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(Some Guy)   Possible Binance (one of the largest crypto exchanges on the planet) hack sends over a half billion worth of BNB to a Tether blocklisted wallet, BNB blockchain has been paused. Cryptoslate article has already been farked, so here's a wombat   (britannica.com) divider line
    More: Awkward, Wombat, Australia, case of the common wombat, Marsupial, hairy-nosed wombats, Common Wombat, Vombatiforms, wombat  
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669 clicks; posted to Business » on 07 Oct 2022 at 7:42 AM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



80 Comments     (+0 »)
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2022-10-07 3:20:42 AM  
BUT CRYPTO IS THE FUTURE!

BLOCKCHAIN!
 
2022-10-07 3:31:37 AM  
*hurriedly checks finances*

Wait, I don't have crypto. No problem.
 
2022-10-07 6:59:28 AM  
"Code is LOL"

// See, one of their catch phrases is "code is law," and I substituted "lol," so you see I have made a pun.
 
2022-10-07 7:32:22 AM  
They froze the blockchain?  That's a bit like halting the entire economy because someone robbed a bank.
 
2022-10-07 7:44:05 AM  
 
2022-10-07 7:59:56 AM  
Wombat was the only word in the headline that made any sense.
 
2022-10-07 8:00:00 AM  
Here's a link.

Warning: Stories about these continual crypto ripoffs read like they're from another planet.
 
2022-10-07 8:02:11 AM  

KRSESQ: Wombat was the only word in the headline that made any sense.


And it's going up in value like crazy.  Take out a lone from me to buy more wombat!
 
2022-10-07 8:07:08 AM  
The important question is: Is the money of the executives who run the scam safe?
 
2022-10-07 8:07:28 AM  

GregInIndy: Here's a link.

Warning: Stories about these continual crypto ripoffs read like they're from another planet.


I think it's hilarious when they  blacklist wallets. "Yes, you have an immutable store of a digital currency. No, it can't be used as a currency with 99% of crypto owners."
 
2022-10-07 8:09:39 AM  

mofa: GregInIndy: Here's a link.

Warning: Stories about these continual crypto ripoffs read like they're from another planet.

I think it's hilarious when they  blacklist wallets. "Yes, you have an immutable store of a digital currency. No, it can't be used as a currency with 99% of crypto owners."


How does anyone read this stuff and think "yes, this is the future of finance and I cannot wait to live and do business in this future."
 
2022-10-07 8:17:00 AM  
But are the funds SAFU?
 
2022-10-07 8:22:29 AM  
Fark user imageView Full Size
 
2022-10-07 8:23:29 AM  

GregInIndy: mofa: GregInIndy: Here's a link.

Warning: Stories about these continual crypto ripoffs read like they're from another planet.

I think it's hilarious when they  blacklist wallets. "Yes, you have an immutable store of a digital currency. No, it can't be used as a currency with 99% of crypto owners."

How does anyone read this stuff and think "yes, this is the future of finance and I cannot wait to live and do business in this future."


Someone will probably be along shortly to explain it.

The fact that you don't understand though, just proves how revolutionary it is
 
2022-10-07 8:37:03 AM  
Crypto- lol,lmao
 
2022-10-07 8:51:20 AM  

Gubbo: GregInIndy: mofa: GregInIndy: Here's a link.

Warning: Stories about these continual crypto ripoffs read like they're from another planet.

I think it's hilarious when they  blacklist wallets. "Yes, you have an immutable store of a digital currency. No, it can't be used as a currency with 99% of crypto owners."

How does anyone read this stuff and think "yes, this is the future of finance and I cannot wait to live and do business in this future."

Someone will probably be along shortly to explain it.

The fact that you don't understand though, just proves how revolutionary it is


They've all moved on to other topics. Even the most vocal has picked a new schtick to mass-reply in threads about how we're all... not seeing some future.

Whatever, I may not have been one of the rarified few that got in dirt cheap and sold in the insane range, but I've avoided losses most have had, scams many have gotten suckered into, and been able to point and laugh A LOT. The entertainment alone has been worth more than most ever profited.
 
2022-10-07 8:55:17 AM  
Wait... so they stole BNB tokens and sent them to a Tether wallet?  Isn't that like sending Bitcoin to an Ethereum wallet?  Like it's gone, never to be seen again?

Oh look, a picture of the hacker leaving the scene:
Fark user imageView Full Size

/and nothing of value was lost
 
2022-10-07 9:03:44 AM  

iToad: Add it to the pile.


That's why they make it square:
Fark user imageView Full Size
 
2022-10-07 9:04:22 AM  
TREZOR HARDWARE WALLET!!!!
 
2022-10-07 9:11:11 AM  
TRENT REZNOR HARDWARE WALLET!
 
2022-10-07 9:18:37 AM  
What's crypto?
 
2022-10-07 9:29:59 AM  

Schmerd1948: What's crypto?


The future of all things everywhere.

Alternatively, it's a wonderful scam.
 
2022-10-07 9:34:00 AM  

Rapmaster2000: TRENT REZNOR HARDWARE WALLET!


♫ ♫   I want to fark you like a crypto scammer   ♫ ♫
 
2022-10-07 9:49:56 AM  

KRSESQ: Wombat was the only word in the headline that made any sense.


