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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

#521

Post by vmception »

easrng wrote: post #503
vmception wrote: post #216

Earlier quoted context omitted.

No they’ll add some liquidity to Tornado cash And then a bunch of other large hacks will notice that Tornado cash is big enough to handle their large amounts too, adding more liquidity to Tornado cash And then some FAANG engineer is going to take their clean $50k paycheck and buy into a new launched token on Uniswap And that token is going to rally 100x because the tornado cash withdrawals keep buying that token And…

The thing is, they didn't. If you check the tx history most of it went to Huobi and some to FTX and Crypto.com

That's pretty funny, good luck with that big attack vector on them

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

#522

Post by jazzyjackson »

thinkmassive wrote: post #421
tornato7 wrote: post #406

Earlier quoted context omitted.

Yes, interestingly with Ethereum it's not the individual block size that's holding it back (they're around 80kb), it's the protected size of all blocks for people running validator nodes. You don't want to require node operators to have 100TB in SSD storage because your blocks all pile up too quickly (this is one of the main concerns about Avalanche scaling).

Part of it IS the individual block size though. Individual blocks might seem small, but there's a lot more of them. Ethereum dApps store a LOT of state directly on the base chain. The other scalability disaster is making every node validate every instruction of a Turing-complete scripting language, which results in insane "gas fees" (or loss of fees when you didn't supply quite enough for the script to fully execute)…

> (or loss of fees when you didn't supply quite enough for the script to fully execute).

Are they planning to address this in any of the updates on their timeline? This turned me off from ETH completely, just feels like a house-always-wins situation skimming money from users.

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

#523

Post by freddiecoleman »

coconut08 wrote: post #474
freddiecoleman wrote: post #456

Earlier quoted context omitted.

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.

the only reason chia doesn't have specialized hardware that crowds out all commodity hardware is because no one cares about chia. the reason that bitcoin has highly specialized asics is because it is the progenitor and center of the entire cryptocurrency ecosystem and has been for over a decade. also proof of space is no better than proof of work at scale. it will ultimately have very similar consequences.

There is no such thing as specialized hardware for Chia farming. If you manage to pull that off then congratulations, you have created a bigger hard drive.

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

#524

Post by coconut08 »

freddiecoleman wrote: post #523
coconut08 wrote: post #474

Earlier quoted context omitted.

the only reason chia doesn't have specialized hardware that crowds out all commodity hardware is because no one cares about chia. the reason that bitcoin has highly specialized asics is because it is the progenitor and center of the entire cryptocurrency ecosystem and has been for over a decade. also proof of space is no better than proof of work at scale. it will ultimately have very similar consequences.

There is no such thing as specialized hardware for Chia farming. If you manage to pull that off then congratulations, you have created a bigger hard drive.

the history of cryptocurrency is a history of projects making that exact claim and being proven wrong over and over again, but surely this time is different.

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

#525

Post by nwiswell »

easrng wrote: post #514
nwiswell wrote: post #501

Earlier quoted context omitted.

I think "very easy" is relative. How do you get the whole world to agree to participate in the blacklist (or even to be aware of it)? If you don't, then obviously it will remain possible to tumble/launder the coins. By comparison, if PayPal decides to freeze your account, that's it, the end, those funds are frozen unless and until you successfully run the corporate supplication gauntlet.

You don't need the whole world, just the exchanges. And and some ERC20 tokens can have addresses frozen by a central authority (ex. USDC and Circle, USDT and Tether, etc) which is why the attacker immediately sold the USDC for ETH on 1inch and Uniswap.

> You don't need the whole world, just the exchanges.

Then you just tumble the coins and head to an exchange.

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

#527

Post by at-fates-hands »

saboot wrote: post #458
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 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…

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

Doesn't cash do the same thing?

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

#528

Post by jazzyjackson »

tomatowurst wrote: post #94
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…

Here's another preposterous offering: 20% APY "risk free" from owning crypto.

I report each of these schemes that advertise on facebook as scams; they used to have a rule against crypto advertising but apparently that was lifted last December.

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

#529

Post by dorgo »

nwiswell wrote: post #501
easrng wrote: post #477

Earlier quoted context omitted.

You are misinformed. With most cryptocurrencies (except Monero) it is very easy to blacklist wallets, and since tx history is public you can't just move your coins to a new address to get around it either. You don't actually even need decentralized systems for private transactions, digicash with blind signatures would be private and vastly more efficient.

I think "very easy" is relative. How do you get the whole world to agree to participate in the blacklist (or even to be aware of it)? If you don't, then obviously it will remain possible to tumble/launder the coins. By comparison, if PayPal decides to freeze your account, that's it, the end, those funds are frozen unless and until you successfully run the corporate supplication gauntlet.

I think what gp means is to tell all the exchanges (and maybe merchants) to blacklist your wallet. Not as simple and bullet proof as PayPal freezing your account but similar.

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

#530

Post by [deleted] »

slg wrote: post #183
rootusrootus wrote: post #141

Earlier quoted context omitted.

> I don't recall last time seeing news on someone's bank account being hacked and drained, if anything its mostly family fraud. Anecdote time. My wife and I have a shared checking account that got hacked and drained. First her debit card got skimmed. Then the perp called USAA a half dozen times claiming to be her and asking for account credentials. Finally they got a helpful account rep to reset the password, disable…

I just want to point out that this comment is exactly why social engineering is a problem. You have been a victim of what happens when a company doesn't put in enough effort to verify the identity of the person they have on the phone. Yet when that company starts putting in that effort, you object and call it a "punishment". Convenience and security are often in direct competition with each other. Almost all of us wo…

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