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(Slashdot)   BitMart crypto platform hack has just stolen 200 million dollars. But don't you worry, we've been assured crypto security is amazing and this sort of thing is super rare   (yro.slashdot.org) divider line
    More: Asinine, Money, Police, Currency, Risk, Security, Insurance, Computer security, Theft  
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360 clicks; posted to Business » on 06 Dec 2021 at 1:55 PM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



27 Comments     (+0 »)
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2021-12-06 11:30:57 AM  
In before the currency that doesn't need a government exercising authority has its developers exercise their authority to hard-code a patch to undo it. Again.
 
2021-12-06 1:57:51 PM  
i.imgur.comView Full Size
 
2021-12-06 2:06:20 PM  
You always know who's been swimming naked when the tide goes out.
- Warren Buffet
 
2021-12-06 2:13:42 PM  
Fark user imageView Full Size
 
2021-12-06 2:16:43 PM  
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2021-12-06 2:19:05 PM  
You have to wonder if these different systems all have the same vulnerability.
 
2021-12-06 2:26:57 PM  
I don't think anyone who invests in crypto thinks getting hacked or scammed is something "super rare".
 
2021-12-06 2:39:39 PM  
Like, they can totally check the blockchain and see who stole that money because the blockchain never lies.

/so I've been told
 
2021-12-06 2:40:26 PM  

SirEattonHogg: I don't think anyone who invests in crypto thinks getting hacked or scammed is something "super rare".


At least nobody scams people invested in US dollars.  Hold on, someone is calling about my car warranty.
 
2021-12-06 2:41:44 PM  
Wasn't there just another big story on hundreds of millions of money stolen in a crypto hack? Is it already that time again?

PLOT TWIST: Turns out the exhalted impenetrable security in unregulated crypto actually largely benefits the hackers and their getaway with the loot.

SirEattonHogg:
I don't think anyone who invests in crypto thinks getting hacked or scammed is something "super rare".


I know, right? Why in the world anybody care about putting their unregulated money into unregulated startup "virtual" banks whose vaults are being emptied of hundreds of millions of dollar at a time --- effortlessly over the internet, keep in mind --- by thieves left, right, and centre?
 
2021-12-06 2:41:49 PM  

SirEattonHogg: I don't think anyone who invests in crypto thinks getting hacked or scammed is something "super rare".


Invests? Like investing in Lotto tickets? Or the good will of hookers?
 
2021-12-06 2:44:09 PM  
I see what you did there Subby. Brilliant.

/repeat tag nowhere to be seen
 
2021-12-06 2:45:53 PM  
if you keep a hot wallet, you deserve to lose it all.
 
2021-12-06 2:46:47 PM  

BolloxReader: You have to wonder if these different systems all have the same vulnerability.


Doesn't sound like it, so I am not wondering really.

I'd keep my currency in a wallet, rather than an exchange, for any amount that I am not currently trading all the same. The great thing about a wallet is that you, yourself, can encrypt it. Rather than relying on an exchange, which every so often, has some breach.
 
2021-12-06 2:50:02 PM  

germ78: Like, they can totally check the blockchain and see who stole that money because the blockchain never lies.

/so I've been told


That's bullshiat. I've seen people making such claims, but it doesn't really work like that.

Sure, if I stole someones Bitcoin, and then used it to purchase something on Amazon, using my real address. Yeah, you would be able to see it.

But if I stole someones Bitcoin, exchanged it to an anonymous coin, and then back to, Bitcoin, or something else, it's clean. The trail stops where it was exchanged to something anonymous.
 
2021-12-06 2:58:45 PM  
"Crypto" means "hidden" in ancient Greek, but thieves keep finding lots of it.

Cryptocurrency is a lie.
 
2021-12-06 2:59:39 PM  
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2021-12-06 3:09:33 PM  
In b4 crypto bevets.
 
2021-12-06 3:27:06 PM  

ltdanman44: if you keep a hot wallet, you deserve to lose it all.


John Waters offered me a Hot Wallet once, I just wasn't into it.
 
2021-12-06 3:59:43 PM  

lurkey: ltdanman44: if you keep a hot wallet, you deserve to lose it all.

John Waters offered me a Hot Wallet once, I just wasn't into it.


The guy from Pink Floyd?
 
2021-12-06 4:29:06 PM  
"Plastics."
 
2021-12-06 6:48:45 PM  

Ketchuponsteak: But if I stole someones Bitcoin, exchanged it to an anonymous coin, and then back to, Bitcoin, or something else, it's clean. The trail stops where it was exchanged to something anonymous.


Don't even have to go that far. Wallets are anonymous. Once you have control, it is yours. As discussed in the other thread, there is no one to call here, and you aren't insured in any way.
 
2021-12-06 9:11:13 PM  

phimuskapsi: Ketchuponsteak: But if I stole someones Bitcoin, exchanged it to an anonymous coin, and then back to, Bitcoin, or something else, it's clean. The trail stops where it was exchanged to something anonymous.

Don't even have to go that far. Wallets are anonymous. Once you have control, it is yours. As discussed in the other thread, there is no one to call here, and you aren't insured in any way.


Except this (and 99% of hacks) is an exchange hack.  And most major exchanges have some form of insurance nowadays.

Blockchains themselves rarely get hacked, and major ones pretty much never have.
 
2021-12-06 11:22:48 PM  

A Cave Geek: You always know who's been swimming naked when the tide goes out.
- Warren Buffet



That is not the quote...
 
2021-12-07 9:06:49 AM  
it's amazing how badly Biden is screwing this up. Why isn't he sending in the feds to fix this.
 
2021-12-07 1:49:33 PM  

snowshovel: it's amazing how badly Biden is screwing this up. Why isn't he sending in the feds to fix this.


Because crypto-currency is not legal tender.  It's not the realm of the feds...if anything...the SEC....maybe.
 
2021-12-07 4:01:16 PM  

MetaDeth: lurkey: ltdanman44: if you keep a hot wallet, you deserve to lose it all.

John Waters offered me a Hot Wallet once, I just wasn't into it.

The guy from Pink Floyd?


Sounds close, Pink Fl- something.
 
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