The encounter of fate, no one knows what the cause is, so everyone is curious
In response to the recent data outage experienced by CrowdStrike, Chiagozie Iwu, a blockchain researcher and former CEO of Naijacrypto, provided insights on how blockchain outages can affect crypto companies and offered suggestions for mitigating the associated risks.
Iwu noted in an interview that blockchain-native companies, operating on decentralized networks, are inherently more resilient to such outages, “For blockchain-native companies, they have nothing to worry about because the node-based decentralized element mitigates this risk.”
However, he warned that centralized crypto platforms could be vulnerable to similar issues in the future. He suggested that institutions could start considering decentralized cloud-based architectures, such as the Internet Computer (DFINITY), to enhance their resilience.
Olumide Adesina, an analyst at Quantum Economics, said the incident also supports the viability of blockchain as an alternative to traditional IT systems.
Speaking about the potential regulatory challenges posed by the CrowdStrike incident, Iwu was skeptical about immediate large-scale regulatory reforms. He believes that the recent cybersecurity incident is unlikely to lead to major regulatory changes because it is not serious enough to require such a response. Existing regulations, data backup and processing requirements already address cybersecurity concerns, reducing the need for new regulatory changes.
However, a significant concern is the potential impact on crypto companies’ trading activities and revenue streams. Iwu highlighted these risks, noting that missed transactions or improper financial positions could result in financial losses. To mitigate the risks associated with a CrowdStrike data outage, Iwu recommended that crypto companies consider alternative endpoint security solutions to CrowdStrike and implement additional layers of security.
The Arkham team has created a data board, listing the 10 most richest people holding cryptocurrencies (only the relevant address data marked by Arkham only). The first five are as follows:
Sun Yuchen (about $ 1.1 billion); Rain Lohmus ($ 793 million); Vitalik Buterin ($ 782 million); Stefan Thomas ($ 452 million); James Fickel ($ 446 million).