Binance's new US stock feature got banned in mainland China due to regulatory issues in less than 24 hours.
I was just about to buy $10,000 worth of NBIS.
But then a warning popup appeared, saying I couldn't buy due to compliance issues. What's the reason behind this?
A few days ago, while performing a security audit on on-chain contracts, I habitually scanned the admin rights (Admin Key) of major DeFi protocols. Amid this wave of full-chain aggregation hype, everyone is going crazy for @GeniusOfficial . It truly has exceptional coding capabilities that bridge the liquidity of seven major public chains. Retail investors only need to hold $GENIUS tokens to execute a one-click cross-chain transfer at lightning speed. This #genius -level experience, which hides complex logic in the background, significantly lowers the entry barrier for newbies.
But! As a veteran who has reviewed countless hacked contracts on the front lines, I must expose the ultimate security black hole beneath this 'super router.' Achieving interoperability across seven chains means there’s a 'super smart contract' at the base that can mobilize assets from all major public chains simultaneously. And the upgrade and control rights of this contract are often held in a 3/5 or 4/7 multi-signature wallet controlled by the project team.
In the dark forest of blockchain, this centralized multi-signature acts like a nuclear switch. If the private keys of these core developers are phished or stolen, or if the internal team turns rogue, hackers won’t need to attack complex cross-chain bridges; they can simply use multi-signature permissions to alter the routing contract and instantly drain all authorized retail funds across the seven chains!
Until the highest authority of the routing contract is fully transferred to a decentralized DAO or time lock, this full-chain terminal is just a massive trust blind box. I would never grant it unlimited authorization using my main wallet. Friends, entrusting your life savings to a few developers' private keys— is that technological innovation or a guillotine hanging over your head?
@GeniusOfficial #genius $GENIUS
I was just about to buy $10,000 worth of NBIS.
But then a warning popup appeared, saying I couldn't buy due to compliance issues. What's the reason behind this?
A few days ago, while performing a security audit on on-chain contracts, I habitually scanned the admin rights (Admin Key) of major DeFi protocols. Amid this wave of full-chain aggregation hype, everyone is going crazy for @GeniusOfficial . It truly has exceptional coding capabilities that bridge the liquidity of seven major public chains. Retail investors only need to hold $GENIUS tokens to execute a one-click cross-chain transfer at lightning speed. This #genius -level experience, which hides complex logic in the background, significantly lowers the entry barrier for newbies.
But! As a veteran who has reviewed countless hacked contracts on the front lines, I must expose the ultimate security black hole beneath this 'super router.' Achieving interoperability across seven chains means there’s a 'super smart contract' at the base that can mobilize assets from all major public chains simultaneously. And the upgrade and control rights of this contract are often held in a 3/5 or 4/7 multi-signature wallet controlled by the project team.
In the dark forest of blockchain, this centralized multi-signature acts like a nuclear switch. If the private keys of these core developers are phished or stolen, or if the internal team turns rogue, hackers won’t need to attack complex cross-chain bridges; they can simply use multi-signature permissions to alter the routing contract and instantly drain all authorized retail funds across the seven chains!
Until the highest authority of the routing contract is fully transferred to a decentralized DAO or time lock, this full-chain terminal is just a massive trust blind box. I would never grant it unlimited authorization using my main wallet. Friends, entrusting your life savings to a few developers' private keys— is that technological innovation or a guillotine hanging over your head?
@GeniusOfficial #genius $GENIUS