471–480 of 761 posts
> All of the AXS, RON, and SLP on Ronin are safe right now. Of course they are. They're worthless.
Surprisingly, AXS and SLP are only down about 6% on Coinbase. So, sell now before it's too late. They've both been going down for months, anyway.
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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?
In principle if you had enough desire among world governments you could plausibly try and legally force a blockchain fork.
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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.
The best thing you can do (and the moral thing to do) is to submit for a bug bounty in case you find a crictical bug in a blockchain/protocol.
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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.
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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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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…
I don't see how this is any different than the bog standard "encryption lets criminals and scammers the ability to exchange goods and services anonymously.". Should money/txns be fundamentally track-able/examinable/un-encrypted but your private data/messages not?
Surely this contention is something you also consider -- care to expand?
>* Convincing older and gullible people to give their money to someone they don't know and a technology they can't explain
I am surprised. My initial viewpoint was why would scammers bother to fish for bitcoin when bank transfers/gift cards are a lower barrier -- but seems you are right [1], the cat and mouse chase continues...
[1] https://www.youtube.com/results?search_query=kitboga+bitcoin
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The crypto(graphy) is rarely the weakness in these situations, so declaring faith in (insert new tech buzzword here) is almost certainly not going to be the answer. It comes down to operational and human factors, like poorly written code. (new tech buzzword) will involve lots of new code, and why do people think this time the new code will be error-free?
In this case, the weakness was that the keys that controlled the bridge were somehow stored insecurely. When attackers gained access to the keys, they were able to steal from the bridge. In a properly-implemented rollup, there are no keys to secure, so this attack vector is ruled out. But more broadly, there is really nothing else with the same security properties as a smart-contract-enabled cryptocurrency. Paypal wi…
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It's not at all. The worst thing a centralized server can do in Lightning is refuse to route your transactions. Their peers have the keys and the pre-signed transactions necessary to unilaterally withdraw their funds from the channel.
> The worst thing a centralized server can do in Lightning is refuse to route your transactions. This is called censorship, the very thing Bitcoin was created to circumvent. It's an especially big problem given the fact that the vast majority of lightning payments are routed through lightning nodes operated by centralized cryptocurrency exchanges. Most of the remaining nodes on the lightning network are unreliable du…
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The chance of $650 million being drained from a game studio’s bank account is significantly less than it being drained from their ETH wallets, at least as of now.
Depends on if the studio's bank account has security questions like "mother's maiden name", "first concert", etc type stuff and an employee with those answers that like to take quizzes on facebook. Otherwise, it could be quite simple to drain the account
Since 16 year olds can hack into auth providers like okta and then hack into microsoft and steal source code, and this crypto stealing endless happens, there's just not good electronic security. But what is good is I can go to my bank in person and fix things. It would be so much harder for someone to get fake id. I actually have a personal relationship with my advisor at my 401k. Those things do give me some additional security, at least I think so.
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True, but you would think they’d notice $650,000,000 missing before a user reported an issue withdrawing $5,000 (edit - 5k ETH). It’s honestly so impossible to believe that I’d wager the real story is they knew and were actively trying to recover the funds.
just a poke: it was 5K Eth ($16,924,050), not 5K USD, but i agree with your wager.