“Most blockchain infrastructure was originally built for a single-user, single-key model, one private key controls everything, and if that key is lost or stolen, all the assets are gone instantly. This goes against the basic security principles that traditional finance has relied on for decades: more than one person approving, separation of duties, and several layers of defense,” Wu told CoinDesk.

In a way, the system built to revolutionize global finance has weaker security than a typical email account.

Wu added that the number of routes through which an attack can be launched has increased significantly. “Cloud systems, third-party tools, social media accounts, and the people operating them, all of these can become a way in.”

Both Wu and…