If I were the hacker, I would be waiting for an offer to return the money. Which Sky Mavis haven't done. I think 1% is reasonable.
$625M worth of ETH drained on Axie Infinity's Ronin Network
71–80 of 761 posts
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#72Over half a billion in assets and.. > We discovered the attack this morning after a report from a user Fuck me.
is there no point at which these companies become subject to securities or financial laws? How on earth can a random game studio just casually hold half a billion dollars worth of assets apparently without any idea what to do with it?
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#73Over half a billion in assets and.. > We discovered the attack this morning after a report from a user Fuck me.
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Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#74I'm out of the loop and trying to understand - people lent over half a billion dollars of their 'real' fake money (ETH) to a game studio so they could transact on the studio's sidechain because gas fees are prohibitively expensive on ETH, and then the game studio got hacked and lost it all? 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…
> Imagine how preposterous the idea of storing $650mm in USD in a random game studio's checking account would be.
But it's decentralized.
(Do the same hand movement as if saying "It's got electrolytes")
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#75This 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…
Well you can do anything with the ledger if there's consensus. That's how the entire thing works. How are you going to convince >50% of the mining pool to agree though?
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#76Question for the legal-minded folk here. Is this "theft" illegal in the criminal sense? It's exploiting an unintended hole in software, but it's technically following the smart contract faithfully, albeit against the better intentions of its author(s). Has a smart contract case like this been litigated before? It brings to mind comparable things that have happened in the financial services world, where one party insi…
In traditional courts? Yep, it's a crime because there is clear damage being done to the victims. As simple as that.
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#77And they didn't notice for 6 days!
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#78This 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…
Keep working at it and eventually you will rebuild "tradfi."
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#79If only they had used a Web3 based solution this wouldn't have happened.
Re: $625M worth of ETH drained on Axie Infinity's Ronin Network
#80Question for the legal-minded folk here. Is this "theft" illegal in the criminal sense? It's exploiting an unintended hole in software, but it's technically following the smart contract faithfully, albeit against the better intentions of its author(s). Has a smart contract case like this been litigated before? It brings to mind comparable things that have happened in the financial services world, where one party insi…
I'm not a lawyer. It appears that part of this heist involved hacked keys. That aspect would be straightforwardly illegal I would imagine.