shortwavesurfer@lemmy.zip
on 23 Feb 12:07
collapse
Anybody who keeps their money on an exchange any longer than necessary is just asking for trouble. An exchange is like a public toilet. You get in, you shit, and you get the fuck out. You don’t hang around in a public toilet.
What I don’t quite understand is how there is 1.5 billion in a single wallet. Or how are these things structured?
This article puts their total assets under management at $15.7b, which are held in different cryptocurrencies with ethereum at just above $5b.
So I am wondering how they have more than 1/6 of their Ethereum in a single wallet or were these multiple that were connected and got compromised through the same vulnerability? How expensive is it to have more individual wallets? Would it not be feasible to have it split in something like $100m chunks? Or any other more moderate size.
It's a common misconception that a "cold wallet" is offline. It's still on the blockchain like any other wallet, it's just the keys that aren't on any network-connected computer.
It appears that in this case hackers managed to trick Bybit employees into entering the keys into a fake UI that gave the hackers access to them.
Do I understand this correctly, then, that this was some sort of MITM attack where valid requests to the multisig parties were replaced by malicious code while still appearing to be valid to the signers? That must be an inside job.
And this is the first time I have heard the word “musked” in this context…
Do I understand this correctly, then, that this was some sort of MITM attack where valid requests to the multisig parties were replaced by malicious code while still appearing to be valid to the signers? That must be an inside job.
I have no idea. I guess they’ll release a lot more info regarding this in the next few days.
And this is the first time I have heard the word “musked” in this context…
I think his English isn’t good looking at the rest of the message. Might be “masked” instead.
They’ll just roll back the blockchain. Ethereum is a centrally controlled cryptocurrency, though its fans claim otherwise. It’s been rolled back before.
This is either a person who hasn’t followed ETH since 2016 or is intentionally spreading misinformation.
It HAS been rolled back once, when the blockchain was in its infancy. But to say that it is still “centrally controlled” suggests having no idea what has happened in the 9 years since.
That was the supposed amount of ETH that was stolen. 1 ETH is currently around $2800. The value it has is because people are buying ETH for that price. So you take $2800 and multiply it by 400000. Carry the 5, etc. That’s $1 120 000 000.
There was some other stuff stolen too I think. I haven’t really looked into it.
That someone can just make off with that amount of digital “currency” sure inspires trust in that system, so the $2800 price tag might be a bit optimistic.
ThrowawayPermanente@sh.itjust.works
on 23 Feb 13:00
nextcollapse
They’re worth what you can sell them for. The US dollars they’re priced in don’t exactly inspire confidence these days, either.
I’m not sure I understand the question… Do you think the market value of these coins is made up (as in not directly related to demand), and you can’t actually go onto an exchange and trade it for actual USD? Because of course you can.
1 Bitcoin (not a token) is currently worth over $95,000
GreenKnight23@lemmy.world
on 22 Feb 19:47
nextcollapse
threaded - newest
I’m so glad I have no crypto of any kind. It’s the wild west with no savings insurance, so once it’s gone, it’s gone.
Depends which exchange you're using.
Anybody who keeps their money on an exchange any longer than necessary is just asking for trouble. An exchange is like a public toilet. You get in, you shit, and you get the fuck out. You don’t hang around in a public toilet.
Self custody or GTFO.
That's not what the question was about.
There was no question. There was a statement.
Alright, that's not what the statement was about.
How does one get ones hands on a cold wallet?
I recommend gloves.
My speculations:
“insecure from the start” - as in , the wallet was never that “cold”
with that amount of money, it’s easy to imagine an “insider threat”
the hackers could have gotten lucky and struck right when the company was doing legitimate operations on the wallet
but probably it’s a towering mountain of incompetence, composed of the elements above and more
Room temperature wallet
Right next to their iq
Well, either it wasn’t as offline as they all thought, or someone pulled off an epic inside job.
With steely determination
What I don’t quite understand is how there is 1.5 billion in a single wallet. Or how are these things structured?
This article puts their total assets under management at $15.7b, which are held in different cryptocurrencies with ethereum at just above $5b.
So I am wondering how they have more than 1/6 of their Ethereum in a single wallet or were these multiple that were connected and got compromised through the same vulnerability? How expensive is it to have more individual wallets? Would it not be feasible to have it split in something like $100m chunks? Or any other more moderate size.
It's a common misconception that a "cold wallet" is offline. It's still on the blockchain like any other wallet, it's just the keys that aren't on any network-connected computer.
It appears that in this case hackers managed to trick Bybit employees into entering the keys into a fake UI that gave the hackers access to them.
Tricked or “tricked”.
That’s room temperature wallet. It was used while claiming asset unused.
It is not cold storage anymore.
<img alt="" src="https://lemmy.world/pictrs/image/0bdfb099-cb3d-4e44-8532-51221467cd7a.png">
Do I understand this correctly, then, that this was some sort of MITM attack where valid requests to the multisig parties were replaced by malicious code while still appearing to be valid to the signers? That must be an inside job.
And this is the first time I have heard the word “musked” in this context…
I have no idea. I guess they’ll release a lot more info regarding this in the next few days.
I think his English isn’t good looking at the rest of the message. Might be “masked” instead.
More like bye-bit, am I right??
Angry upvote you horrible genius.
They’ll just roll back the blockchain. Ethereum is a centrally controlled cryptocurrency, though its fans claim otherwise. It’s been rolled back before.
This is either a person who hasn’t followed ETH since 2016 or is intentionally spreading misinformation.
It HAS been rolled back once, when the blockchain was in its infancy. But to say that it is still “centrally controlled” suggests having no idea what has happened in the 9 years since.
lol good
how is $1.5 billion in worth calculated because no way bitcoin tokens are worth more than $20.
401,347 ETH
<img alt="" src="https://lemmy.blahaj.zone/pictrs/image/a786f13e-f8f1-485d-8266-c75927b32361.webp">
You wanted to know how it’s calculated.
That was the supposed amount of ETH that was stolen. 1 ETH is currently around $2800. The value it has is because people are buying ETH for that price. So you take $2800 and multiply it by 400000. Carry the 5, etc. That’s $1 120 000 000.
There was some other stuff stolen too I think. I haven’t really looked into it.
That someone can just make off with that amount of digital “currency” sure inspires trust in that system, so the $2800 price tag might be a bit optimistic.
They’re worth what you can sell them for. The US dollars they’re priced in don’t exactly inspire confidence these days, either.
I’m not sure I understand the question… Do you think the market value of these coins is made up (as in not directly related to demand), and you can’t actually go onto an exchange and trade it for actual USD? Because of course you can.
1 Bitcoin (not a token) is currently worth over $95,000
<img alt="lolfomo" src="https://c.tenor.com/Dbq_im3MkUAAAAAd/tenor.gif">
The money is not gone, is just that someone else has it.
Oh no!
I gotta get in on this hacking gig. Anyone know if any hacker groups are hiring?
/s for CSIS
.
ELI5 why we cannot “rollback” Ethereum
xcancel.com/TimBeiko/status/1893412457567383559#m