Crypto crimes are no excuse for taking away digital asset fungibility

The modern world has become too small for comfort. The truth is that technological advancement is a double-edged sword, which has the potential to enhance human lives drastically at many levels and disrupt them in the blink of an eye, shaping things on a global level to an extent yet not seen.

Even though we enjoy fast progress in crypto services and digital asset fields, constant security breaches and hacks pose a severe threat to market participants. The very essence of safety in the modern world is questioned. Therefore, it’s about time we clarify the complex topic of fungibility in the digital asset field.

How it all went downhill

Everything is online nowadays. We’ve been focusing on the future so hard that we’ve failed to recognize the point of no return. Back in the 90s, the internet was something of a miracle, an arcane original development. Today, in the mobile-driven social media age, we can hardly imagine our existence without the need to interact or communicate with somebody every two minutes.

Nowadays we see that Web 2.0. development is not only about benefits since many professionally organized criminal groups have generated an infamous wave of hacking attacks in the digital world. Mid-level companies are not the only ones faced with danger anymore — top brands are targeted by hackers to get millions in ransom, and even the most well-known crypto exchanges are affected. Media stars and politicians have also become victims of such unpleasant events, having experienced Twitter hacks earlier this summer, which proved to be a well-coordinated social-engineering attack.

Related: Crypto Twitter hack recap: A ‘wake up call’ for centralized platforms

Meanwhile, the emergence of cryptocurrencies and their slow but steady way to mainstream adoption has raised funds security questions. The advent of mobile internet resulted in the success of neo-banking among populations who previously weren’t able to get a checking account in euro or dollars —…

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