Record $3.8B stolen in crypto hacks last year, report says
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Re: Record $3.8B stolen in crypto hacks last year, report says
#2Even the most rinky-dink banks have 2FA. Crypto is eventually going to consume itself once enough marks realize they will never make money from it.
Re: Record $3.8B stolen in crypto hacks last year, report says
#3Even the most rinky-dink banks have 2FA. Crypto is eventually going to consume itself once enough marks realize they will never make money from it.
Equating theft with a lack of 2FA?
Re: Record $3.8B stolen in crypto hacks last year, report says
#4Re: Record $3.8B stolen in crypto hacks last year, report says
#5Earlier quoted context omitted.
Equating theft with a lack of 2FA?
Coins should have 2FA themselves. Without it, theft is obviously far easier.
Huh? That's like saying USD needs 2FA.
Wallets have 2FA, not coins.
Wallets are more like banks, except the user owns their own bank.
The issue with theft over the last year was primarily from rug pulls, bugs in contracts and things like phishing/domain takeover.
Re: Record $3.8B stolen in crypto hacks last year, report says
#6Earlier quoted context omitted.
Coins should have 2FA themselves. Without it, theft is obviously far easier.
Huh? That's like saying USD needs 2FA. Wallets have 2FA, not coins. Wallets are more like banks, except the user owns their own bank. The issue with theft over the last year was primarily from rug pulls, bugs in contracts and things like phishing/domain takeover.
Don’t forget SIM swapping attacks which there are services, banks and crypto exchanges still accepting phone numbers as a 2FA method, which is ridiculous.
$3.8B in fraud from crypto out of the over 2 trillion worth of crypto transaction volume is nothing compared to the Zelle and FinCEN fraud with the trillions of illicit transactions allowed by the banks.
Re: Record $3.8B stolen in crypto hacks last year, report says
#7Earlier quoted context omitted.
Coins should have 2FA themselves. Without it, theft is obviously far easier.
Huh? That's like saying USD needs 2FA. Wallets have 2FA, not coins. Wallets are more like banks, except the user owns their own bank. The issue with theft over the last year was primarily from rug pulls, bugs in contracts and things like phishing/domain takeover.
Coins could be made to require two different keys to perform operations.
Social engineering attacks getting people to divulge their private single keys are a huge method of crypto theft.
Re: Record $3.8B stolen in crypto hacks last year, report says
#8Earlier quoted context omitted.
Huh? That's like saying USD needs 2FA. Wallets have 2FA, not coins. Wallets are more like banks, except the user owns their own bank. The issue with theft over the last year was primarily from rug pulls, bugs in contracts and things like phishing/domain takeover.
Coins could be made to require two different keys to perform operations. Social engineering attacks getting people to divulge their private single keys are a huge method of crypto theft.
> Coins could be made to require two different keys to perform operations.
That's a function of the wallet, we call it multisig.
> Social engineering attacks getting people to divulge their private single keys are a huge method of crypto theft.
Correct and 2FA would do nothing to stop that. The same problem exists with Zelle in traditional finance. To the point that banks are no longer accepting Zelle.
Re: Record $3.8B stolen in crypto hacks last year, report says
#9Earlier quoted context omitted.
Coins could be made to require two different keys to perform operations. Social engineering attacks getting people to divulge their private single keys are a huge method of crypto theft.
> Coins could be made to require two different keys to perform operations. That's a function of the wallet, we call it multisig. > Social engineering attacks getting people to divulge their private single keys are a huge method of crypto theft. Correct and 2FA would do nothing to stop that. The same problem exists with Zelle in traditional finance. To the point that banks are no longer accepting Zelle. https://www.th…
Wallets do not have to have 2fa. A currency could force them to have it.
Interestingly enough, one of crypto's biggest critics, Elizabeth Warren, has also been after Wells Fargo for Zelle scams.