Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Hackers nab $500k as Enigma is compromised weeks before its ICO

techcrunch.com

Post reply on HN
Print view View original

131–140 of 249 posts

Re: Hackers nab $500k as Enigma is compromised weeks before its ICO

#131

Post by quoquoquo »

ransom1538 wrote: post #121
che_shirecat wrote: post #56

How to make money in ethereum, from high to low risk: 1. Dump the leftovers of your bi-weekly software engineering paycheck into buying ETH, BTC, or whichever altcoin is popular this week. It went up 5000% in the past, it's got to keep growing right? 2. Participate in an ICO and stock up on whatever platform token they're hawking. It's more profitable if you get in early due to some presale mechanism (hopefully here…

I think it can all be automated: 1) Have the bot build the currency here: http://build-a-co.in 2) Generate HTML5 pages 3) Submit to twitter (focus on new york area) / make tshirts

holy cow! that's so out of this world, you can now generate a whole new coin.

Re: Hackers nab $500k as Enigma is compromised weeks before its ICO

#132

Post by vadym909 »

TAForObvReasons wrote: post #47
wott wrote: post #28

Earlier quoted context omitted.

I am unconvinced that hard earned money is 'invested' in those companies. The target demographic is not hard working class.

CNBC has been talking about Bitcoin, Ethereum, Ethereum Lite and a slew of recent ICOs in the last month or so. Whether those viewers count as "hard working class" is up for debate

and Fortune is starting a dedicated column to crypto related news called Ledger http://fortune.com/2017/08/22/ledger-blockchain-fintech/

Re: Hackers nab $500k as Enigma is compromised weeks before its ICO

#133

Post by evbots »

JohnKacz wrote: post #124

Sorry for the uneducated question here, but I've wondered how those who steal crypto-currency "launder?" their ill-gotten coin. More specifically, how do they not get caught since the blockchain records everything? Take it out really quickly? Move little bits around to obscure ownership in some kind of shell game? Am I just totally off-base with my understanding?

not necessary to launder if you steal something like zcash or monero.

Re: Hackers nab $500k as Enigma is compromised weeks before its ICO

#134

Post by quoquoquo »

will_brown wrote: post #118
mhluongo wrote: post #33

Earlier quoted context omitted.

Why would he do that when he'd make more on the actual token sale?

Well he just walked away with $500k and got more press than he could have ever paid for. I've never heard of Enigma before today, hell I still don't have a clue what they are going to actually do besides an ICO, but I know they have just implemented best practices security and it's a safe bet to make money. I think PG calls this a submarine.

> got more press than he could have ever paid for

This is very clever. When the theft loss is dismal compared to the money raised, it only gets more press and more people buying the coin!

Re: Hackers nab $500k as Enigma is compromised weeks before its ICO

#135

Post by kusmi »

nickbauman wrote: post #42

Cryptocurrency is probably doomed because the makers of cryptocurrencies have a fundamental conceptual disconnect with money: what it is, why it works and what it represents. Money only works when you have a powerful state actor enforcing the legality of the transaction. When you try to escape that, you get at best a parallel system that still goes back to the state for help in keeping functioning or a system prone t…

I must confirm, this is sarcasm?

Re: Hackers nab $500k as Enigma is compromised weeks before its ICO

#136

Post by asddddd »

Pfiffer wrote: post #127
JohnKacz wrote: post #124

Sorry for the uneducated question here, but I've wondered how those who steal crypto-currency "launder?" their ill-gotten coin. More specifically, how do they not get caught since the blockchain records everything? Take it out really quickly? Move little bits around to obscure ownership in some kind of shell game? Am I just totally off-base with my understanding?

You're not far off, I think it's usually done through a mixer: https://en.wikipedia.org/wiki/Bitcoin_mixer

That works, but you can also just deposit to an exchange/service, withdraw on another chain (i.e. btc -> eth) and repeat this a few times. Unless there's a large target on your back, even doing this once will effectively destroy any paper trail - especially if it's an offshore exchange that uses subpoenas for toilet paper (most of them?).

Re: Hackers nab $500k as Enigma is compromised weeks before its ICO

#137

Post by quoquoquo »

nabla9 wrote: post #82
etherti wrote: post #10

Earlier quoted context omitted.

The attackers gained control of the official website, slack channel, Twitter handle and mailing list. That's even worse than what happened to coindash.

It's just scam if attackers are insiders.

same password and it's such an easy feat for an insider.

Especially when the aim is to get press attention.

It's cleverly machiavellian. It accomplishes so much for the ICO founders with little to no recourse.

Re: Hackers nab $500k as Enigma is compromised weeks before its ICO

#138

Post by ghostbrainalpha »

joosters wrote: post #8

It just sped up the inevitable losses from another scammy ICO. In this case, the hackers made the process more efficient.

Yes, but its not how much money you lose that matters, it is how much fun you have while losing the money that matters. These hackers robbed the customers of a valuable roller coaster life experience.

Sincerely,

Las Vegas Gaming Commission Marketing Manager

Re: Hackers nab $500k as Enigma is compromised weeks before its ICO

#139

Post by roywiggins »

ransom1538 wrote: post #121
che_shirecat wrote: post #56

How to make money in ethereum, from high to low risk: 1. Dump the leftovers of your bi-weekly software engineering paycheck into buying ETH, BTC, or whichever altcoin is popular this week. It went up 5000% in the past, it's got to keep growing right? 2. Participate in an ICO and stock up on whatever platform token they're hawking. It's more profitable if you get in early due to some presale mechanism (hopefully here…

I think it can all be automated: 1) Have the bot build the currency here: http://build-a-co.in 2) Generate HTML5 pages 3) Submit to twitter (focus on new york area) / make tshirts

Now you just need to do an ICO for a "CoinCoin" that automates ICOs.

Re: Hackers nab $500k as Enigma is compromised weeks before its ICO

#140

Post by pavel_lishin »

ringaroundthetx wrote: post #122
pavel_lishin wrote: post #90

Earlier quoted context omitted.

One thing I don't understand about ICOs is - what do the companies promise their coins to be worth? That is, if I have a Coin from your brand new endeavour - what can I, hypothetically, exchange it for? Do I get a vote in how your company is run? Can I give it back to you in exchange for a product or service later down the line? Or is it just a geegaw for me to put on a shelf, like a printout of a Patreon receipt?

they are for a product or service, the limited issuances of the token gives them a speculative market based on future demand and future supply. the team and organization gets funded, the buyers are liquid, nobody makes ridiculous decisions counter to their dreams hoping for "an exit", because everyone already has one. we don't have consumer or investor protections here yet so sure it is ripe for abuse, so far people…

> the team and organization gets funded, the buyers are liquid, nobody makes ridiculous decisions counter to their dreams hoping for "an exit", because everyone already has one.

Can you expand on this? What do you mean by "everyone already has one" in this scenario?

Post reply on HN