Crypto is still the Wild Wild West. It is often referred to as the crypto wild west because out here justice doesn’t ride in on a sheriff’s badge — it comes from vigilantes, doxxing threads, and chain sleuths. That’s the reality. But it’s also the problem.
When I wrote Undermined, it was my attempt to document that harsh reality. I wasn’t just telling a story of being hacked. I was capturing the helplessness that comes when there are no courts, no insurance policies, and no authorities to make things right. The only justice available comes from the shadows: white-hat sleuths, angry communities, and social media manhunts. It’s raw, it’s unpredictable, and it leaves victims — like me — feeling exposed and alone in this crypto wild west.
The Vigilante Economy
In today’s crypto world, when you get hacked your “options” look like this:
- Investigate yourself. Trace wallet addresses across mixers, hoping you can keep up with obfuscation tools.
- Appeal to exchanges. Beg them to freeze stolen funds before they’re cashed out. Sometimes it works. Most times, it doesn’t.
- Rally a community. Post on X, Discord, or Telegram — hoping collective outrage will push someone to act.
- Turn to vigilantes. White-hat hackers or blockchain sleuths who, for reputation or bounty, might dig into the case in this crypto wild west environment.
None of this is reliable. None of this is justice in the traditional sense. It’s survival. And for an industry aiming for mass adoption, that survivalist mentality is a dead weight in what feels like a crypto wild west.
Why This Matters Beyond My Story
Undermined isn’t just my memoir — it’s a mirror of the ecosystem’s cracks. If we keep depending on vigilante systems for justice, crypto will never scale into mainstream trust. Imagine asking your parents, your employer, or a small business to put payroll on-chain under these conditions. Would they risk their livelihoods knowing the only “recourse” is a Reddit doxx thread or a Twitter vigilante in this crypto wild west?
We need to stop pretending that romanticizing the chaos is enough. “Every wallet for itself” might have been acceptable in crypto’s early days. But if adoption is the endgame, then protection, accountability, and consequences must evolve with us.
The Roadmap to Real Protection
This is not about handing crypto over to governments and banks. It’s about balance. Here’s what we need to build:
- Custody that’s safe and accessible. Better MPC wallets, recovery options that aren’t terrifying, and custody providers that can actually be trusted.
- Insurance that’s not a joke. Clear, standardized, enforceable insurance products that regular people and institutions can rely on.
- Forensics that scale. Chain analysis tools integrated with law enforcement and regulators — not just hobbyists chasing thieves in Twitter threads.
- Legal frameworks with teeth. International cooperation to close the gaps that thieves exploit when they hop jurisdictions.
- UX that makes safety invisible. Users shouldn’t need to be crypto-native detectives. Security must be built into wallets, apps, and exchanges as the default.
The Cultural Shift We Need
Vigilantism makes for good stories. Lone riders chasing down bandits will always capture attention. But those stories can’t be the backbone of an industry that promises to handle the world’s money. We have to pivot from revenge tales to infrastructure tales — stories of security, protection, and reliability, moving away from the crypto wild west narrative.
And that means culture change. Instead of celebrating the chaos, let’s reward projects that emphasize safety. Let’s shine as much light on prevention as we do on hype. Let’s stop accepting “this is crypto” as an excuse for why victims are left on their own.
Why I’m Still in the Fight
I’ve been burned. I’ve been left to chase ghosts across blockchains, praying someone, somewhere, would care enough to help. That’s what Undermined is about: not just the theft itself, but the emptiness that comes afterward in this crypto wild west.
But here’s the truth — I’m not out. I’m not done. I’m up for a fight, because I still believe in what crypto can be. I believe in decentralization, freedom, and ownership. I also believe those principles can coexist with protection, accountability, and real-world safety nets.
We don’t need to trade freedom for security. We need to innovate until we have both.
A Rallying Cry
Crypto’s future depends on what we choose to build. Will we keep living in the Wild West, cheering vigilantes while the world stays on the sidelines? Or will we take responsibility and create systems worthy of mass adoption? This crypto wild west doesn’t have to be our permanent reality.
If you’re here for the long haul, here’s what you can do today:
- Secure your assets — and help someone else do the same.
- Support projects that emphasize transparency, accountability, and protection.
- Push exchanges, developers, and regulators to step up.
Because until we do, it’s still the Wild Wild West out here. And it’s every wallet for itself.
But it doesn’t have to stay that way.
— Brian Oakes, author of Undermined
