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Bitcoin cold-wallet attack spreads to 4,500 addresses as losses near $89M

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21–25 of 25 posts

Re: Bitcoin cold-wallet attack spreads to 4,500 addresses as losses near $89M

#21
post #20
post #19

Earlier quoted context omitted.

Yes, a different security level - in this case, possibly a better one!

Only in this case, where your hardware wallet is severely compromised. But if you believe your hardware wallet is compromised, why are you using it?

I am not =]

Outsource trust carefully, kids!

Re: Bitcoin cold-wallet attack spreads to 4,500 addresses as losses near $89M

#22
post #4

the thief appears sloppy in how they stole the coins. multiple waves, linking outputs together etc.

would be interesting to see what happens to them when they're found, shame we'll never know.

Unless they trade the already tainted BTCs into XMR we very likely will once they try to cash out.

Re: Bitcoin cold-wallet attack spreads to 4,500 addresses as losses near $89M

#23

Earlier quoted context omitted.

would be interesting to see what happens to them when they're found, shame we'll never know.

Unless they trade the already tainted BTCs into XMR we very likely will once they try to cash out.

Oh I've no doubt some people will figure out who it was, it's their fate we won't be privy to, but I'm certain it won't be pretty.

Re: Bitcoin cold-wallet attack spreads to 4,500 addresses as losses near $89M

#24
post #12

Earlier quoted context omitted.

why do you care so much about that? NFTs are basically dead already and crypto is still somewhat niche like, why does it even matter? I doubt the energy usage is anywhere near AI workloads running today

Setting aside any utility it might have, crypto has lots of negative externalities besides energy usage. The event under discussion, for example.

In what way is energy usage in creating money a negative?

e.g.

If money took no energy to create, what would it be worth? What if you limited its effortless creation to just a few people?

What do you think about the enormous energy usage (far more than bitcoin) in mining gold?

Re: Bitcoin cold-wallet attack spreads to 4,500 addresses as losses near $89M

#25
post #16
post #14

Who would ever trust the built-in seed generation of a wallet? Diceware, write them down, then enter them into the wallet.

Because it's a hardware wallet. Usually these are designed to provide security by generating their own private keys and never letting the private key leave the hardware wallet. If you input the private key, you don't have the same security level.

If you never backed up the keys, any failure of the hardware/software results in loss of everything. Maybe you'd buy multiple of them and copy the keys over.

You trust diceware because you can trust the dice to give random numbers, and the whole process is visible before you. Even with a non-malicious wallet, you have to trust that they competently implemented the random generator and no bugs have crept in over hardware/software revisions.

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