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The chance of $650 million being drained from a game studio’s bank account is significantly less than it being drained from their ETH wallets, at least as of no

The chance of $650 million being drained from a game studio’s bank account is significantly less than it being drained from their ETH wallets, at least as of now.

dylan604 5y ago
Depends on if the studio's bank account has security questions like "mother's maiden name", "first concert", etc type stuff and an employee with those answers that like to take quizzes on facebook. Otherwise, it could be quite simple to drain the account
- rchaud 5y ago
  It could, yet it doesn't. For one thing, most business accounts do not hold 9 figures in cash. Inflows and outflows are likely to be predictable, so you can set flags for certain thresholds. A 9 figure transaction would absolutely be noticed, and possibly flagged before it was permitted to continue.
  - mardifoufs 5y ago
    What do you mean not common? Bank account fraud is extremely common here in montreal, it even has a slang name "peter des guichets". It's probably much more common than crypto fraud here, and up until a couple of years ago it was so easy that your average person with no real technical knowledge could do it. Reversing an interac transfert here is just very very hard to do too
- rnk 5y ago
  Just like SMS access to 'mfa' your bank account also provides an attack vector if they steal your number, stupid (aka all find-able) security questions don't help protect, they are another attack vector. I thought everyone puts fake answers and keeps them in a separate location. Then of course someone can come in an steal them too! Since 16 year olds can hack into auth providers like okta and then hack into microsoft and steal source code, and this crypto stealing endless happens, there's just not good electronic security. But what is good is I can go to my bank in person and fix things. It would be so much harder for someone to get fake id. I actually have a personal relationship with my advisor at my 401k. Those things do give me some additional security, at least I think so.
granzymes 5y ago
And if it was drained from a bank account, you have recourses to get it back.
- ddkwool 5y ago
  Not true in the EU, we got scammed into making a bank transfer from Germany to Belgium for a bicycle that never arrived. We contacted the police and bank with all the details, and had to pay our bank about 40 euros to ask the scammer if they would refund the money, they said no and that was it. EU banking laws protected them. On the plus side the website appears to be gone now.
  - basisword 5y ago
    Voluntarily transferring money is very different from having it stolen. The bank should protect your money while holding it from theft. They can't protect you from your own decisions on how to use your money.
    - MereInterest 5y ago
      They voluntarily accepted a contract wherein they would transfer money in exchange for receiving a bicycle. No bicycle was received, so this voluntary decision does not mean that the money transfer was voluntary. They did not accept a contract wherein they would transfer money in exchange for nothing. Since they did not accept this contract, this does not make the money transfer be voluntary. Being a victim of fraud is not "voluntary" in any meaningful way.
      - basisword 5y ago
        That's got absolutely nothing to do with the bank. It's between you and the 'merchant'.
      - JumpCrisscross 5y ago
        > this voluntary decision does not mean that the money transfer was voluntary Voluntary or not is a red herring. The word this discussion is looking for is authorized. The transfer was authorized by the account holder. They were defrauded. But when they made the transfer, then intended to do so. (The situation is murkier with credit card transactions, at least in America, because they chose to accept a role in dispute resolution.) The $625mm drained out of Axie's account wasn't authorized by Sky Mavis. That's a different type of fraud than being ripped off.

The chance of $650 million being drained from a game studio’s bank account is significantly less than it being drained from their ETH wallets, at least as of now.

dylan604 5y ago

Depends on if the studio's bank account has security questions like "mother's maiden name", "first concert", etc type stuff and an employee with those answers that like to take quizzes on facebook. Otherwise, it could be quite simple to drain the account

rchaud 5y ago
It could, yet it doesn't. For one thing, most business accounts do not hold 9 figures in cash. Inflows and outflows are likely to be predictable, so you can set flags for certain thresholds. A 9 figure transaction would absolutely be noticed, and possibly flagged before it was permitted to continue.
- mardifoufs 5y ago
  What do you mean not common? Bank account fraud is extremely common here in montreal, it even has a slang name "peter des guichets". It's probably much more common than crypto fraud here, and up until a couple of years ago it was so easy that your average person with no real technical knowledge could do it. Reversing an interac transfert here is just very very hard to do too
rnk 5y ago
Just like SMS access to 'mfa' your bank account also provides an attack vector if they steal your number, stupid (aka all find-able) security questions don't help protect, they are another attack vector. I thought everyone puts fake answers and keeps them in a separate location. Then of course someone can come in an steal them too! Since 16 year olds can hack into auth providers like okta and then hack into microsoft and steal source code, and this crypto stealing endless happens, there's just not good electronic security. But what is good is I can go to my bank in person and fix things. It would be so much harder for someone to get fake id. I actually have a personal relationship with my advisor at my 401k. Those things do give me some additional security, at least I think so.

granzymes 5y ago

And if it was drained from a bank account, you have recourses to get it back.

ddkwool 5y ago
Not true in the EU, we got scammed into making a bank transfer from Germany to Belgium for a bicycle that never arrived. We contacted the police and bank with all the details, and had to pay our bank about 40 euros to ask the scammer if they would refund the money, they said no and that was it. EU banking laws protected them. On the plus side the website appears to be gone now.
- basisword 5y ago
  Voluntarily transferring money is very different from having it stolen. The bank should protect your money while holding it from theft. They can't protect you from your own decisions on how to use your money.
  - MereInterest 5y ago
    They voluntarily accepted a contract wherein they would transfer money in exchange for receiving a bicycle. No bicycle was received, so this voluntary decision does not mean that the money transfer was voluntary. They did not accept a contract wherein they would transfer money in exchange for nothing. Since they did not accept this contract, this does not make the money transfer be voluntary. Being a victim of fraud is not "voluntary" in any meaningful way.
    - basisword 5y ago
      That's got absolutely nothing to do with the bank. It's between you and the 'merchant'.
    - JumpCrisscross 5y ago
      > this voluntary decision does not mean that the money transfer was voluntary Voluntary or not is a red herring. The word this discussion is looking for is authorized. The transfer was authorized by the account holder. They were defrauded. But when they made the transfer, then intended to do so. (The situation is murkier with credit card transactions, at least in America, because they chose to accept a role in dispute resolution.) The $625mm drained out of Axie's account wasn't authorized by Sky Mavis. That's a different type of fraud than being ripped off.