Earlier quoted context omitted.
Here's another preposterous offering: 20% APY "risk free" from owning crypto.
They must just be loaning it out and slaying people endlessly on margin calls.
or muling for money laundering.
$625M worth of ETH drained on Axie Infinity's Ronin Network
271–280 of 761 posts
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#272Can 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…
As some other commenters pointed out, those small transactions are all spam. So I decided to go back in the transaction history and look at what the attacker has done with the funds. So far, it has all been funneled (through about 2 hops), to something called "Huobi 35", e.g. this transaction[0]. Some of these have taken place in just the last few minutes (17:15 UTC or so). I'm assuming "Huobi 35" is the Huobi exchan…
The 35 refers to this being the 35th address for the Huobi Exchange that Etherscan was able to identify.
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#273"We are working with law enforcement officials..." If the promise of ETH contracts is that code is law and to eliminate needing trust, then how and why would law enforcement get involved? Did the attackers break down the door and steal the money? Or did the provide a widget that met the contract and which just happened to have the unfortunate side-effect of siphoning off tokens, a bug which will be fixed in the next…
It's in the article. Keys were stolen.
Thank you, I missed that detail. I do think the larger question of DAOs replacing trust with code/law is worth further discussion.
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#274Earlier quoted context omitted.
> It's amusing to see these kind of statements from the decentralized no goverment/no authorities crowd I see this meme and I don't get it Why do you think this studio was a no government no authorities crowd? I havent seen anything from Axie or its founders that suggested that, my assumption is that you see one word or one piece of technology that overlaps with the aspirations of completely different people that are…
What other value is there in cryptocurrency over traditional money?
> What other value is there in cryptocurrency over traditional money?
Collecting a bunch of it and using it like traditional money including earning more of it as well as converting it to traditional money simply because this market sector is hot and you can make a lot of money
Focus on what you can control, there is zero need to adopt ideology to use it, and there is zero need to project your thoughts on it to rationalize sticking with less lucrative things
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#275Question for the legal-minded folk here. Is this "theft" illegal in the criminal sense? It's exploiting an unintended hole in software, but it's technically following the smart contract faithfully, albeit against the better intentions of its author(s). Has a smart contract case like this been litigated before? It brings to mind comparable things that have happened in the financial services world, where one party insi…
This isn't a case where there was a flaw in a smart contract. This is a case where they straight up hacked servers and stole keys from them.
Even exploiting a flaw in a smart contract is theft as long as it is clearly an exploit.
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#276Earlier quoted context omitted.
Unlike traditional banks with their burdensome regulations and gate-keepers, the permissionless, decentralized nature of the blockchain means that they can't get the money back.
The increased risk of total loss in the edge case is in exchange for a more efficient system with lower prices in the average case. Individual users should make an informed decision about the tradeoff. See also http://go/hackernews/item?id=30838572 and https://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80...
The whole thing exists because etherium is prohibitively expensive. And blockchain is far from efficient
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#277Earlier 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?
You can't always reverse the transaction in regular financial world. It is typically possible if all parties involved act in good faith, and often possible in other cases too, if you act fast, or the bad faith actor is less than competent. However, this is not always the case. Imagine the following scenario: bank A sends $100M to bank B, which then sends it to bank C. By "reversing" the A->B transaction, all you're d…
Isn't the obvious solution to also reverse the transfer from Bank B to Bank C? If multi-hop transfers are treated as irreversible, then it creates an incentive for fraudulent sellers to collect all payments through multiple hops. If instead fraudulent transactions may be reversed at the first payment processor, the payment processor then has a financial incentive to make sure that they only pass through valid transactions.
In an analogous situation, suppose I go to a physical store and buy a TV, only to find that it doesn't turn on. I have the right to return it to the same store that I bought it from, and to receive a full refund. Nobody at that store manufactured or designed the TV, so why should they take the financial hit for a broken TV? Except that without that financial incentive, the store has little reason to bargain with their suppliers about defective merchandise, and the supplier has little incentive to fix a defective product.
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#2785 of 9 validator nodes?
The Byzantine Generals Problem Leslie Lamport, Robert Shostak, and Marshall Pease (1982) ACM Transactions on Programming Languages and Systems, Vol. 4, No. 3, July 1982, Pages 382-401 https://lamport.azurewebsites.net/pubs/byz.pdf
From the abstract: ... It is shown that, using only oral messages, this problem is solvable if and only if more than two-thirds of the generals are loyal; so a single traitor can confound two loyal generals. With unforgeable written messages, the problem is solvable for any number of generals and possible traitors. ...
Clearly this hack (and other prior crypto hacks) demonstrates that the 'Unforgeability' condition is practically impossible due to security implementation weaknesses. One can never rule that out entirely. That leaves no less than 2/3rds of the network as the bare minimum for reasonable consensus.
Lamport's paper is from 40 years ago and blockchains/systems that ignore these theoretical foundations are doomed to repeat the same flaws again and again!
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#279Echoes of Mt Gox: when something meant to be a much smaller operation (such as a place to trade Magic:The Gathering cards) suddenly finds itself playing a much bigger game. It's like you agreed to temporarily store the Fort Knox gold reserves in your spare room, but still have the same ordinary lock on the front door.
> Fort Knox gold reserves in your spare room What do you mean a wooden safe isn't good enough?! Joke aside. This is the reality we live in. Almost makes heist movies pale in comparison. The failed Die Hard heist was planned in order to steal $640M. I wonder how long until Hollywood will start making movies about these hacks.
These hacks are boring, it's just code - the closest to making code look cool was perhaps the Matrix.
Oceans 11 is interesting because what they're doing is explainable and interesting, running various commands in a console window isn't.
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#280Earlier quoted context omitted.
Even if that is desired and wouldn't spark a philosophical debate about wether centralized entities should get involved at all, there is a much deeper problem. Every transaction that is occurring now on the chain will be invalidated. That means you can't even reverse a single transaction you will have to reverse one transaction and ALL other transactions that happened after the one you want to reverse. If that happen…
You're thinking too narrowly about the types of "hard forks" that are possible and what the space of all possible regulations could be. For example, one possible idea (with a lot of downsides! this is just an example, not a proposal), is that the US government could just promulgate a "US super-key" that allowed it to sign any transaction and have it be considered valid, and require users running blockchain software i…
Anyone could start a cryptocurrency today with such a key and give it to the FBI, and if people thought that made them safer, they could buy that currency and use it.