Secure onchain UI would have prevented Bybit hack — Dfinity founder

Dominic Williams, the laminitis and main idiosyncratic astatine the Dfinity Foundation — a nonprofit enactment that maintains and facilitates the improvement of the Internet Computer Protocol (ICP) — precocious told Cointelegraph that applications should beryllium afloat onchain to forestall the idiosyncratic interface compromise seen successful the caller Bybit hack.

According to Williams, astir decentralized applications and blockchain projects presently diagnostic onchain tokenomics but trust connected centralized web platforms, specified arsenic Amazon Web Services, for their infrastructure — which makes these applications and projects susceptible to centralized information breaches. The Dfinity laminitis told Cointelegraph:

"The full constituent of moving bundle connected the blockchain is it guarantees that the written logic volition tally against the close onchain data. And you don't get those guarantees with accepted accusation technology."

“As an industry, we’ve mislaid our way. We started calling things onchain, which are built connected Amazon Web Services, due to the fact that they’ve got an associated token,” the laminitis continued.

Williams added that immoderate codification updates to a task oregon level should beryllium updated via a decentralized autonomous enactment (DAO) and taxable to assemblage reappraisal alternatively than a azygous developer pushing code.

The Internet Computer Protocol hosts full applications onchain done astute contracts to guarantee information integrity adjacent during upgrades. Source: Internet Computer Protocol

Related: Inside the Lazarus Group wealth laundering strategy

The economical interaction of centralized information breaches connected crypto

The Dfinity main idiosyncratic past turned his attraction to the fiscal interaction of the $1.4 cardinal Bybit hack connected the crypto markets.

Williams said that the state-sponsored Lazarus Hacker radical is adept astatine laundering money and that this wealth would beryllium siphoned from the crypto markets and into different sectors of the system — ne'er to beryllium seen again.

“This is yet 1 of the reasons that prices are crashing today,” the Dfinity laminitis added.

The full cryptocurrency marketplace headdress took a nosedive pursuing the caller Bybit hack and macroeconomic uncertainty. Source: CoinMarketCap

According to information from CoinMarketCap, the full crypto marketplace capitalization is presently $2.8 trillion — down from a precocious of astir $3.62 trillion recorded successful January 2025.

Crypto prices declined sharply pursuing the Bybit hack — the single largest crypto hack successful history — amid macroeconomic uncertainty and eroding capitalist assurance successful the nascent plus sector.

Bohdan Opryshko, Everstake’s main operating officer, besides told Cointelegraph that the Bybit hack had prompted organization stakers to migrate from centralized platforms implicit cybersecurity fears.

Magazine: Most DePIN projects hardly adjacent usage blockchain: True oregon false?