Many in the industry have no incentive to develop with security in mind. Coinbase, which has a strong background in cyber security, is trying to lead by example with its new Base blockchain by building an open-source monitoring tool called Pessimism into the blockchain itself. More broadly, Martin hopes that the cryptocurrency industry will emulate Microsoft, which is known to have moved to a security-by-design approach following the release of Windows 7 in 2009.

The cryptocurrency industry may not have a choice if it wants to evolve and be taken seriously. I recently wrote about an embarrassing incident where a securities firm ironically named Fortress allowed itself to be robbed, and how it was just the latest in a long line of careless behaviour that has made cryptocurrencies a household word for hacking. It also doesn’t help that the most formidable threats are not malcontents, but a nation state – North Korea – and organised crime groups in Eastern Europe. No wonder companies are being robbed every week.

The news isn’t all bad, however. Martin rightly points out that smart contracts are barely five years old and that the basic security elements to support them are still being developed. It’s also good to see that major cryptocurrency companies that are fierce competitors, including Coinbase and Binance, are regularly helping each other when it comes to exposing and stopping hackers.

However, Martin believes the industry needs to move faster and, in his words, “act like adults.” And he’s right about that. Each new breach is another blow to the industry’s already shaken reputation, and if the cryptocurrency boom is to continue, it must be built on a new ethic that values security as much as it values getting rich quick.