The Winklevoss twins, Cameron and Tyler, recently spoke at the SXSW Conference where they shared their thoughts about all things Bitcoin (BTC) and the importance of regulation in the crypto industry.
Elaborating on why crypto regulation is so important for the space, the billionaire brothers brought up 2 separate incidents in which substantial amounts of crypto were lost.
The first example was the infamous Mt. Gox exchange hack of 2014, in which about 740,000 bitcoins were lost, with only around 200,000 recovered since. The second incident was the QuadrigaCX debacle, in which a Canadian crypto exchange lost roughly $140 million worth of crypto after the death of its CEO, who had sole possession of the exchange’s private keys.
Regulatory Oversight Is Needed
According to Tyler Winklevoss, co-founder of leading cryptocurrency trading platform Gemini, a giant problem surrounding Bitcoin and the crypto industry is the lack of regulatory oversight and internal control of the…