It’s not "hackers". It’s an inside job, and a rug pull.
Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet
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Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet
#12Earlier quoted context omitted.
Presumably to try and reduce the chance of a mass panic among their users.
What do they care if there's a panic? They have "paused the sidechain". No one can act on their panic.
Wasn't this all supposed to be decentralized? How can a foundation choose to unilaterally "pause the sidechain"?
Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet
#13It’s not "hackers". It’s an inside job, and a rug pull.
how is it a rug pull? if it's an inside job, doesn't that just make it theft?
Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet
#14Earlier quoted context omitted.
What do they care if there's a panic? They have "paused the sidechain". No one can act on their panic.
Wasn't this all supposed to be decentralized? How can a foundation choose to unilaterally "pause the sidechain"?
BTC Liquid Network is not decentralized and does not purport to be. It's a federated sidechain, that is... it's a blockchain that runs alongside the Bitcoin blockchain (using a two-way peg that lock real BTC on the Bitcoin blockchain and issues an equivalent amount of Liquid BTC on the Liquid sidechain) but blocks can only be added to the Liquid Network sidechain by some of the handpicked members of the federation.
Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet
#15Why do they say it's white hat hackers?
The same reason scam artists describe themselves as businessmen
Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet
#16Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet
#17Seems that an Elements rangeproof cache bug may've gotten exploited. Fix for suspicious issue was committed just last week and attackers could've monitored the public commits and exploited the bug before fix was ever pushed?
Sort of self-fulfilling prophecy if true, that's a leading theory anyhow.
fix: range proof cache bind to asset and scriptpubkey
https://github.com/ElementsProject/elements/commit/c26d719c2...
Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet
#18Time for bitcoin classic++?
Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet
#19Earlier quoted context omitted.
how is it a rug pull? if it's an inside job, doesn't that just make it theft?
What's the difference to you between a rug pull and theft?
A few extra steps. Usually, the rug pull doesn't involve directly taking something that belongs to other people, but instead, selling your own thing in a dishonest way.
Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet
#20It’s not "hackers". It’s an inside job, and a rug pull.
I mean of course it was. Everything in this whole ludicrous space is a scam of one kind or another. It's amazing to me that this is still even a point of discussion. It's obviously a rug pull.