Crypto Hackers Face The Courts | Bloomberg Crypto
February 9, 2023
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17:28Now PlayingCrypto Hackers Face The Courts | Bloomberg Crypto
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as posted by the channelOne of the more interesting phrases used by folks in crypto is this one: “code is law.” Think of it this way. Under the idea that “code is law”, what governs whether something - say a transaction - is valid or not isn’t the whims or caprices of any individual. Instead, what determines whether something is acceptable, permissible, or appropriate is what’s written into the software that enabled that transaction in the first place. It is another way of thinking about the so-called immutability of the blockchain - if the blockchain says it, then that’s what’s going to remain.
Sounds logical, right? But what happens when the code doesn’t do what you were expecting it to do or when someone exploits loopholes in the logic of the software for their own personal financial gain? These questions are at the crux of today’s episode, that will review an interesting precedent set by a crypto trader named Avraham Eisenberg, who exploited the “idea of code is law” for millions of dollars and then was arrested and charged () with fraud. Bloomberg reporter Muyao Shen () and Bloomberg Law correspondent Matthew Bultman () join this episode to discuss.
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This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer: Desta Wondirad.
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Crypto is the world's hottest financial trend. Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it's another financial house of cards. No newsroom on the planet is better equipped than Bloomberg to cut through all the noise and provide clarity, context and authority.
In this new daily podcast, Bloomberg’s reporting team will tease out what’s actually important in the crypto conversation. Led by crypto expert Stacy-Marie Ishmael, the podcast will draw on reporters in every region and credible voices in the industry to cover everything from regulation to alt coins to DeFi, and even the environmental impact of the currency that promises to change the finance landscape indefinitely.
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