Wall Street won’t buy ‘trustless’ security promises

The article argues that crypto exchanges are failing to implement genuine security, instead engaging in "security theater" by focusing on optics like dashboards and reserve snapshots rather than robust internal controls. This performative security, driven by the need for rapid growth and user convenience, creates fragility that leads to substantial financial losses, as evidenced by billions stolen in 2025 and major exchange breaches. True security, according to the author, requires demonstrable proof of customer balance backing, strict internal rules for fund movement and access control, and rapid incident response capabilities. Simply showing assets is insufficient; transparency must be two-sided, with independent checks on liabilities and verifiable cryptographic methods. The article concludes that by 2026, "trust us" assurances will no longer suffice for users or institutional investors, who demand concrete evidence of enforced controls and resilience under stress.

(Source：CoinDesk)