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let’s not forget that Satoshi rolled back Bitcoin in 2010, whereas Ethereum was a surgical state change within a smart contract
Bybit loses $1.5B in hack
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Re: Bybit loses $1.5B in hack
#32Earlier quoted context omitted.
The genius behind crypto is that it's not just the extremely gullible. I know a fair number of really smart people, academics even, that have bought into the cryptocurrency hype. It has this kind of veil of "high techness" to it that is appealing to smart-but-uninformed people (like me in 2021). I'm embarrassed that I fell for it, but on the bright side it does make me a bit more sympathetic for other people who also…
Being smart or academic does absolutely not mean these people aren't gullible.
I know, but it is inversely correlated.
I don't think most academics would fall for the "Nigerian Prince" chain emails, or the "Romance Scams" you see on YouTube, which are things I usually associate with extremely gullible people.
Re: Bybit loses $1.5B in hack
#33Earlier quoted context omitted.
So salty! And yet...How's ETH Classic doing? It was the right move at the time to fork. And pretty obviously would be the wrong move today. For context, guluarte is referring to a moderately contentious hardfork done by the Ethereum developers and mining community to reverse TheDAO Hack in 2016 or so. The stakes were much larger then -- Ethereum was newer, not yet battle tested, and TheDAO had something like 10% of a…
I mean, the public comprised of the developers of Ethereum who had significant financial incentive to pretend the hack did not happen and to forever publicize their chain of history. Code is law, up until it costs me.
it was actually up to the node operators to update their clients or not, which resulted in a contentious chain split. just like Bitcoin. decentralization worked as intended.
Re: Bybit loses $1.5B in hack
#34[flagged]
The genius behind crypto is that it's not just the extremely gullible. I know a fair number of really smart people, academics even, that have bought into the cryptocurrency hype. It has this kind of veil of "high techness" to it that is appealing to smart-but-uninformed people (like me in 2021). I'm embarrassed that I fell for it, but on the bright side it does make me a bit more sympathetic for other people who also…
Crypto: where Kernighan’s Law meets con artistry.
Re: Bybit loses $1.5B in hack
#35I wouldn't be surprised if Bybit cuts a deal with the hacker to return the funds. There's no way that $1.46 billion of marked ETH can be liquidated and off-ramped to fiat.
Re: Bybit loses $1.5B in hack
#36Bybit CEO Ben Zhou wrote on X that a hacker "took control of the specific ETH cold wallet and transferred all the ETH in the cold wallet to this unidentified address." "Control" has a specific meaning under UCC Article 12, which was ratified in 2022 and is slowly being adopted by U.S. states. It links some rights to control/possession of keys, even if a blockchain asset may have been stolen before being sold, https:/…
What is the purpose of this comment?
Re: Bybit loses $1.5B in hack
#37The entirety of the cryptocurrency world is so obviously a "Chesterton's Fence" situation. Every pseudo-intellectual thinks that the fiscal world is "too complicated" and they're going to "simplify" it by making some token, only for people to realize that the monetary world is just complicated , and they have to reinvent everything that already existed in the traditional banking system. I had to do some work on an AC…
The crypto community continues to speed run the history of traditional finance.
[1] https://news.ycombinator.com/item?id=31777761
Re: Bybit loses $1.5B in hack
#38It's obviously not a cold wallet if it's connected to the exchange.
Yeah this makes no sense whatsoever. > [The hacker] took control of the specific ETH cold wallet and transferred all the ETH in the cold wallet to this unidentified address. Did the hacker physically break into their office or what?
Possibly yes
Or some part of their system failed and the key was compromised without them realising it (like the Debian insecure keys debacle or whatever)
Re: Bybit loses $1.5B in hack
#39[flagged]
What is the gullibility here?
Re: Bybit loses $1.5B in hack
#40I wouldn't be surprised if Bybit cuts a deal with the hacker to return the funds. There's no way that $1.46 billion of marked ETH can be liquidated and off-ramped to fiat.
That’s well within the daily trading volume.