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By the numbers, around $34 million in funds is affected, mostly Ethereum. They say in the press release that they prevented most of the unauthorized withdrawals

By the numbers, around $34 million in funds is affected, mostly Ethereum. They say in the press release that they prevented most of the unauthorized withdrawals and reimbursed the remainder, but it’s unclear how much they had to pay for reimbursements. For context, this is the startup that has been using Matt Damon as it’s face.

ammonammonammon 5y ago
Ad even earlier started out with MCO as their iconic token, then shifted to a new crypto while leaving early stakeholders in the dark. Those early maneuvers were something of a red flag.
- JohnJamesRambo 5y ago
  Yep when I found out this was Monaco Coin guy rebranded, everything Crypto.com does started making a lot more sense. https://www.cryptovantage.com/news/opinion-the-crypto-com-mco-swap-has-outraged-investors/ https://www.cryptovantage.com/news/opinion-the-crypto-com-mc...
VHRanger 5y ago
Presumably they mostly stole ETH because tornado cash is the best mixer around to launder stolen funds
- sparkling 5y ago
  I assume they stole just anything they got. I'd assume any attacker would at least transfer everything to a BTC/whatever address generated offline, then figure out later how to launder it.
- NelsonMinar 5y ago
  I'd love to read more about these money laundering operations like Tornado Cash. Are they just straight up 100% fraud companies? Do they have any pretense of a legitimate use case or does everyone just understand they're used for criminal activity? Are they regulated at all? I assume you have to trust your magic beans to them at some point; do the money launderers sometimes just steal them? What do they charge for their service?
  - JaggerFoo 5y ago
    tornado.cash is a legitimate service, that happens to be used by hackers that steal ethereum. Check out their code on github.
    - wpietri 5y ago
      That's a pretty funny definition of "legitimate". By that standard, all of this malware is legitimate too! https://github.com/ytisf/theZoo https://github.com/ytisf/theZoo
      - cuteboy19 5y ago
        I'm sure someone can come up with some legitimate use for those. We came up with 'Linux isos' for torrents after all
      - SilasX 5y ago
        How is it different from “TOR/some VPN is a legitimate service that happens to be used by some hackers to cover their tracks”?
        wpietri 5y ago
        How many legitimate uses can you name for TOR? And how many can you name for a money laundering service?
        poma 5y ago
        If you don't need financial privacy can you please post your bank statement here for everyone to see?
        wpietri 5y ago
        That's quite an evasion of the question. Yet more evidence that there's approximately no legitimate use. But I'm on record as being in favor of full financial transparency for everybody. Every charge, every bank statement. Money, after all, is inherently social. And full transparency, while causing some problems, would eliminate a ton of others. So if you can get a legislator to submit a bill, I'll happy call them up to back it.
paulgb 5y ago
> For context, this is the startup that has been using Matt Damon as it’s face. They're also notable lately for getting the naming rights to the (former) Staples Center. > https://en.wikipedia.org/wiki/Crypto.com_Arena https://en.wikipedia.org/wiki/Crypto.com_Arena
- myth_drannon 5y ago
  I wouldn't call it a startup, it paid 700mil$ to rename an arena!
  - mikeyouse 5y ago
    Technically, they agreed to pay $700M over 20 years for arena naming rights -- no idea what the deal actually looks like but if you flat-line it, they're "only" paying $35M/year. Which is still a ton of money but much more reasonable in terms of cash out the door for a startup.
    - Tarsul 5y ago
      I hope this doesn't mean we have to endure 20 years of this name on the nba court. With all this gambling (sports betting) sponsoring of the NBA and now these crypto sponsors, it really does look like the NBA has sold out (also new trikot sponsor deals). It's a shame how much they feast on hooking impressionable men on gambling. Actually, thinking about it, there should be more ads for f2p/mobile games, would fit perfectly in this portfolio. (sorry for this rant but it really disturbs me and I hope I'm not the only one)
      - mikeyouse 5y ago
        You'll have to endure it if you believe that Crypto.com will exist 20 years from now. I'd bet even money they won't exist in 5 years and the court is renamed in ~3 years. I mostly agree on the gambling front too - gambling was bad enough when you had to lure people to a casino but at least that gave them the excuse of "It's my form of entertainment, it's like going to a nightclub." "The best minds of my generation are thinking about how to make people click ads" -- not any more! Now they're trying to find the shortest distance between users' wallets and their RSUs. On the plus side, they can use all of the targeting and persuasion techniques that have been used to make TikTok/Instagram so addictive on directly separating users from their money. Forget selling a product!
vgeek 5y ago
So does that make Crypto.com the equivalent of Teddy "KGB" and the $34 million a lot more stacks of high society?
deleted 5y ago
[deleted]
josu 5y ago
The numbers match with the chain activity: https://twitter.com/ErgoBTC/status/1483540849434763264 https://twitter.com/ErgoBTC/status/1483540849434763264
CodesInChaos 5y ago
A couple of years ago crypto.com used Matt Blaze as its face :P https://web.archive.org/web/20170611024100/http://www.crypto.com/ https://web.archive.org/web/20170611024100/http://www.crypto...

ammonammonammon 5y ago

Ad even earlier started out with MCO as their iconic token, then shifted to a new crypto while leaving early stakeholders in the dark. Those early maneuvers were something of a red flag.

