Bloomberg: The Binance hacking incident has prompted reflection in the cryptocurrency industry, which may reintroduce trading delays and other Wall Street risk control mechanisms

According to Bloomberg, the Binance hacking incident is prompting the cryptocurrency industry to re-examine its long-held decentralized philosophy, as well as the transaction review, settlement delays, and fund intervention mechanisms in the traditional financial system.

As the cryptocurrency industry seeks to enter the mainstream financial market in the United States, some institutional investors are beginning to reconsider Wall Street's financial risk control mechanisms. In traditional finance, banks, payment networks, and clearing institutions can review suspicious transactions during the fund transfer process and can suspend fund flows under certain circumstances.

Third Eye CEO Tian Zeng stated that he hopes the settlement time can be shortened from the traditional financial T+1 day to T+1 hour, by appropriately extending the settlement time and increasing review steps, thereby reducing hackers' ability to quickly transfer funds.

FalconX Co-Head of Markets Joshua Lim pointed out that as more institutions enter the cryptocurrency market, the client structure is changing, and some institutions are no longer willing to fully accept the risks associated with irreversible transactions. As the cryptocurrency industry further integrates with traditional finance, how to balance transaction efficiency, decentralization, and fund security will become a problem that the industry must face.