Comment by thereforegrin
7 hours ago
what kind of regulations would serve this particular scenario?
The hack is purely technical in nature.
This could have been the FED's system that got compromised and the response would have been the same.
Oh, no, sorry - it wouldn't because we wouldn't even know it happened as FED is fully opaque while crypto is quite transparent.
In that sense crypto is much more democratic because at least there's some ability for the public to audit it. With FED there's none.
Check out any regulated banks audit process for how to secure systems that touch money
> what kind of regulations would serve this particular scenario?
Separation of duties so more than one person is needed to create and then approve such transactions?