A recent study from Stanford University proposes the adoption of opt-in “reversible transactions” for use in cases of cryptocurrency hacks and theft – an idea that has sparked heated debate in the online crypto community. In a Sunday tweet, Stanford University blockchain researcher Kaili Wang shared a summary of the reversible token idea and linked back to her and her colleague’s study. She said the idea is not a finished concept but a “proposal to provoke discussion and even better solutions from the blockchain community.” Indeed, the Tweet did provoke discussions, garnering over 1,000 retweets and a winding thread of over 700 replies, as of press time. Notable commentators included Emin Gün Sirer, the founder of Ava Labs and cofounder and chief executive officer at Avalanche; as well as Brent Xu, the cross-chain Defi hub Umee founder, showing interest in the idea. Cryptocurrency is an attractive target for cybercriminals because of its fast and immutable transactions, with funds able to be moved anonymously within seconds.
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