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Bybit loses $1.5B in hack

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Re: Bybit loses $1.5B in hack

#41

Post by hinkley »

sleazebreeze wrote: post #14

What are the chances that a Bybit insider is behind this?

Or former insider.

I spent several years pointing out to my last employer that every former employee could have walked off with secrets that allowed them access to our backends. The were already slowly working on hardening write access but read access was still being worked on a couple months before I left, when I got to write about half of the last mile code for the user facing bits.

This is not a unique experience by any means. I’ve seen this sort of thing enough to pay attention when acquaintances bitch about it too.

Re: Bybit loses $1.5B in hack

#44

Post by kangda123 »

ArtTimeInvestor wrote: post #42

When even professional companies that have billions of dollars under management can't securely manage their crypto assets, how likely is it that individuals can?

It's a different ball game. The resources that went into executing this kind of hack were probably far higher than most wallets are worth anyway.

Re: Bybit loses $1.5B in hack

#46

Post by akritrime »

tombert wrote: post #22
faefox wrote: post #9

[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…

To be honest, a distributed logic execution engine is an interesting tech, it just isn't something to build any high value economy on top of.

Re: Bybit loses $1.5B in hack

#47

Post by amatecha »

adastra22 wrote: post #39
faefox wrote: post #9

[flagged]

What is the gullibility here?

Thinking you can store your crypto with some 3rd party that _definitely_ won't get hacked (or """hacked"""), also thinking your crypto won't become worthless from a singular unusual event. Actually the most gullible are the people who think of cryptocurrency as an "investment" XD

Re: Bybit loses $1.5B in hack

#49

Post by mkagenius »

A crypto exchange WazirX was hacked for ~$300M, roughly 50% of the users fund gone.

There is no action on the CEO since the hack in July 2024. He sits in Dubai. He just got a nod from Supreme Court of SG to just average out the funds and distribute it among the users.

No action has been initiated against the company/ceo for losing the fund. He is geared up to launch another company/exchange.

Re: Bybit loses $1.5B in hack

#50

Post by acc_297 »

kangda123 wrote: post #44
ArtTimeInvestor wrote: post #42

When even professional companies that have billions of dollars under management can't securely manage their crypto assets, how likely is it that individuals can?

It's a different ball game. The resources that went into executing this kind of hack were probably far higher than most wallets are worth anyway.

Maybe not - a number of high-value past hacks have been very low effort

I have yet to see a thorough explanation of what specifically was hacked here anyhow

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