$1.5B Bybit Hack – How the biggest hack in history happened
harrydonnelly.substack.com
$1.5B Bybit Hack – How the biggest hack in history happened
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Re: $1.5B Bybit Hack – How the biggest hack in history happened
#2[deleted]
Re: $1.5B Bybit Hack – How the biggest hack in history happened
#3[dead]
Re: $1.5B Bybit Hack – How the biggest hack in history happened
#4Always the same lousy explanations. Right before FTX went under, they were investors in the Switchboard oracle who was only utilizing pricing data from FTX & potentially one other exchange in the $112 million Mango Markets hack. When are people going to stop accepting North Korea stole your money, we're innocent?
Re: $1.5B Bybit Hack – How the biggest hack in history happened
#5The narrative that this is a Lazarus Group hack is being pushed hard. The only connection is that the same wallet was used as in the Phemex hack, which is only speculated to have been done by the Lazarus Group. Bybit is stationed in Dubai, but it's a Singaporean company, just like Phemex. Observing crypto from afar, it's so baffling how people just accept these supposed hacks, and nothing ever comes out of it.
Re: $1.5B Bybit Hack – How the biggest hack in history happened
#6Always the same lousy explanations. Right before FTX went under, they were investors in the Switchboard oracle who was only utilizing pricing data from FTX & potentially one other exchange in the $112 million Mango Markets hack. When are people going to stop accepting North Korea stole your money, we're innocent?
> When are people going to stop accepting North Korea stole your money, we're innocent?
What are you suggesting here? Can you elaborate?
Re: $1.5B Bybit Hack – How the biggest hack in history happened
#7The narrative that this is a Lazarus Group hack is being pushed hard. The only connection is that the same wallet was used as in the Phemex hack, which is only speculated to have been done by the Lazarus Group. Bybit is stationed in Dubai, but it's a Singaporean company, just like Phemex. Observing crypto from afar, it's so baffling how people just accept these supposed hacks, and nothing ever comes out of it.
Right. In current environment it would certainly behoove any other attacker to associate themselves with assumed DPRK entities. Why not take inspiration of their laundering patterns and "donate" some fraction of the bounty to their wallets as cover?
Pinning things on Lazarus is in interest of US agencies, the victim themselves, and industry media.
Re: $1.5B Bybit Hack – How the biggest hack in history happened
#8Always the same lousy explanations. Right before FTX went under, they were investors in the Switchboard oracle who was only utilizing pricing data from FTX & potentially one other exchange in the $112 million Mango Markets hack. When are people going to stop accepting North Korea stole your money, we're innocent?
> When are people going to stop accepting North Korea stole your money, we're innocent? What are you suggesting here? Can you elaborate?
It’s easier to steal your own customers’ money than for someone to break in.
I don’t know if it’s exactly Occam’s Razor that “hacks” would originate from within the institutions compromised, but in crypto world the incentives are nuts and the ability to obfuscate bad behavior is extreme.
Re: $1.5B Bybit Hack – How the biggest hack in history happened
#9Crypto is still in the “bank heist” era.
The tech needs surrounding infrastructure built (or plugged in) - not technical but physical. Stuff like recourse mechanisms for mistakes; courts; and prisons.
Once that’s done it’ll end up almost indistinguishable from what we already have.
Re: $1.5B Bybit Hack – How the biggest hack in history happened
#10Crypto is still in the “bank heist” era. The tech needs surrounding infrastructure built (or plugged in) - not technical but physical. Stuff like recourse mechanisms for mistakes; courts; and prisons. Once that’s done it’ll end up almost indistinguishable from what we already have.
It goes against what it was supposed to be, but at this point it would be better off all stored in a cold custodial like the fed or banks, and then we could just trade synthetic shares on a reputable exchange. Decentralized isn’t the feature most people are interested in.
The time a dozen crypto apps is baffling to me why anyone would trust them with their money.