Crypto is not dangerous because it is decentralized.
It’s social layer is way more harmful.
In 2024 global crypto hacks topped $3 billion.
DeFi protocols alone lost $2.2 billion (much from exploits that could have been caught with basic safeguards). Rug pulls made up 26% of all crypto scams draining $1.1 billion.
Remember when FTX’s collapse erased $8 billion in user funds?
This was not because of decentralization,but because of unchecked internal fraud.
Africa now hosts over 50 million crypto users.
Adoption rates are growing over 1,200%.
But there is more to it:
→ 70% of African users lack formal investor protections.
→ Less than 10% of local crypto platforms meet compliance standards.
→ Many communities enter crypto seeking inclusion but get wiped out.
Decentralization removes intermediaries but it also removes safeguards.
Without ethical design, code becomes a weapon.
Without transparency, protocols become traps.
I’m not against crypto.
I’ve seen its potential to democratize finance.
But technology doesn’t serve people by default.
It has to be built that way.
If we want blockchain to lift emerging markets, we need systems that protect as fiercely as they innovate.
https://www.linkedin.com/in/kwidjim/
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