Binance's Trust Wallet extension hacked; users lose $7M

Post by simonebrunozzi » Tue, Dec 30, 2025, 12:10 AM UTC

game_the0ry wrote: post #15

wyldfire wrote: post #5

I love the concept of cryptocoins. But in practice, there are some enormous hazards that make it not worthwhile IMO. This is just one such hazard, but by now we've seen several flavors of "this custody/storage mechanism failed to securely store some wealth." If securing it yourself, it's so easy to mishandle and either destroy your wealth or have it stolen. If delegating it to an "expert" you risk the custodial agent…

Sort of a double edged sword there. A big part of the appeal of crypto money is that there is no "centralized daddy." The upside is that your property can't be confiscated by "centralized daddy." The downside is you can lose your keys. People who do not understand that trade-off have no business buying crypto.

Post by embedding-shape » Tue, Dec 30, 2025, 12:53 AM UTC

wyldfire wrote: post #5

I love the concept of cryptocoins. But in practice, there are some enormous hazards that make it not worthwhile IMO. This is just one such hazard, but by now we've seen several flavors of "this custody/storage mechanism failed to securely store some wealth." If securing it yourself, it's so easy to mishandle and either destroy your wealth or have it stolen. If delegating it to an "expert" you risk the custodial agent…

Post by [deleted] » Tue, Dec 30, 2025, 2:04 AM UTC

wmf wrote: post #13

29athrowaway wrote: post #9

Not your keys, not your coins.

I think this is a case of "your keys, not your coins".

Post by idiotsecant » Tue, Dec 30, 2025, 4:25 AM UTC

m4ck_ wrote: post #11

sunshine-o wrote: post #7

Earlier quoted context omitted.

> Having a government-insured bank deposit means that I've never had to think about this in my lifetime. It's a problem that I don't need. Government-insured bank deposits are mostly BS, the fine prints say they have about 10 years to reimburse you and in case of a systemic failure good luck. In case the bank app, their "system" or your computer is compromised most banks will not reimburse you. It is very easy for th…

even if that's the case re: government insured banks.... Maybe it feels more secure because there is someone to hold accountable if/when it all falls apart. People can show up in DC with pitch forks and vent their frustration; good luck tracking the stateless billionaires behind a company like Binance through Micronesia/the Caribbean/Seychelles/whatever island paradise they stashed their cash on.

Post by monerozcash » Tue, Dec 30, 2025, 12:00 PM UTC

saubeidl wrote: post #20

wyldfire wrote: post #5

I love the concept of cryptocoins. But in practice, there are some enormous hazards that make it not worthwhile IMO. This is just one such hazard, but by now we've seen several flavors of "this custody/storage mechanism failed to securely store some wealth." If securing it yourself, it's so easy to mishandle and either destroy your wealth or have it stolen. If delegating it to an "expert" you risk the custodial agent…

I believe cryptocurrencies are an in-vitro experiment on free market ideologies and that's why people are so split on them. I think of them as primarily an ideological technology, designed to establish the primacy of free market capitalism over any sovereign law. I think that is why people still hold onto them, despite nothing but scams coming out of them so far. As somebody who doesn't think unrestrained free market…