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$625M worth of ETH drained on Axie Infinity's Ronin Network

roninblockchain.substack.com

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Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#211

Post by logicchains »

mabbo wrote: post #47

In a system run by people, the transaction could be reversed, traced, and the culprits eventually brought to justice. In a system run by algorithms, designed to avoid oversight by people (governments), there is no such powers. There's no reversal. There's no checking the name on the account the transfer was to. It's just gone. I do not understand why people who have legal intentions would want to be part of the crypt…

>I do not understand why people who have legal intentions would want to be part of the crypto economy. There's nothing but more risks with zero benefits.

You don't get bailed out if you fuck up, but also you aren't on the hook for bailing out other people when they fuck up. If you hold BTC, nobody's going to suddenly take a bunch of it to bail out banks that made shitty loans like during the GFC.

It's like the saying live by the sword, die by the sword.

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#214

Post by kurisufag »

mabbo wrote: post #47

In a system run by people, the transaction could be reversed, traced, and the culprits eventually brought to justice. In a system run by algorithms, designed to avoid oversight by people (governments), there is no such powers. There's no reversal. There's no checking the name on the account the transfer was to. It's just gone. I do not understand why people who have legal intentions would want to be part of the crypt…

because it facilitates person to person interactions without oversight. if you want to raise funds for an entity or cause that is controversial, it is useful to have an option that is nigh-impossible to subvert when done correctly.

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#216

Post by vmception »

Jerrrry wrote: post #167
apeace wrote: post #150

Can 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…

It will be laundered in millions of $1 transactions, with others that are doing the same. Then it will be sold at a discount for Monero or a shitcoin, and then theyll get a couple thousand dollars in cash in the mail for the rest of their life. im jealous at this point,

No they’ll add some liquidity to Tornado cash

And then a bunch of other large hacks will notice that Tornado cash is big enough to handle their large amounts too, adding more liquidity to Tornado cash

And then some FAANG engineer is going to take their clean $50k paycheck and buy into a new launched token on Uniswap

And that token is going to rally 100x because the tornado cash withdrawals keep buying that token

And then that engineer is going to sell the tokens into the Uniswap liquidity pool, transfer the Ether to dollars, and report capital gains as just another lucky crypto trader

You’re welcome

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#217

Post by outside1234 »

kache_ wrote: post #118

Working 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

Including actually having the money in your wallet!

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#218

Post by rinze »

SilasX wrote: post #161
rinze wrote: post #74

Earlier quoted context omitted.

> Imagine how preposterous the idea of storing $650mm in USD in a random game studio's checking account would be. But it's decentralized. (Do the same hand movement as if saying "It's got electrolytes")

Someone actually made a gif of that scene with those words at that point, during the bitcoin scaling debate (where some wanted the block size to increase and decentralization was being ridiculed as a spurious defense of the small size). I’ll see if I can find it.

Made one myself, because I think it'll be handy in the future: https://imgur.com/gallery/32t4yRc

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#219

Post by tlb »

oof-size:large.gif

To pick up one thread: how would increasing the consensus threshold from 5/9 to 8/9 help? It seems like the nodes were compromised with the same hack, so at most it's adding a little extra busywork for the attackers. But maybe there's a detail I don't understand.

Re: $625M worth of ETH drained on Axie Infinity's Ronin Network

#220

Post by xur17 »

ericjang wrote: post #63

Supposing the hacker gets away with stealing such large quantities of stolen ETH without getting caught and their ETH is now sitting in a brand new wallet that everyone knows about. Is the next move to convert it into a privacy-preserving coin like Monero, then back to "clean" ETH? source: https://ethereum.stackexchange.com/questions/2699/is-there-a...

> Is the next move to convert it into a privacy-preserving coin like Monero, then back to "clean" ETH?

I'm not sure there is enough liquidity in the Monero / ETH trading pairs to do something like that without being really obvious.

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