges, dumps and the like. Why? Every attack leaves a scar. And the scars are mounting fast.
According to a study by Chainalysis, scammers got away with $14 billion worth of crypto in 2021, which represents hundreds of thousands — maybe millions — of victims in a community where every negative experience has a voice in an echo chamber.
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