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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

#371

Post by giarc »

bombcar wrote: post #281
apeace wrote: post #236

Earlier quoted context omitted.

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…

There are no authorities who understand this enough to operate that quickly. By the time any authorities care, it'll be long gone from Huobi.

Bingo. Read all the technical language in this single forum post. Now go to your local police office, ask to speak to someone and you'll get the fresh recruit who knows a lot about traffic laws. You might as well be speaking latin to them.

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

#372

Post by babyshake »

munificent wrote: post #131
hinkley wrote: post #70

Something tells me that if indeed cryptocurrency sticks around it’s going to sprout rules and regulations that are a mix of banking and securities regulations, and that will suck most of the “fun” out of it. We pause the stock market on a 5% drop and stoop it on 10%. Moving that much crypto in a day is probably never on purpose. Though in a distributed consensus system I don’t know how you’d enforce such a thing.

Anyone who knows anything about human systems knows that that's the end point: We'll be right back to banking as it is today, except with less efficiency and a ton of wasted time and technology that could have been spent making the current systems better.

There's an analogy to be made with the internet and WWW. In some ways everything did revert from the early wild west days of the web to a small number of curated and censored walled gardens (Facebook, etc.) but it's not accurate at all to say that things reverted to a pre-internet status quo.

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

#373

Post by Guest19023892 »

Hackbraten wrote: post #285
Loughla wrote: post #222

Earlier quoted context omitted.

Ever, never, never use your debit card where credit card can be used in its place. The mechanisms for restoring the charge on your credit card are much stronger than on your debit card. And a credit card is a FUTURE charge, so you have time to fix the problem. Whereas a debit card is your CURRENT money, so it's just gone unless you get it back. I do not understand why people use debit cards linked to their actual ban…

I have stopped using credit cards for two reasons: 1. My debit cards allow me to directly import transactions into my personal accounting software while my credit cards don’t; and 2. when I shop online, my debit cards allow me to use them as a 2nd factor (using a USB card reader) while my credit cards require either an iOS or Android device for 2FA. You’re right in that a credit card is a future charge and debit isn’…

Credit card transactions are much easier to reverse. For example, I went to a restaurant and a few days later I noticed they double charged the bill. I called the restaurant, they wouldn't fix the issue, so I called the credit card company and it was quickly reversed. That doesn't happen with a debit card.

Credit cards also come with all sorts of benefits. You can easily get 1-2% off all purchases through cash-back or gift card rewards. You can get free insurance with car rentals. Many cards also offer an extra one year warranty on most purchases, so if you paid for your laptop or phone with your credit card and it dies just outside of the manufacturer warranty, you might still be covered.

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

#374

Post by ethbr0 »

paxys wrote: post #88
dpiers wrote: post #31

I'm out of the loop and trying to understand - people lent over half a billion dollars of their 'real' fake money (ETH) to a game studio so they could transact on the studio's sidechain because gas fees are prohibitively expensive on ETH, and then the game studio got hacked and lost it all? How was this ever going to end any other way? Imagine how preposterous the idea of storing $650mm in USD in a random game studio…

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.

>> Imagine how preposterous the idea of storing $650mm in USD in a random game studio's checking account would be.

> Giving $650mm in USD to a random company is still infinitely safer than doing so with crypto.

Chris Roberts has a very interesting opportunity he'd like to propose to you...

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

#375

Post by vmception »

erdeszt wrote: post #361
vmception wrote: post #304

Earlier quoted context omitted.

Then maybe just ignore those people and let the people running businesses just do what they need to do, like issue empty PR damage control statements like any hacked organization will do Lets make fun of them just like we were making fun of Okta’s response over Lapsus No need to project your own cognitive dissonance

> No need to project your own cognitive dissonance Not sure why you felt the need to insult me but that won't lead to useful discussions...

Okay what word would you prefer to call “two competing and conflicting beliefs” and what are your actual thoughts on the rest of what I wrote?

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

#376

Post by AlexandrB »

EVa5I7bHFq9mnYK wrote: post #362
Barrera wrote: post #225

This is the kind of pain that comes from trusting scammers and nincompoops about unworkable blockchain "scalability" fixes. Here's the sequence. Those dumb enough to ignore it are doomed to repeat the pattern. I'm probably getting some details wrong in this Rube Goldberg scheme, so feel free to correct. 1. Citing "Ethereum network congestion," Axie Infinity announces an ethereum side chain, Ronin.[1] 2. Ronin was a c…

That's exactly the situation in Bitcoin second layer now. There are a few centralized servers (lnbig etc) handling almost all transactions. Get out and stay out.

Bitcoin second layer as-in the "Lightning" network? That's worrying. I thought Lightning was supposed to solve Bitcoin's scaling issues.

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

#377

Post by nradov »

mwattsun wrote: post #346
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")

My favorite is the supposed "special properties" of copper. I once knew someone who swore by the healing properties of copper.

Copper is legitimately effective as an antimicrobial. (Obviously it doesn't have any magic healing properties.)

https://www.smithsonianmag.com/science-nature/copper-virus-k...

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

#378

Post by koonsolo »

the_gastropod wrote: post #49
arcticbull wrote: post #32

Earlier quoted context omitted.

I mean we have an answer to that, it's called the law, and its worked since 1750BC. [edit] This guy, Hammurabi - king of the First Babylonian Dynasty - faced a similar quandary, so there's some prior art. Disputes under the law are resolved in court.

No no no. Crypto enthusiasts reject the idea of the law, and the tyrannical governments that enforce them. Code is Law! Therefore, this is perfectly legal. Conceding that this situation sounds absurd destroys the entire raison d'être of crypto.

Code is not law, consensus is law. Big difference!

And it's not even law, it's consensus has value.

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

#379

Post by erdeszt »

vmception wrote: post #375
erdeszt wrote: post #361

Earlier quoted context omitted.

> No need to project your own cognitive dissonance Not sure why you felt the need to insult me but that won't lead to useful discussions...

Okay what word would you prefer to call “two competing and conflicting beliefs” and what are your actual thoughts on the rest of what I wrote?

What do you mean by "two competing and conflicting beliefs"?

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

#380

Post by AlexandrB »

gorwell wrote: post #368
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…

Consider yourself lucky. You don't live in places like Russia, China or Canada, where your credit cards and bank account can be frozen or even confiscated without due process. For some living under these regimes, crypto is the only wealth they've been able to retain.

> or Canada

Come on now. You may not like the due process that was followed, but it was still due process (as-in following the letter of existing law). By this logic the US should also be included on your list because of civil asset forfeiture.

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