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$625M worth of ETH drained on Axie Infinity's Ronin Network
171–180 of 761 posts
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#172,, Originally, Sky Mavis chose the five out of nine threshold as some nodes didn’t catch up with the chain, or were stuck in syncing state’’ Sounds like a great plan for storing half billion dollars. I’m not blaming the developers, as they are incentivized to move fast and break things, I’m just sorry for all the people who trust new protocols so easily without any knowledge in safe software security practices. Perso…
"Our software has some sort of race condition, it gets stuck every few hours, should we debug it? Could be difficult to find."
"No, just write a cron job to restart it every few hours, and we'll increase the error tolerances. Nobody wastes time debugging stability issues anymore!"
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#173Working as intended! God I love crypto, it's the fuckin wild west out there If you don't want the government in your business, you're going to have to dispense with all the advantages that big daddy affords you
yes, a deal between the parties, with all the risk and reward that goes with it.. really eye-opening to see all the comments wishing for an all-powerful referee to check every outcome and action in private affairs
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#174Earlier quoted context omitted.
Giving $650mm in USD to a random company is still infinitely safer than doing so with crypto. If a regulated bank claims they got hacked and lost that amount, there are a slew of federal and state laws and agencies in place to investigate it. With crypto, it could very well be in the wallet of the CEO or IT guy and no one would know.
Cryptocurrency theft is illegal and the US government does investigate and prosecute it. [0] https://www.theguardian.com/law/2022/feb/14/us-bitcoin-case-...
Nice, so it's just money with extra steps.
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#175Earlier quoted context omitted.
Because there are people in the world who can wake up and have lost all money they had deposited in a bank. There are people who have to pay 20% transfer fees to move money overseas. There are people who don't have the ability to open a bank account. There are people who can lose all their banked money if their government doesn't like them. The first world doesn't have these problems. Crypto is a bigger play than 'ge…
Where in the world is it common to lose all money deposited in a bank? And, why not just create better banks?
> Where in the world is it common to lose all money deposited in a bank?
The last round of deposit haircuts were in Europe [1]. OP may be talking about having a bank account frozen by a corrupt government. Though if crypto became widespread, those same governments wouldn’t have trouble coercing people into giving up their keys.
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#176Can someone attempt to explain or speculate at what the attacker is doing with their wallet right now? https://etherscan.io/txs?a=0x098b716b8aaf21512996dc57eb0615e... As I write this at about 17:00 UTC, they seem to be doing lots of small transactions (about $1 USD), and they are coming "From" many different places, but only showing "To" the "Ronin Bridge Exploiter". I don't understand this stuff well enough to see w…
I think it’s random people just trying to get their name to show up on a currently very popular etherscan address.
Ah, thanks. Didn't think of that!
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#177Earlier quoted context omitted.
when it comes to banking, random checking accounts are hacked into very rarely. to the point that in USA the FDIC is protecting your account up to $250,000. I don't recall last time seeing news on someone's bank account being hacked and drained, if anything its mostly family fraud. also there are all sorts of checks when you try to wire or withdraw more than $10,000, not to mention wire hundreds of millions. Such tra…
> I don't recall last time seeing news on someone's bank account being hacked and drained, if anything its mostly family fraud. Anecdote time. My wife and I have a shared checking account that got hacked and drained. First her debit card got skimmed. Then the perp called USAA a half dozen times claiming to be her and asking for account credentials. Finally they got a helpful account rep to reset the password, disable…
This incident reinforces the rule never to use your debit card for credit card transactions.
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#178Earlier quoted context omitted.
That's all well and good when the thieves are in the US or a country that will extradite them. What happens when the thieves are operating out of a country without an extradition treaty? In the regular financial world you can at least reverse the transaction. With crypto, is there anything you can do?
In principle if you had enough desire among world governments you could plausibly try and legally force a blockchain fork.
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Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#179No post body was provided.
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#180If only they had used a Web3 based solution this wouldn't have happened.
"Maybe We Were Wrong About Be Wrong About Web3"