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Bybit loses $1.5B in hack

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Re: Bybit loses $1.5B in hack

#171

Post by arresin »

satvikpendem wrote: post #101
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…

Crypto shenanigans were happening in 2015, even as far back as 2010, so I would have to absolutely believed you to hear that it continues happening, as crypto is a fundamentally unstable platform.

I think he means the sheer volume

Re: Bybit loses $1.5B in hack

#173

Post by ycombinatrix »

mkagenius wrote: post #49

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.

What action can be taken? There's no law against getting hacked or being a moron.

Re: Bybit loses $1.5B in hack

#174

Post by reisse »

plantain wrote: post #165
reisse wrote: post #148

Earlier 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.

I know! As I stated,

> Even considering a huge part of that volume is coming from institutional players who enjoy significantly reduced commission rates...

But the volume is huge. Even if we take the best publicly shared MM rates from Bybit (which is 1.5bp taker commission, 0.5bp maker rebate), and assume the whole volume is traded with these rates, it is still 1bp from 40B dollars, which is 4M dollars daily.

Re: Bybit loses $1.5B in hack

#175

Post by anovikov »

ghfhghg wrote: post #159
anovikov wrote: post #136

Earlier quoted context omitted.

I have many friends who started from really humble beginnings ~5 years ago (or instance, a typical small business like "an e-shop selling bullshit Chinese gizmos online making 20k per month"), and are now uber rich in crypto. Like, hundreds of millions in net worth and spending 200-400k per month. And yes, they don't invest their money anywhere except new and new crypto projects themselves, just because they don't kn…

Just to be clear I'm not saying that my aquaintences didn't make money. Just that they are vague. But ultimately if you have friends making hundreds of millions of dollars and there is enough of them then that essentially proves there will be many more losers than winners. I personally don't partake for the same reason I didn't partake in Amway in college. It's functionally a pyramid scam and on a personal level a bo…

Everything that's optimised for making money, is a scam.

Re: Bybit loses $1.5B in hack

#177

Post by codetrotter »

czhu12 wrote: post #161

Their English Wikipedia page is deleted as of 1:42am pst. Any idea what that’s about?

https://en.m.wikipedia.org/wiki/Bybit shows the history of deletions and creations of the page.

The current deletion is for reasons that include lack of NCORP (Notability (organizations and companies)). And they back that in turn by saying that the sources are weak.

I understand on one side that they don’t want every company in the world to have a Wikipedia page. Because the point of Wikipedia is not to promote or legitimise every company in the world.

But you’d think that at the point where widely covered news of a hack leading to a loss of a billion dollars and a half, would be reason to have a Wikipedia article about it.

And instead they went and deleted the article today.

There’s probably additional editing of the page itself that you can dig into the history of if you want to see what happened during the past couple of days leading up to the page being deleted again.

For me, I’ll file this under Wikipedia Editors gonna Edit. They have all kinds of edit wars and page deletions going on all the time in the background that the rest of us mostly don’t even notice most of the time. And all over I’m still happy with Wikipedia for all of the information it has collected within.

Re: Bybit loses $1.5B in hack

#178

Post by ghhrjfkt4k »

plantain wrote: post #130

How 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?

FXCM forex trading broker covered a similar sized loss of client money (not hack) when EUR/CHF was unpegged in 2015.

Since it was a profitable broker business, another bigger broker gave them the money to plug the loss in exchange for taking over the business.

Re: Bybit loses $1.5B in hack

#179

Post by highcountess »

stouset wrote: post #106
zer0x4d wrote: post #103

I'm a huge crypto believer but I can admit that we don't have a serious system if a person can just transfer over $1.5B from a well known crypto cold wallet to different accounts with nothing flagging it and no way to reverse it.

In the face of the never-ending list of these kinds of events, the laughably impossible task of average nontechnical individuals protecting their own assets (and the consequence of total financial ruin when they fail to do so), the overwhelming number of and size of scams, rug pulls, fraud, outright Ponzi schemes, and on and on and on… what exactly is left to keep anyone a “huge believer”? Put differently, it’s been…

[dead]

Re: Bybit loses $1.5B in hack

#180

Post by card_zero »

codetrotter wrote: post #177
czhu12 wrote: post #161

Their English Wikipedia page is deleted as of 1:42am pst. Any idea what that’s about?

https://en.m.wikipedia.org/wiki/Bybit shows the history of deletions and creations of the page. The current deletion is for reasons that include lack of NCORP ( Notability (organizations and companies) ). And they back that in turn by saying that the sources are weak. I understand on one side that they don’t want every company in the world to have a Wikipedia page. Because the point of Wikipedia is not to promote or…

It could be resurrected if there are multiple news stories making it notable for being hacked. It would have to be rewritten, though, to give it substantially different content.

https://en.wikipedia.org/wiki/Wikipedia:Speedy_deletion#G4

Here's the discussion from the second time it was deleted:

https://en.wikipedia.org/wiki/Wikipedia:Articles_for_deletio...

They're basically saying "nah, that's spam". So when it was recreated yet again, of course it was speedily terminated with prejudice because it just looks like another spam attempt.

Not sure if there's a rule against covering news stories. Seems like we wouldn't want an article on every news event (I'm pretty sure there is a rule against that), but Crowdstrike got an article.

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