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Wasn't there another one in the billions a few weeks ago? The guy with the cringe rapper wife?
That wasn't defi. That was a more traditional exchange hack.
Is that the one where people launder money by buying jpegs?
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Which was 6 days after the original transfers. Unbelievable.
Wait, no, it's totally believable because this is the same story that happens over and over again with blockchains. It turns out that all of those pain in the ass compliance laws on traditional finance are there for a reason, and when you ignore the past you end up repeating it.
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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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In principle if you had enough desire among world governments you could plausibly try and legally force a blockchain fork.
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…
Or you would need to make more crypto cover those... Which then would destroy the whole deflationary idea with likes of bitcoin...
Over half a billion in assets and.. > We discovered the attack this morning after a report from a user Fuck me.
is there no point at which these companies become subject to securities or financial laws? How on earth can a random game studio just casually hold half a billion dollars worth of assets apparently without any idea what to do with it?
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> Easiest explanation: at least one Sky Mavis employee and one Axie Infinity employee who have access to those private keys got together and took all the funds Easier explanation: they were all in a Dropbox or something stupid like that.
Is there a chance they were all loaded into application memory?
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I am blaming the developers. Perhaps this is not a popular view, but this "blameless" culture is fine and good when it's a random service going down for 15 minutes and you're trying to collaborate and prevent it from happening again. There must be limits though. If you're handling that amount of money in a bank and you fuck it up like this, your ass is on the line, together with the ones who incentivized you to move…
I have been to a few crypto meetups and seen people just talk about buying and selling tokens/cryptocurrencies without knowing more than the name of the currencies. They are betting on software in alpha phase without knowing anything about it, or any detail about the cryptography, concensus mechanism or coding practices they use. There are valid concerns with any asset where people want to store their wealth (which i…
These are hard subjects your average developers rarely work on, and is usually smart enough to know not to roll their own.
Everyone in the market just is gambling on what other people think. Like playing poker only by guessing what everyone else does, knowing the rules.
Stock market is no different the subset who read annual reports and make projections or trust people who do are limited
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Not true in the EU, we got scammed into making a bank transfer from Germany to Belgium for a bicycle that never arrived. We contacted the police and bank with all the details, and had to pay our bank about 40 euros to ask the scammer if they would refund the money, they said no and that was it. EU banking laws protected them. On the plus side the website appears to be gone now.
Banks won't reverse transfers depiberately initiated by the account holder. You would have had to go through the legal system to get your money back. But that's a different case than money being "drained" from an account by someone else.
"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…
However hacking into your systems and stealing your keys is still theft. Same as using a $5 wrench to get your private key.