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Vitalik Buterin Calls For Adoption of Social Recovery Wallets to Fight Crypto Theft

Amy Liu

Summary: Ethereum’s Vitalik Buterin revealed his thoughts on solving the problem of crypto-wallet security. The crypto economy is in need of better security for wallets. Many exchanges now keep a lower percentage of funds in less secure hot wallets, the Chainalysis team found. To date, wallet security exploits have resulted in losses amounting to millions of ...

Ethereum’s Vitalik Buterin revealed his thoughts on solving the problem of crypto-wallet security. The crypto economy is in need of better security for wallets. Many exchanges now keep a lower percentage of funds in less secure hot wallets, the Chainalysis team found. To date, wallet security exploits have resulted in losses amounting to millions of dollars, which many believe hinders mainstream crypto adoption. Buterin called for a need to “treat smart contract wallets as first-class citizens” and saw it as an important step toward adoption. 

By Amy Liu

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