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$1.5B Bybit Hack – How the biggest hack in history happened
- deleted 2y ago[deleted]
- TMWNN 2y ago[dead]
- timeflex 2y agoAlways 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?
- jay-barronville 2y ago> When are people going to stop accepting North Korea stole your money, we're innocent? What are you suggesting here? Can you elaborate?
- ordinaryradical 2y agoIt’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.
- torlok 2y agoThe 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.
- baobun 2y agoRight. 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.
- Neonlicht 2y agoCrypto bros are the perfect victims. Nobody likes them.
- FirmwareBurner 2y agoCrypto bros: Invest in Crypto because it's not under government control. Also crypto bros: Government help, hackers stole my crypto.
- vrighter 2y agobecause "being fucked with no recourse" is a key feature of cryptocurrencies
- cadamsdotcom 2y agoCrypto 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.
- graemep 2y agoIt was originally supposed to be a replacement for cash. A digital medium of exchange. The problem is that it has become for speculation and for banking. It is not suited to be this.
- conductr 2y agoIt 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.
- scosman 2y agoIf we are lucky, in 30 years we will have reinvented the stock exchanges of the 1950s!
- HolyLampshade 2y agoI can’t remember who first said it, but watching crypto evolve is like speedrunning why 150yr of securities laws, practices, and regulations exist. Counterparty risk (including custodianship) is monstrous in crypto. It’s sort of amusingly ridiculous in the same way most tech trends that are trying to break the status quo stumble into the reasons certain rules and regulations exist.
- mistrial9 2y agothere is some truth in that, but only some.. The adage that the media forms the message could hardly be more apt here. In the days of world sailing trade ships and financial arrangements, so many parts of the mechanisms were starkly different. The weaknesses and anti-patterns in the trade practice are very different then and now. right? Digital ledgers with public verification enable different weaknesses and anti-patterns, from the start.
- deleted 2y ago[deleted]