Some people were complaining about their missing savings on DEX, and it is painful because there is zero verification to trace the people in charge of that act. And if you may ask me, I will advise it is time DEX allows KYC or they should invest in a project like zkVerify and others, which are dedicated Layer-1 blockchains built specifically to handle zero-knowledge proof verification, providing a specialized environment that reduces the computational and cost burden on other blockchains. In short, this would reduce issues like that in the future.The interesting part is that one of the benefits of having such a project is having the chance to get to share 3 million worth of the project and many more, what do you think?
Solution to missing coins
- Thread starter amebocryp
- Start date
Crytononame
Senior Member
- Oct 24, 2024
- 804
- 442
Tell me, how would KYC help you if scammers stole money from your bank account?
User funds disappearing from a DEX can happen for two reasons: a scam or a hack. Even in these cases, you can trace the coin trail yourself. You don't even have to; there are plenty of crypto enthusiasts investigating hacks and maintaining wallet blacklists to prevent bad actors from cashing out stolen funds.
Banks don't have that. Your money vanishes forever, but hey, at least they have KYC. So why exactly is verification needed?
By the way, decentralized KYC has been around for several years in various forms, yet it hasn't caught on. Clearly, there's no market demand. Why? I think the reason is exactly what I just described