JohnJamesRambo 5y ago
Yep when I found out this was Monaco Coin guy rebranded, everything Crypto.com does started making a lot more sense. https://www.cryptovantage.com/news/opinion-the-crypto-com-mco-swap-has-outraged-investors/ https://www.cryptovantage.com/news/opinion-the-crypto-com-mc...

VHRanger 5y ago

Presumably they mostly stole ETH because tornado cash is the best mixer around to launder stolen funds

sparkling 5y ago
I assume they stole just anything they got. I'd assume any attacker would at least transfer everything to a BTC/whatever address generated offline, then figure out later how to launder it.
NelsonMinar 5y ago
I'd love to read more about these money laundering operations like Tornado Cash. Are they just straight up 100% fraud companies? Do they have any pretense of a legitimate use case or does everyone just understand they're used for criminal activity? Are they regulated at all? I assume you have to trust your magic beans to them at some point; do the money launderers sometimes just steal them? What do they charge for their service?
- JaggerFoo 5y ago
  tornado.cash is a legitimate service, that happens to be used by hackers that steal ethereum. Check out their code on github.
  - wpietri 5y ago
    That's a pretty funny definition of "legitimate". By that standard, all of this malware is legitimate too! https://github.com/ytisf/theZoo https://github.com/ytisf/theZoo
    - cuteboy19 5y ago
      I'm sure someone can come up with some legitimate use for those. We came up with 'Linux isos' for torrents after all
    - SilasX 5y ago
      How is it different from “TOR/some VPN is a legitimate service that happens to be used by some hackers to cover their tracks”?
      - wpietri 5y ago
        How many legitimate uses can you name for TOR? And how many can you name for a money laundering service?
        poma 5y ago
        If you don't need financial privacy can you please post your bank statement here for everyone to see?
        wpietri 5y ago
        That's quite an evasion of the question. Yet more evidence that there's approximately no legitimate use. But I'm on record as being in favor of full financial transparency for everybody. Every charge, every bank statement. Money, after all, is inherently social. And full transparency, while causing some problems, would eliminate a ton of others. So if you can get a legislator to submit a bill, I'll happy call them up to back it.

paulgb 5y ago

> For context, this is the startup that has been using Matt Damon as it’s face. They're also notable lately for getting the naming rights to the (former) Staples Center. > https://en.wikipedia.org/wiki/Crypto.com_Arena https://en.wikipedia.org/wiki/Crypto.com_Arena

myth_drannon 5y ago
I wouldn't call it a startup, it paid 700mil$ to rename an arena!
- mikeyouse 5y ago
  Technically, they agreed to pay $700M over 20 years for arena naming rights -- no idea what the deal actually looks like but if you flat-line it, they're "only" paying $35M/year. Which is still a ton of money but much more reasonable in terms of cash out the door for a startup.
  - Tarsul 5y ago
    I hope this doesn't mean we have to endure 20 years of this name on the nba court. With all this gambling (sports betting) sponsoring of the NBA and now these crypto sponsors, it really does look like the NBA has sold out (also new trikot sponsor deals). It's a shame how much they feast on hooking impressionable men on gambling. Actually, thinking about it, there should be more ads for f2p/mobile games, would fit perfectly in this portfolio. (sorry for this rant but it really disturbs me and I hope I'm not the only one)
    - mikeyouse 5y ago
      You'll have to endure it if you believe that Crypto.com will exist 20 years from now. I'd bet even money they won't exist in 5 years and the court is renamed in ~3 years. I mostly agree on the gambling front too - gambling was bad enough when you had to lure people to a casino but at least that gave them the excuse of "It's my form of entertainment, it's like going to a nightclub." "The best minds of my generation are thinking about how to make people click ads" -- not any more! Now they're trying to find the shortest distance between users' wallets and their RSUs. On the plus side, they can use all of the targeting and persuasion techniques that have been used to make TikTok/Instagram so addictive on directly separating users from their money. Forget selling a product!

vgeek 5y ago

So does that make Crypto.com the equivalent of Teddy "KGB" and the $34 million a lot more stacks of high society?

deleted 5y ago

[deleted]

josu 5y ago

The numbers match with the chain activity: https://twitter.com/ErgoBTC/status/1483540849434763264 https://twitter.com/ErgoBTC/status/1483540849434763264

CodesInChaos 5y ago

A couple of years ago crypto.com used Matt Blaze as its face :P https://web.archive.org/web/20170611024100/http://www.crypto.com/ https://web.archive.org/web/20170611024100/http://www.crypto...