Their English Wikipedia page is deleted as of 1:42am pst. Any idea what that’s about?
Bybit loses $1.5B in hack
161–170 of 381 posts
Re: Bybit loses $1.5B in hack
#162Earlier quoted context omitted.
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.
It's all traceable. Some of the ETH has already been run through a mixer and then bridged to BTC.
In any case, since this hack was performed by a nation state actor (Lazarus Group/North Korea), being caught is effectively meaningless.
Re: Bybit loses $1.5B in hack
#163Can someone even explain what Bybit is actually about? I searched around when the hack was announced, but I'm very confused. Mostly what I saw said "scam" on it. This isn't your run-of-the-mill Coinbase style exchange, right?
Also a major sponsor of Red bull Racing in Formula 1.
Re: Bybit loses $1.5B in hack
#164Earlier 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.
It was the basis of the plot of the first Jurassic Park movie. All shenanigans started because Dennis Nedry, the parc IT manager, disabled some security system at a bad time so he could sell some company secrets to concurrents.
There are interesting character analysis to do between the book and the movie version, where the book version or Dennis Nedry is way more sympathetic (even if flawed), he's a extremely talented IT guy who was undersold the amount of work to do in the park, kinda stuck doing unpaid overwork in a remote island and generally been fleeced by a way more villainous book John Hammond.
Re: Bybit loses $1.5B in hack
#165How on earth is it possible they can cover a 1.5B loss? Are they really sitting on that much profit, or is the goal to ponzi it out from here, MtGox style?
Bybit trading volume is in tens billions of dollars daily. Their comission rate for the retail traders is up to 10bp (0.1%). Even considering a huge part of that volume is coming from institutional players who enjoy significantly reduced commission rates, I think they're surely making few million dollars daily on comissions alone, maybe tens of millions in a good day. And besides comissions, they also have other sour…
Most of the trading is not done by retail traders but at much lower fees than that, if not being paid (market makers). I just can't make it add up.
Re: Bybit loses $1.5B in hack
#166Who says ByBit can cover the loss? The article title says that but the article quotes do not. The CEO only said that their other cold wallets are intact and that withdrawals remain normal. Bybit claims to be regulated by the Virtual Assets Regulatory Authority of Dubai.[1] But the lookup page at VARA says they only have "In-principle approval", not a full license. "Applicants holding an IPA are strictly prohibited fr…
> Who says ByBit can cover the loss? CEO on X
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Re: Bybit loses $1.5B in hack
#167Earlier quoted context omitted.
> memecoins and utility-free cryptocurrency As opposed to what?
During the previous wave of crypto, there were all sorts of ambitious if doomed plans to do interesting things with blockchains. Even Bitcoin was originally supposed to be a means of exchange, not an "investment". Now we don't even pretend that $DOGE/$TRUMP/whatever has any utility aside from speculation.
As far as I know the only difference between these so-called memecoins and 'reputable' cryptocoins is that the former have a funny name. Other than that they're essentially the same product.
Re: Bybit loses $1.5B in hack
#168Earlier quoted context omitted.
> memecoins and utility-free cryptocurrency As opposed to what?
Bitcoin, ETH, and Monero all have utility in one way or another. Bitcoin is accepted by most black markets (and Monero is even better for privacy). And software is built on top of the ETH chain. No one is buying stuff using DOGE or Trump coin. There's a clear difference between memecoins and legitimate cryptocurrencies whether you like them or not.
The question is: what makes a cryptocoin legitimate, in your opinion, considering that 'ilegitimate' memecoins are usually just a copy-paste version of a supposedly 'legitimate' cryptocoin?
Re: Bybit loses $1.5B in hack
#169Earlier quoted context omitted.
Bybit trading volume is in tens billions of dollars daily. Their comission rate for the retail traders is up to 10bp (0.1%). Even considering a huge part of that volume is coming from institutional players who enjoy significantly reduced commission rates, I think they're surely making few million dollars daily on comissions alone, maybe tens of millions in a good day. And besides comissions, they also have other sour…
Most of the trading is not done by retail traders but at much lower fees than that, if not being paid (market makers). I just can't make it add up.
Hyperliquid, a decentralized perp exchange, is a good proxy for ByBit’s revenues. On an average, Hyperliquid does between 800k-1M in revenue per day. ByBit is substantially bigger and easily does 50-100M in monthly revenue
Re: Bybit loses $1.5B in hack
#170As Frank Drebin would say, “Nothing to see here.”