Vitalik Buterin emphasizes survival over expansion for crypto firms

Ethereum founder Vitalik Buterin highlighted the need for improved security standards as the cryptocurrency industry's primary survival strategy following recent security incidents. In an interview on Nov. 5, Buterin noted that while flaws in smart contracts have decreased, major breaches in the past year and a half have primarily involved user interfaces and centralized infrastructure. He stated that the key focus for companies in the next two years should be survival rather than aggressive expansion. Buterin recommended that major exchanges and custodians transition core operating processes from centralized servers to advanced onchain smart contract infrastructure to enhance security. He cautioned that business models prioritizing leverage and short-term efficiency at the expense of security could lead to stringent accountability measures from regulators.

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