After the $11m ransomware event at JBS, Biden had a serious conversation with Vladimir Putin. REvil, the gang pointed as the culprit and which has an office in Russia, went dark the next day.
REvil is actually a technology provider for many other gangs, who ended up in the lurch for their own activities. So these affiliates complained to – not kidding- the arbitration panel regulating the web’s darkest corner.
The Cybercriminal underground community has a regulating authority! It uses disciplinary procedures to reduce the risk for the overall community. Notably, it provides:
- Escrow services.
- Asset distribution/collection in case of a gang’s failure.
- Internal investigation and enforcement, with powers of restitution and/or disbarment.
- Rule-making and executive powers, aka two branches of government.
- A public blame mechanism, leading to promotion hindrance (that’s a U5/CRD, no?)
- This being said, arbitrations are NOT private, and discoveries & trade secrets spill into the public domain, which is a treasure trove for (real) enforcement services…
Can you believe that the worst of the worst of DeFi have their own FINRA-like regulator??? Now, why would the crypto-cult still proselytize that DeFi is humanity’s panacea if even the lawless need a regulating authority…?