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Blockchain Justice: Exchanges as the gatekeepers of Web3

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The following is a guest post by Rodolfo José Santos, a crypto tax and lawyer at FS Legal.

In the fast-paced world of cryptocurrencies, where fortunes are made and lost in the blink of an eye, one investor’s simple mistake last month brought to light a crucial discussion about justice in the burgeoning Web3 ecosystem.

With a single errant click on Google, this crypto enthusiast inadvertently lost a staggering $1 million worth of digital assets. Sadly, such stories have become all too common in the crypto realm. But the story of this particular individual and my background in law spurred me to contemplate the concept of justice within this digital frontier.

In the traditional legal world, justice is a guiding principle that ensures individuals and corporations are held accountable for their actions. What’s right is right, and what’s wrong should be corrected through the justice mechanisms. This principle, they argue, should also extend to the Web3 ecosystem.

The idea of justice in Web3 gains traction when we see headlines like “Binance Creates Smart Contract to Refund Users Affected by $3M Rug Pull from Xirtam Scammers.” It underscores the belief that actions taken by key players in the industry, such as major exchanges like Binance, can restore faith in the market. These actions give hope to all market participants, suggesting we must adopt innovative approaches to achieving justice to create meaningful change in the crypto space.

In the blockchain and Web3 ecosystem, the specter of scammers, rug pulls, fraudulent schemes, and phishing attacks constantly looms. Participants are perpetually cautious of making an innocent mistake that could lead to the loss of their digital assets. It’s a scenario that plays out daily, whether due to ignorance, greed, or a simple lapse in concentration.

One moment, users believe they’re interacting with a legitimate contract; the next, t

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Author: Rodolfo José Santos

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