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Bybit loses $1.5B in hack

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Re: Bybit loses $1.5B in hack

#91

Post by jsemrau »

ratg13 wrote: post #72
chabes wrote: post #11

From the article: > The wallet in question appears to have sent 401,346 ETH ($1.1 billion) as well as several other iterations of staked ether (stETH) to a fresh wallet, which is now liquidating mETH and stETH on decentralized exchanges, etherscan shows. The wallet has sold around $200 million worth of stETH so far. If you showed me a paragraph like this a decade ago and told me it was from 2025, I would have a diffi…

[flagged]

"Bybit 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."

From the article. Not that I endorse crypto, in fact I despise it. But at least per this statement, it seems to have been handled offline. How a hacker could get access to this is another story to unpack.

edit: I guess this is the story that "unpacks". One more reason to not believe in crypto.

https://x.com/benbybit/status/1892963530422505586

Re: Bybit loses $1.5B in hack

#92

Post by medellin »

Old man yells at cloud vibes every time a crypto post comes on HN.

No interesting discussions ever. Just axes being sharpened and people who dislike it taking the opportunity to gloat. I would characterize the pro crypto people but I don’t see any. Which is said because over the last 5 years I have found crypto, bitcoin, and stable coins to be extremely useful when helping family members in emerging markets.

But hey it’s all trash, the west doesn’t need it so let’s all dance on its grave.. i guess we will keep dancing for another 15 years.

Re: Bybit loses $1.5B in hack

#94

Post by smolder »

ratg13 wrote: post #72
chabes wrote: post #11

From the article: > The wallet in question appears to have sent 401,346 ETH ($1.1 billion) as well as several other iterations of staked ether (stETH) to a fresh wallet, which is now liquidating mETH and stETH on decentralized exchanges, etherscan shows. The wallet has sold around $200 million worth of stETH so far. If you showed me a paragraph like this a decade ago and told me it was from 2025, I would have a diffi…

[flagged]

It's definitely embarrassing that people losing their shirts in crypto didn't see it coming. It's bad that people think a zero sum game is worth playing against incumbents. The marks aren't the worst part, though. Everyone promoting memecoins and utility-free cryptocurrency in general is either ignorant or just a bad person with a warped idea of success. Personal money accumulation is a sad goal compared to actual wealth creation. The parasites who push crypto on the hopeful proto-bag holders are destroying the prosperity that supports them.

Re: Bybit loses $1.5B in hack

#95

Post by ddorian43 »

medellin wrote: post #92

Old man yells at cloud vibes every time a crypto post comes on HN. No interesting discussions ever. Just axes being sharpened and people who dislike it taking the opportunity to gloat. I would characterize the pro crypto people but I don’t see any. Which is said because over the last 5 years I have found crypto, bitcoin, and stable coins to be extremely useful when helping family members in emerging markets. But hey…

There's no interesting discussion to be had. That's the simple reason you always miss.

Re: Bybit loses $1.5B in hack

#96

Post by paul_h »

walterbell wrote: post #78
adastra22 wrote: post #75

Earlier quoted context omitted.

The hacked coins are not "free of conflicting property claims."

> The hacked coins are not "free of conflicting property claims." 2023, American Bar Association, https://www.americanbar.org/groups/business_law/resources/bu... .. “take free” regime introduced by the 2022 UCC Amendments for these assets. Under these rules, a person who acquires a CER for value, in good faith and without notice of any conflicting property claims, is deemed a “qualifying purchaser” and, as such, take…

I think you're saying this is different to theft-of-car. A stolen car could be sold/bought a number of times, but any amount of years later the car belatedly identified as the one stolen from the rightful owner means it is returned. A fraudulently created title isn't enough to protect the bagholder from having to return the car.

Re: Bybit loses $1.5B in hack

#97

Post by timjver »

jsemrau wrote: post #91
ratg13 wrote: post #72

Earlier quoted context omitted.

[flagged]

"Bybit 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." From the article. Not that I endorse crypto, in fact I despise it. But at least per this statement, it seems to have been handled offline. How a hacker could get access to this is another story to unpack. edit: I guess this is the story that "unpacks"…

By "online wallet" they were likely referring to the Bybit website being the wallet of those customers that held their coins there rather than keeping them in their own private wallets, and not whether the hack involved a hot wallet or a cold wallet. Calling it a custodial wallet would have been more accurate.

Re: Bybit loses $1.5B in hack

#98

Post by redrove »

ratg13 wrote: post #72
chabes wrote: post #11

From the article: > The wallet in question appears to have sent 401,346 ETH ($1.1 billion) as well as several other iterations of staked ether (stETH) to a fresh wallet, which is now liquidating mETH and stETH on decentralized exchanges, etherscan shows. The wallet has sold around $200 million worth of stETH so far. If you showed me a paragraph like this a decade ago and told me it was from 2025, I would have a diffi…

[flagged]

It was an offline multi-sig wallet. Hackers seem to have musked the transaction when the owners signed it as it looked good to them.

Re: Bybit loses $1.5B in hack

#99

Post by pfannkuchen »

smolder wrote: post #94
ratg13 wrote: post #72

Earlier quoted context omitted.

[flagged]

It's definitely embarrassing that people losing their shirts in crypto didn't see it coming. It's bad that people think a zero sum game is worth playing against incumbents. The marks aren't the worst part, though. Everyone promoting memecoins and utility-free cryptocurrency in general is either ignorant or just a bad person with a warped idea of success. Personal money accumulation is a sad goal compared to actual we…

Yeah on memecoins isn’t that just a loophole for running naked pyramid schemes? I.e. a pyramid where everyone knows it’s a pyramid.

Like the weird part about a pyramid is that depending on your risk tolerance it may actually make sense to participate in a pyramid even if everyone involved knows it’s a pyramid. So are that many people being scammed as in tricked (seems hard to believe), or is it just a risky form of gambling that is outlawed in legacy formats.

EDIT: Ponzi -> Pyramid

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