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The Resolv hack: How one compromised key printed $23M

chainalysis.com

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Re: The Resolv hack: How one compromised key printed $23M

#91

Post by codebje »

troad wrote: post #54
koakuma-chan wrote: post #18

Earlier quoted context omitted.

you can send them around easily without having to deal with bullshit payment systems

But you do have to deal with bullshit payment systems. I can't receive stablecoins in my regular bank account, I'd have to set up some crypto nonsense on DankRocketBets or whatever for it to even work. Why would I do this when I can already receive actual USD without any extra ceremony? Stablecoins are a solution in search of a problem.

Perhaps you meant: stablecoins are a scam in search of a victim.

Re: The Resolv hack: How one compromised key printed $23M

#93

Post by abrookewood »

primitivesuave wrote: post #9

Missing from the article - the hacker first compromised Resolv Lab's AWS account, took a private key from KMS that was used to control minting, then managed to extract $25 million into ETH before all protocol functions were suspended.

It's explicitly mentioned in the article:

A step by step breakdown of the attack Step 1. Gaining Access to Resolv’s AWS KMS Environment

Re: The Resolv hack: How one compromised key printed $23M

#94

Post by leonidasv »

abrookewood wrote: post #93
primitivesuave wrote: post #9

Missing from the article - the hacker first compromised Resolv Lab's AWS account, took a private key from KMS that was used to control minting, then managed to extract $25 million into ETH before all protocol functions were suspended.

It's explicitly mentioned in the article: A step by step breakdown of the attack Step 1. Gaining Access to Resolv’s AWS KMS Environment

The link was changed, the old one did not mention it (apparently): https://news.ycombinator.com/item?id=47498220

Re: The Resolv hack: How one compromised key printed $23M

#95

Post by amarant »

Saline9515 wrote: post #64
amarant wrote: post #47

Earlier quoted context omitted.

Ah, so we're basically battling the prudishness of VISA and MasterCard? That... Actually makes sense.. Which is a rare feat for crypto!

Stablecoins present less frictions, have cheaper transaction costs and less intermediaries susceptible to block them. It greatly increases the velocity of money.

What utterly horrendous payment solutions are you using that have more friction than crypto?

The ones I use are several orders of magnitude less friction and most are 100% free. The ones that do have a cost (for recipients outside Scandinavia basically) are still way, waay cheaper than crypto transactions.

Re: The Resolv hack: How one compromised key printed $23M

#96

Post by cameldrv »

You shouldn't have a key that controls millions/billions of dollars on a cloud service. It should be on an airgapped laptop that was purchased anonymously, has never been connected to the Internet, and only runs software that has been vetted and loaded onto it via a CD-ROM or some other comparable method.

Re: The Resolv hack: How one compromised key printed $23M

#97

Post by vlovich123 »

cameldrv wrote: post #96

You shouldn't have a key that controls millions/billions of dollars on a cloud service. It should be on an airgapped laptop that was purchased anonymously, has never been connected to the Internet, and only runs software that has been vetted and loaded onto it via a CD-ROM or some other comparable method.

Have you actually tried to run a business this way?

Re: The Resolv hack: How one compromised key printed $23M

#98

Post by amarant »

anonym29 wrote: post #41
amarant wrote: post #33

Earlier quoted context omitted.

I mean they use Blockchain, right? Isn't that like the only real requirement for the name crypto? As long as you burn as much electricity as Andorra does in a week just to make a transaction, you're probably a cryptocurrency. And that's their sole benefit it seems.

>I mean they use Blockchain, right? Isn't that like the only real requirement for the name crypto? Absolutely not. Cryptocurrently exclusively refers to permissionless, decentralized, cryptographically secured, irreversible, fungible monetary system with a disinflationary or non-inflationary supply, following a voluntary, collectivized governance model. A vast majority of tokens colloquially referred to as "cryptocur…

Is there even any currency that meets that definition? Iirc even bitcoin had some kind of reversal back in the day, or am I misremembering? I seem to recall bitcoin splitting in 2 for a while as there was some disagreement on whether the reversal should be made or not.

Idk, it's been a while and my memory is fuzzy.

Re: The Resolv hack: How one compromised key printed $23M

#99

Post by etchalon »

jfengel wrote: post #52
etchalon wrote: post #28

Earlier quoted context omitted.

Regulation (laws) are handled by the Congress, not the Executive.

Congress has passed laws to delegate details to the executive departments. Congress lacks the expertise to do any kind of precision in regulation.

Yet they do it all the time. Constantly.

Re: The Resolv hack: How one compromised key printed $23M

#100

Post by WatchDog »

cameldrv wrote: post #96

You shouldn't have a key that controls millions/billions of dollars on a cloud service. It should be on an airgapped laptop that was purchased anonymously, has never been connected to the Internet, and only runs software that has been vetted and loaded onto it via a CD-ROM or some other comparable method.

If their coin requires a web service to process each transaction, then an offline key isn't very useful.

You can criticize their design, but you can't have a dude burning a CD-ROM every time someone wants some coins.

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