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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

#451

Post by warent »

cinntaile wrote: post #437
spicymaki wrote: post #409

Earlier quoted context omitted.

This is exactly why crypto is such a disaster. Every week there is yet another scam where people losing their money. The feedback from crypto enthusiasts is well look at those idiots for putting their money into some scheme or you are not smart enough use this thing. Look "nobody" understands what you are talking about. These financial systems are inscrutable and the problem is getting worse. You are building systems…

> You are building systems that are ruining peoples lives and making things worse for everyone. Don't invest more than you can afford to lose, it's the basis of any investment strategy. If someone puts enough money into highly risky, speculative assets such as these that it would ruin their life, then they only have themselves to blame if you ask me... People have to take responsibility for their own choices. Edit: -…

Hideous victim blaming mentality here.

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

#452

Post by mplewis »

narrator wrote: post #429
afpx wrote: post #164

Earlier quoted context omitted.

Where in the world is it common to lose all money deposited in a bank? And, why not just create better banks?

In Argentina, in 2002, they took everyone's dollars denominated accounts at the Argentinian banks, converted them to Pesos and devalued the peso by 75%. Everyone in the country now had 1/3 of the money they previously had. The country is arguably still recovering from that theft. Currently, people who left Ukraine are finding out that their Ukrainian credit cards no longer work. Some people who have bitcoin are still…

What are Ukranians using Bitcoin for, specifically, right now?

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

#453

Post by Ekaros »

KptMarchewa wrote: post #396
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 do not understand why people use debit cards linked to their actual bank account out in the world. Because this advice is USA only. All of my credit cards (well... two) are linked to the bank account and I don't even think there's a way to get a credit card without bank connection.

There is, but often it cost extra and we at least don't have the whole cashback system to cover those. Though the fees for merchants are lower so the prices should be too.

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

#454

Post by manquer »

gen220 wrote: post #69

Question 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…

Legally CFAA criminalizes unauthorised access of systems even if they were available and unauthenticated.

If you are not supposed to have access and you accessed it is a crime. This is why whitehat work is also dangerous legally unless you have been invited in.

Here obviously the attackers accessed a private environment and stole the keys so yes it is a crime

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

#455

Post by ComradePhil »

rinze wrote: post #74
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…

> 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")

For context: https://www.youtube.com/watch?v=kAqIJZeeXEc

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

#456

Post by freddiecoleman »

jonathan-adly wrote: post #286
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…

1. Can your "blockchain" be validated with regular hardware? 2. Does it use a secure consensus algorithm? 3. Is there a secure side channel through which low-value transactions can flow? The only blockchain with 3 yes is Bitcoin lol.

Actually it's Chia.

Bitcoin requires custom hardware. Chia does not - you can use an ordinary hard drive and run a full node on a Raspberry Pi.

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

#457

Post by s1artibartfast »

AlexandrB wrote: post #380
gorwell wrote: post #368

Earlier quoted context omitted.

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.

Same with Russia and China, or Ukraine - they have a process as well.

In the case of Canada, the process was the PM tells the banks to freeze the funds.

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

#458

Post by saboot »

spicymaki wrote: post #409
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…

This is exactly why crypto is such a disaster. Every week there is yet another scam where people losing their money. The feedback from crypto enthusiasts is well look at those idiots for putting their money into some scheme or you are not smart enough use this thing. Look "nobody" understands what you are talking about. These financial systems are inscrutable and the problem is getting worse. You are building systems…

You are neglecting to mention the great upsides in crypto currency.

* Giving criminals and scammers the ability to exchange goods and services anonymously.

* Providing a source of funding North Korea's nuclear weapons program

* Allowing nation states to engage in global commerce despite sanctions because they won't stop killing innocent people

* Convincing older and gullible people to give their money to someone they don't know and a technology they can't explain

* It's the future!!

EDIT: Couple more

* Transactions are so energy intensive that the currency eclipses the carbon footprint of many countries

* Those transactions are also incredibly slow!

* Matt Damon!

I think there is a use for blockchain, but as a technology for everything from buying groceries to countries using it as a currency, no.

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

#459

Post by ejb999 »

cinntaile wrote: post #437
spicymaki wrote: post #409

Earlier quoted context omitted.

This is exactly why crypto is such a disaster. Every week there is yet another scam where people losing their money. The feedback from crypto enthusiasts is well look at those idiots for putting their money into some scheme or you are not smart enough use this thing. Look "nobody" understands what you are talking about. These financial systems are inscrutable and the problem is getting worse. You are building systems…

> You are building systems that are ruining peoples lives and making things worse for everyone. Don't invest more than you can afford to lose, it's the basis of any investment strategy. If someone puts enough money into highly risky, speculative assets such as these that it would ruin their life, then they only have themselves to blame if you ask me... People have to take responsibility for their own choices. Edit: -…

Its not really supposed to be an 'investment' - anymore than the dollar is an investment?

If crypto wants to replace dollars, they are going to have to do better than this.

Would you tell someone who's dollars are stolen 'don't have more dollars than you can afford to lose'?

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

#460

Post by mplewis »

openasocket wrote: post #126
mattbrewsbytes wrote: post #99

Earlier quoted context omitted.

Sounds like if they had a checking account with their bank credentials stored in ENV variables and someone got access to that server it would be the same outcome. The details of it being on a crypto-currency are interesting but when password/passphrase/private key security is poor it doesn't really matter the medium holding the money.

Aren't there methods of rolling back transactions in the traditional banking system though? And additional validations on larger volume transactions?

That's right. None of these protections exist in their sidechain.
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