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Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet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Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet

#32

Post by jeremyjh »

Incipient wrote: post #21
xyst wrote: post #11

It’s not "hackers". It’s an inside job, and a rug pull.

That's always a possibility, and I'm sure it has happened a lot. I would suspect with the size of liquid it's more likely it was an exploit, but either way I don't think we'll ever know!

Usually we do find out, and in a majority of cases we find out it is a scam by the operators.

Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet

#34

Post by thephyber »

jeremyjh wrote: post #30
simonw wrote: post #4

Earlier quoted context omitted.

Presumably to try and reduce the chance of a mass panic among their users.

9 times out of 10 when an exchange or broker is "hacked" its been the operators of the exchange.

You have worded this like a fact, but this is your opinion.

Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet

#36

Post by lmz »

TZubiri wrote: post #27

One disadvantage of decentralized money, criminals gain more power. Many such cases

There are always complaints on here about how Google is only paying $X for vulns. One advantage of decentralized digital money is that its bug bounties are self funding and the payout amount researcher-controlled.

Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet

#37

Post by dotancohen »

TZubiri wrote: post #27

One disadvantage of decentralized money, criminals gain more power. Many such cases

That is a natural consequence of banks and governments losing power. That power balance shifts towards the citizens... some of whom are criminals.

The coin fanboys will argue that the bankers and government were criminals as well.

Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet

#38

Post by thephyber »

cool_dude85 wrote: post #12
mvdtnz wrote: post #7

Earlier 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"?

You are conflating the original BTC network and a lot of the other projects in the cryptocurrency / token / stable currency space.

Every time there was a new token that was 80% reminded or was governed by a central company, the original cryptocurrency enthusiasts cried fowl.

Most people don't read the fine print, don't read the founding white papers, and don't care about the differences between the protocols and the networks when they should.

Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet

#39

Post by thephyber »

dotancohen wrote: post #37
TZubiri wrote: post #27

One disadvantage of decentralized money, criminals gain more power. Many such cases

That is a natural consequence of banks and governments losing power. That power balance shifts towards the citizens... some of whom are criminals. The coin fanboys will argue that the bankers and government were criminals as well.

This is worded in a way that pretends like the banks and governments themselves aren't considered criminals by the masses.
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