After $10M Wanchain Bridge Hack, Charles Hoskinson Says Crypto Must Change

Summary

Charles Hoskinson discusses the Wanchain bridge hack on Cardano, arguing that bridge exploits are inevitable without zero-knowledge infrastructure. He highlights the need for ZK tech like Midnight, identity-based recovery systems, and wallet insurance to mature the crypto industry. Despite the hack, he remains optimistic about the second half of the year.

• Hoskinson reacts to the $10M exploit of Wanchain's Cardano-BNB bridge involving NIGHT tokens.
• He states that Cardano's high-assurance design makes it more resistant but not immune to hacks.
• He advocates for zero-knowledge systems (Midnight) to replace trust-based bridge models.
• He discusses the need for selective identity disclosure (Midnight passport) and non-reputability.
• He mentions ongoing discussions with Bermuda's insurance market about creating wallet and bridge insurance products.
• He believes these advancements are crucial for crypto to gain mainstream trust and adoption.
• Hoskinson expresses optimism that the crypto market is picking up after a difficult first half.