"Fuck banks and the government, i will get my money on this on never pay taxes again..."
Get your shitcoin robbed*
"Help government, i got robbed"
"¯_(ツ)_/¯"
It turns out that watching people lose money to crypto is my kink.
It's amazing that people store their life savings in other people's wallets, lol
Isn't that every bank?
Yeah but FDIC insurance goes a long way in people's mind.
My bank has nice plush offices I can burn to the ground if they steal it.
Banks are well established at least.
Banks are backed by the government. That's why people trust them.
People forgot why that is.
now updated to $6.8B.
So much for blockchain security and free money.
$6.8B is the figure they stole, but since some of the assets got frozen they are only left with $3B they can use
only
Did they break the security of the blockchain or just hacked an application that stored it in a database?
they hacked the website. People who use Binance are storing their money there, instead of on a self-custody wallet
Crypto coins are a scam, and one of the main feature, decentralization, is vastly nullified by people storing their coins in a centralized wallet of someone else.
Isn't blockchain just a way to control the transactions? Why can't they just reverse the transactions and essentially deny the theft?
A blockchain doesn't actually provide control over a transaction, it just verifies that it happened. It's supposed to be a long, immutable record of every transaction that has ever ocurred, which is precisely why transactions can't be reversed. The work of verifying those transactions is performing by miners, or some other "proof of" design where you have an authority in the chain that confirms it.
Basically, it's nothing more than a fancy receipt.
Because there is no centralized entity whom you can ask to do that, that's the whole point. Only the change to the community controlled consensus - (most of miners, node runner, validators and users agreeing to it) can achieve that, but there is no interest in that as it would undermine one of the main principals of crypto currency and it's cash like properties - transaction irreversibly.
Something like this happened with Ethereium iirc and the coin split into two. One were the transaction was reverse and the OG one. But they were able to reverse the transaction because all the biggest holders decided to. Not sure if those coins stole from binance are as centralized as Ethereum was at that moment to be able to do it.
Wow. Is this the biggest heist ever? Apart from Trump’s presidential grift and the SpaceX IPO ofc.
Most heists are digital nowadays because most people neglect cybersecurity. But since we're talking cybersecurity, that's the next big sector to invest if you ask me, especially with threat of AI and quantum computers.
I think Kushner turns around this amount before his morning coffee. This is amateur hour.
Two posts above is Musk taking 16B of taxpayer dollars.
stable coin
looks inside
the rug-pullest mf of them all
I mean its probably not a rug pull. Most likely its a coordinated state sponsored hacking group, like the Lazarus group, who would be my bet for the big winner of this.
I'm curious how much theyll walk away with in the end.
Just the normal crypto issues. Buy crypto, lose money.
Lotta comments here blaming the victims.
This was likely an instance of social engineering within Binance and nothing to do with the underlying securities, folks.
Are they really “victims” when they willingly gave their money to an unregulated not-bank?
Yes.
You may not like the product but these people still have a reasonable expectation of security, and they should.
I don't care for AI girlfriends, but when they convince a teen to off themselves I still acknowledge that the teen is, objectively, a victim even though the product is unregulated.
There are still people who will insist it wasn't a stupid idea to decide meaningless digital points like the ones you get for helping Pac-Man eat dots are real-life money now.
Because helping Pac-Man eat dots at least takes some effort and impose scarcity, and that's already better than working for money another man can print for free.
As someone who also disbelieves in crypto, I'm not sure why real-life money shouldn't be considered fraught.
Can't wait to find out it was social engineering
Hey Binance, it’s your grandson, I’m in trouble and need you to go to target to get some gift cards
Sharing is caring, this is good for bitcoin /s
I'm glad to no longer be in crypto. It gave me anxiety
You hear about the hardware crypto wallets with sim cards in them that read the pincode off the displays? That was a slick as shit supply chain attack:
The intial wallets discovered has crude wiring soldiered on, but later ones had custom black PCBs that looked very much like they were part of the wallets circuitry unless you knew exactly what you were looking for.
just imagine the Reddit bitcoiners typing "not your keys, not your crypto" 😂
It's literally true though. There's a very easy way to never have to worry about being a part of these hacks, and that's by never leaving anything in exchange wallets.
This is a most excellent place for technology news and articles.
