Earlier quoted context omitted.
I love how the crypto community encourages circumventing laws, UNTIL someone steals from them using their own “smart” contract then calls on authorities for help.
It wasn't stolen. Code is law. /s
Taxation is theft /s
Poly Network hacker returns $258M after stealing $600M
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Re: Poly Network hacker returns $258M after stealing $600M
#12The article tries to imply that the hacker had a change of heart after a public plea to return the funds. In reality, parts of the crypto community moved quickly to block transactions involving the funds and some security researchers claimed they had solid leads on tracking down the hacker’s identity. I think the hacker realized that if their identity was compromised then the legal system wouldn’t look kindly on some…
I love how the crypto community encourages circumventing laws, UNTIL someone steals from them using their own “smart” contract then calls on authorities for help.
How does the crypto community encourage circumventing laws?
Re: Poly Network hacker returns $258M after stealing $600M
#13The article tries to imply that the hacker had a change of heart after a public plea to return the funds. In reality, parts of the crypto community moved quickly to block transactions involving the funds and some security researchers claimed they had solid leads on tracking down the hacker’s identity. I think the hacker realized that if their identity was compromised then the legal system wouldn’t look kindly on some…
was there ever $600m of real money? reading messages on that funny google docks tracker suggests it was mostly shitcoins.
>it was mostly shitcoins.
As if there's any other kind.
Re: Poly Network hacker returns $258M after stealing $600M
#14Earlier quoted context omitted.
was there ever $600m of real money? reading messages on that funny google docks tracker suggests it was mostly shitcoins.
Does it matter? Even if the hacker could only extract 1% of the notional value it would still be life-changing money.
It matters because if the dollar amount is real this is probably the largest heist in history.
Re: Poly Network hacker returns $258M after stealing $600M
#15From what I recall, the hacker basically doxxed himself by accident by signing a message from his real wallet, linked to exchange wallets which presumably has his KYC info. From there, it was all over. Even if he could launder all that money, international authorities would find him. In fact, the writing style of his messages provide a pretty big clue where he is - Ukraine or Russia.
I don’t coin. But isn’t like rule #1 to always use a new wallet?
Re: Poly Network hacker returns $258M after stealing $600M
#16I haven't seen any evidence there was in fact a hack at all. A digital contract was used in a way that complied with the contract that the bonehead writers of that contract did not intend. That's it. If bad contract writers get to cry "hack" and beg for their money back there is no point to digital contracts at all.
If someone had physically or electronically broken into systems and illicitly copied private keys that would be a different story. Here someone executed permissible actions on chain that people didn't like, wah wah.
You have to be an absolute tool to use the poly network for anything serious ever again.
Re: Poly Network hacker returns $258M after stealing $600M
#17From what I recall, the hacker basically doxxed himself by accident by signing a message from his real wallet, linked to exchange wallets which presumably has his KYC info. From there, it was all over. Even if he could launder all that money, international authorities would find him. In fact, the writing style of his messages provide a pretty big clue where he is - Ukraine or Russia.
I don’t coin. But isn’t like rule #1 to always use a new wallet?
Yeah, I don't get it either. If I somehow had illegally obtained 600M (or even tens of thousands), I would go complete operational segregation, and probably use a clean computer for everything to do with it. Hard to link to or release info identifying real info from a system that has no access to it and the bits for it or passwords to it have never touched its RAM, much less its disk.
Re: Poly Network hacker returns $258M after stealing $600M
#18Let S = smart contract writer's code intent - smart contract compiled code meaning. If S is legally meaningful it's all over for smart contracts. There's no way to prove the contract writer's intent, the compiler itself can have problems causing divergence, and it's not even possible to prove if the idea in the writer's mind can be captured by code. You could even come up with a sort of halting problem smart contract that's both fraudulent and not at the same time.
Re: Poly Network hacker returns $258M after stealing $600M
#19> "Just dumped all assets on [blockchains] BSC & Polygon. Hacking for Good, I did save the project." It's a hot take, and a lot of people will write this off as pretentious and egocentric, but I believe him. Big crypto as a whole has to stop. The original intention of cryptocurrency was to be an experiment (!!!) with providing alternative peer-to-peer transactions that didn't rely on the value of a centralized econom…
1) FCC regulates mostly broadcast technologies, not the stock market (SEC?).
2) The amount of morale hazard we have allowed to build up since the great financial crisis is astronomical. No one has been held to account for that mess and the Too Big To Fail mindset has become deeply entrenched. The fact that no one backstops crypto is one of it's biggest features, we cannot continue to play the world's biggest janitor when the system breaks down, and regulation is not preventing these things.
3) Visa, Mastercard and other operators of the worlds biggest payment networks are expanding to crypto. They definitely have a perspective on scale and are embracing this 'experiment'.
Re: Poly Network hacker returns $258M after stealing $600M
#20From what I recall, the hacker basically doxxed himself by accident by signing a message from his real wallet, linked to exchange wallets which presumably has his KYC info. From there, it was all over. Even if he could launder all that money, international authorities would find him. In fact, the writing style of his messages provide a pretty big clue where he is - Ukraine or Russia.
Unless it’s a decoy dox