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Bybit loses $1.5B in hack

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Re: Bybit loses $1.5B in hack

#331

Post by jqpabc123 »

killerstorm wrote: post #286
jqpabc123 wrote: post #277

Earlier quoted context omitted.

It's possible to make stable-coins using just price oracle and collateral. Most attempts at "algorithmic" stable coins have failed. See TerraDollar, Luna and Titan.

Over-collateralized stables are different from "algorithmic": the algorithmic ones are not fully backed by reserves.

the algorithmic ones are not fully backed by reserves.

And you just know that the "collaterized" ones are? In most cases, their books aren't open. And they wouldn't lie about this would they?

In some strange way, the crypto brain has been programmed to ignore the obvious with a hand wave and just accept all the chicanery that is crypto.

Re: Bybit loses $1.5B in hack

#333

Post by EVa5I7bHFq9mnYK »

Klaster_1 wrote: post #19
huang_chung wrote: post #6

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.

Most likely these programmers are serving in the DPRK Unit 180.

Re: Bybit loses $1.5B in hack

#335

Post by misja111 »

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?

We don't know if they can cover it. All we know is a statement from their CEO.

Can we trust that? Suppose that ByBit couldn't cover the loss, and the CEO would honestly inform the world about it. What would happen? The crypto-equivalent of a bank run. So he would never say that.

Re: Bybit loses $1.5B in hack

#337

Post by EVa5I7bHFq9mnYK »

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.

Atomic Wallet users lost $100M in June 2023 hack, the company continues to operate as if nothing happened, no word of any restitution to the users.

Re: Bybit loses $1.5B in hack

#338

Post by Saline9515 »

jvanderbot wrote: post #330
Saline9515 wrote: post #284

Earlier quoted context omitted.

I never said that it should be unregulated, just that the sanction applied to BUSD had a political motive. Of course stablecoins are not securities, just like a 20$ note isn't a security.

The analogy to cash feels a bit strained. There's a difference in backing, don't you think?

I was referring to the Howey test, that is used to determine if an asset is a security: https://www.findlaw.com/consumer/securities-law/what-is-the-...

Re: Bybit loses $1.5B in hack

#339

Post by FabHK »

desumeku wrote: post #307
FabHK wrote: post #266

Earlier quoted context omitted.

The "oh but there's crime in fiat" argument holds no water. Sure, HSBC facilitated money laundering and drug trafficking in Mexico. And when it came out, the fiat response was a huge outcry and putting a stop to it. The crypto response is to say "screw the laws, let's go all in with money laundering and drug trafficking". It's like noticing that kitchen knives are occasionally used for murder, and then concluding tha…

Fiat is not indispensable, hello. Did you forget that human societies used to primarily have metallism-based economies before central banks managed to entrap the entire world in a system of debt slavery?

Sure, and that gold standard failed. Fiat (with a money supply that can be discretionarily managed, and allows for monetary policy) is indispensable to a modern economy.
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