Adam Back: Bitcoin's simplicity avoids DeFi risks Bitcoin OG Adam Back @adam3us shared in an interview with ScottMelker on May 24, 2026, that virtual machine-based smart contracts are overly complex and hard to secure, while keeping things simple helps avoid risks. AI is now assisting attackers in systematically identifying and exploiting DeFi vulnerabilities. Liquidity re-staking and rehypothecation have accumulated extremely high leverage, essentially functioning like privatized seigniorage akin to printing money, posing severe contagion and collapse risks. In contrast, Bitcoin is hard money, and the most conservative and prudent approach is to store it in a cold wallet or a major ETF. He noted that institutional ETF asset allocation is still in its early stages, with potential tailwinds for future growth. Source: ScottMelker