Live data from Hacker News

Bybit loses $1.5B in hack

tradingview.com

81–90 of 381 posts

Re: Bybit loses $1.5B in hack

#81
post #41

Earlier quoted context omitted.

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…

Are these business-owned exchanges and managed wallets not fundamentally incompatible with making guarantees of security? Is anyone doing it the "right" way and what does the right way even look like?

I don't know the answer to that, I only have guesses.

But one mistake we make over and over is that we write code that just does its best to answer questions as quickly as possible. And when those questions show up 10x as quickly as they have any other time in our company history, they either just plug right along or maybe throw an error.

Someone shouldn't be able to empty a billion dollars out of an exchange in 10 minutes, unless they do $250B in daily traffic. And I suspect most of them can be, and in even less time than that.

Re: Bybit loses $1.5B in hack

#85
post #57

Earlier quoted context omitted.

I wonder how many programmers resort to crime after they were laid off and couldn't find a job. Like soldiers after a war.

That might make for a good book or movie plot.

Starring Rami Malek, Tom Holland, Kyla Pratt, and George Clooney?

Re: Bybit loses $1.5B in hack

#86
post #4

[flagged]

I see this quote repeated here often, but working in the industry I've never heard it said unironically by any of my peers or thought leaders in the space. Best I can tell it is a sort of lazy straw man repeated by skeptics. Does it have an origin?

https://blockchain-society.science/?p=218

https://ethereumclassic.org/blog/2024-04-03-ethereum-classic...

Are those appropriate sources?

Re: Bybit loses $1.5B in hack

#88
post #51

Earlier quoted context omitted.

That’s well within the daily trading volume.

Exchanges will blacklist the addresses that hold the hacked ETH. They won't be able to deposit, or if they can deposit, the ETH will be frozen by the exchange.

It is on eth and they can use decentralized exchanges.

Re: Bybit loses $1.5B in hack

#89
post #16

The 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…

I don’t know anyone working in crypto who complains about the physical world being too complex. Imaginary dragons are easily slayed.

Re: Bybit loses $1.5B in hack

#90

Society has devolved a bit when not long ago a heist like this would involve sieging Nakatomi Plaza, now it takes just finding a bug in someone's defective Python codes.

I wonder how many programmers resort to crime after they were laid off and couldn't find a job. Like soldiers after a war.

Relevant comedy sketch? "Secret agent squad, but they're all just the hacking guy."

https://youtu.be/cL7lhbtWwbY?feature=shared

Post reply on HN