https://xcancel.com/Liquid_BTC/status/2096696272447218108#m
I don't know how "relevant replies" is calculated, but the top 8 responses when I clicked were all LLM generated. Pretty dire for twitter.
Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet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Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet
#92Crypto is total scam, lives of many people have been destroyed, it only works until it runs out of fools. How many forks and psyops until people realize?
I've seen people in real life still pushing for crypto. Believe it or not they already got burned a couple of times, but somehow they think that with the next crypto they'll be at the top of the pyramid chain and able to cash out. They don't understand crypto currencies technically, nor that they are always going to be at the bottom of the pyramid no matter how many times they are burned.
Some of these people with the moral integrity of "quick buck at everyone else's expense" maybe won't stop until they go bankrupt or severly in debt. Might be a self-selective environment at this point.
Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet
#93Seems 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...
It appears this commit actually introduced the bug the attacker exploited by adding additional flexibility for cache key confusion via scriptPubKey. https://twitter.com/mononautical/status/2096928595432374706
The mechanism reminds me of this classic AWS request signature forgery bug from 2008: https://news.ycombinator.com/item?id=401876
Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet
#94Crypto is total scam, lives of many people have been destroyed, it only works until it runs out of fools. How many forks and psyops until people realize?
I've seen people in real life still pushing for crypto. Believe it or not they already got burned a couple of times, but somehow they think that with the next crypto they'll be at the top of the pyramid chain and able to cash out. They don't understand crypto currencies technically, nor that they are always going to be at the bottom of the pyramid no matter how many times they are burned. Some of these people with th…
They create forks to supress the real issue like adam back's island visit, they are total scams.
People need to call them for what they are.
Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet
#95Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet
#96[flagged]
Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet
#97Earlier quoted context omitted.
Great, blog spam comments on HN now? Where is the "Cry that no independent regulator audited their systems and that the transactions were not reversible" coming from? Neither the Twitter thread nor the HN comments even mention anything about this, just the typical argument against yourself?
I am just saying that this would not happened with a normal bank. Pure DeFi structural deficiency. But I see how polarized you are about the topic.
You can have smart wallets with reversible transactions. Even chargeback systems where both sides agree on a neutral judge to decide who's right. It takes time to set it up in a way that's secure, low cost and has good UX, but it's definitely possible.
Of course you need to use a well designed network like Ethereum or Solana for that, not a random Bitcoin sidechain controlled by a committee of BTC miners and shady VCs. This is a problem with Liquid not DeFi.
Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet
#98Earlier quoted context omitted.
I am just saying that this would not happened with a normal bank. Pure DeFi structural deficiency. But I see how polarized you are about the topic.
You can have smart wallets with reversible transactions. Even chargeback systems where both sides agree on a neutral judge to decide who's right. It takes time to set it up in a way that's secure, low cost and has good UX, but it's definitely possible. Of course you need to use a well designed network like Ethereum or Solana for that, not a random Bitcoin sidechain controlled by a committee of BTC miners and shady VC…
Interesting...
But do both parties need to agree to the reversal? Then that's really trivial... and not prone to work against fraudsters.
I suspect that a legally-mandated transaction reversal supposes that an authority has got power over the system -- which is against DeFi philosophy.
Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet
#99Earlier quoted context omitted.
I'm not sure if there is actually any evidence of this? Criminals do very well without crypto. If you look at percent of the economy that is fraudulent, it is quite large. If you look at percentage of crypto economy that is fraudulent, it is surprisingly similar
Plenty, search for cases of ransomware for example, you will find hundreds of instances where they demand payment by cryptocurrency, at least 1B per year.
Yes, but the baseline is the amount of fraud/crime that happens without crypto - which is extremely high.
Re: Hackers have withdrawn ~4k BTC (~$320M) from the Liquid Federation wallet
#100[flagged]