The Biden administration has pointed, with alarm, to the national security implications of both cybersecurity and cryptocurrency. It’s just a matter of time before the government begins worrying about their intersection—cryptocurrency security. All of the United States’ international adversaries are in the business of exploiting bad cybersecurity, and many of them monetize their exploits using cryptocurrency. There’s nothing more natural for North Korean state hackers, Russian organized crime, or partially privatized cyberspies in China and Iran than to steal cryptocurrency to finance their national security operations. They’ll find an open door; because, as bad as overall cybersecurity is, the security of cryptocurrency is worse. You only have to follow cryptocurrency news casually to be struck by the size and frequency of cryptocurrency security failures. That’s not your imagination, or press bias. Cryptocurrency really does have worse security than other digital technologies, and there’s a good chance it always will.
Read Stewart Baker explain why Web3, crypto, and blockchain companies are generally very reticent about updating and patching their crypto security in his opnion : Rethinking Responsible Disclosure for Cryptocurrency Security.
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