31–40 of 761 posts
How was this ever going to end any other way? Imagine how preposterous the idea of storing $650mm in USD in a random game studio's checking account would be.
This probably sounds like an insanely dumb idea to crypto people, but is it absolutely infeasible to reverse transactions when there's consensus that it's a hack? The TX fees need not be reversed (consider it to be a small price to pay for being hacked). A little bit of centralisation could make the whole network safer. Who is that centralised authority to decide what's a hack, I hear you ask. I don't know, but the a…
What is your threshold? Who decided what is "not legitimate" activity? Clearly in this case the money was spent using the keys that were allocated to be able to control the money, what process overrides that?
Disputes under the law are resolved in court.
Over half a billion in assets and.. > We discovered the attack this morning after a report from a user Fuck me.
So they now have this giant sum of money sitting in their wallet https://etherscan.io/address/0x098b716b8aaf21512996dc57eb061... what do they do next? How do criminals even use this money to do anything?
Properly done, there is no direct connection between the new washed currency and the stolen assets.
So they now have this giant sum of money sitting in their wallet https://etherscan.io/address/0x098b716b8aaf21512996dc57eb061... what do they do next? How do criminals even use this money to do anything?
Or move it through decentralized tumblers. Which is why more and more these tokens are becoming non-fungible as addresses are blacklisted.
Non-fungible is another way of saying centralized, by the way. The whole system is a house of cards. The final straw will be when quantum blows it wide open.
So they now have this giant sum of money sitting in their wallet https://etherscan.io/address/0x098b716b8aaf21512996dc57eb061... what do they do next? How do criminals even use this money to do anything?
Probably can get $3-5m or so a year slowly. (which would take ~25 years or so).
Earlier quoted context omitted.
What is your threshold? Who decided what is "not legitimate" activity? Clearly in this case the money was spent using the keys that were allocated to be able to control the money, what process overrides that?
I mean we have an answer to that, it's called the law, and its worked since 1750BC. [edit] This guy, Hammurabi - king of the First Babylonian Dynasty - faced a similar quandary, so there's some prior art. Disputes under the law are resolved in court.
Over half a billion in assets and.. > We discovered the attack this morning after a report from a user Fuck me.
Which was 6 days after the original transfers. Unbelievable.
This probably sounds like an insanely dumb idea to crypto people, but is it absolutely infeasible to reverse transactions when there's consensus that it's a hack? The TX fees need not be reversed (consider it to be a small price to pay for being hacked). A little bit of centralisation could make the whole network safer. Who is that centralised authority to decide what's a hack, I hear you ask. I don't know, but the a…