TLDR version:

"Let's base our economy on my ability to code"

"But what if you suck at coding?"

"That won't happen"
 
2022-10-07 10:43:13 AM  
Fark user imageView Full Size
 
2022-10-07 11:14:05 AM  

GregInIndy: mofa: GregInIndy: Here's a link.

Warning: Stories about these continual crypto ripoffs read like they're from another planet.

I think it's hilarious when they  blacklist wallets. "Yes, you have an immutable store of a digital currency. No, it can't be used as a currency with 99% of crypto owners."

How does anyone read this stuff and think "yes, this is the future of finance and I cannot wait to live and do business in this future."


Well, it's not like the current system is that great to begin with. You look at the Chase hack last year or what's happening with Zelle right now - the state of technology is a mess. Data breaches are getting larger and more frequent year over year.

These crypto articles make great news because the honeypots are SO big they can get right to a big number right in the headline. The real crypto-heads I lurk on don't use exchanges at all. Binance, Coinbase, and all the rest are banking on the continued flood of newbies that want to make a lot of trades or use their insanely high fees for staking.

But no - there s no clear leader on something that would come close to competing to the stability of a financial institution. FTX may have a shot barring any major disasters over the next few years.
 
2022-10-07 11:21:24 AM  
Is there a list of these "largest crypto exchanges on the planet", because there sure seems to be a lot of them.
 
2022-10-07 11:25:20 AM  
Headline smells like burnt almonds.
 
2022-10-07 11:32:24 AM  
Cryptobros 5 minutes ago: Crypto is great because there's no regulation!  You can do anything you want with them!

Cryptobros now:
Fark user imageView Full Size
 
2022-10-07 11:36:51 AM  

Fear the Clam: [Fark user image image 850x595]


Fark user imageView Full Size
 
2022-10-07 11:42:22 AM  

WhackingDay: Is there a list of these "largest crypto exchanges on the planet", because there sure seems to be a lot of them.


As each largest exchange has their assets "stolen", the next on the list gets to move up.
 
2022-10-07 11:43:11 AM  

GriffXX: Well, it's not like the current system is that great to begin with. You look at the Chase hack last year or what's happening with Zelle right now - the state of technology is a mess. Data breaches are getting larger and more frequent year over year.


The current system is so much better.  Why?  Because the FIs using those messy systems of technology are required to abide by consumer protection laws, because they deal in dirty fiat currency, backed by the US government with its own regulatory enforcement agencies.  Those FIs undergo audits of all sorts, have insurance, are backed by FDIC, etc. to make sure consumers entrusting their dirty fiat currency to them aren't hung out to dry because of a mistake on the consumer's part, the FI's part, a third party's part, etc.

These Flooz 2.0 peddlers don't have to bother with any of that, unless it involves the transmission of dirty fiat currency to or from their hallowed Flooz 2.0 exchange.  Once your dirty fiat currency is taken and you are now the proud owner of some Flooz 2.0, you have no protections other than what the peddler actually has (versus what they say they have, which is quite possible, because of no regulatory oversight).

The Zelle debacle will get attention and the FIs, who are looking out for themselves, will be forced by law to comply with protecting its users.  Should it be that way?  No.  Is it better than entrusting your assets to a Flooz 2.0 peddler?  Fark yes.
 
2022-10-07 11:57:01 AM  
That's a shame.
 
2022-10-07 12:00:05 PM  

Gubbo: WhackingDay: Is there a list of these "largest crypto exchanges on the planet", because there sure seems to be a lot of them.

As each largest exchange has their assets "stolen", the next on the list gets to move up.


It's like being the #2 guy at Al-Qaeda, but without the warmth inside from knowing you're doing good.
 
2022-10-07 12:00:41 PM  
I Have some BNB on Binance at the moment.  It's still there and tradable.  Given that BNB is a centralized coin by the exchange itself, they could probably just freeze/reprint the lost assets if they needed to.Not much of a story here.


WhackingDay: Is there a list of these "largest crypto exchanges on the planet", because there sure seems to be a lot of them.


The largest are probably Binance, Kraken, FTX and Coinbase.  All the others that you hear about getting 'hacked' are usually small potatoes.
 
2022-10-07 12:07:07 PM  

Lord Bear: I Have some BNB on Binance at the moment.  It's still there and tradable.  Given that BNB is a centralized coin by the exchange itself, they could probably just freeze/reprint the lost assets if they needed to.Not much of a story here.


WhackingDay: Is there a list of these "largest crypto exchanges on the planet", because there sure seems to be a lot of them.

The largest are probably Binance, Kraken, FTX and Coinbase.  All the others that you hear about getting 'hacked' are usually small potatoes.


Printing money to escape problems. Hmmmmmm where have I seen this behavior before.
 
2022-10-07 12:09:51 PM  

valkore: GriffXX: Well, it's not like the current system is that great to begin with. You look at the Chase hack last year or what's happening with Zelle right now - the state of technology is a mess. Data breaches are getting larger and more frequent year over year.

The current system is so much better.  Why?  Because the FIs using those messy systems of technology are required to abide by consumer protection laws, because they deal in dirty fiat currency, backed by the US government with its own regulatory enforcement agencies.  Those FIs undergo audits of all sorts, have insurance, are backed by FDIC, etc. to make sure consumers entrusting their dirty fiat currency to them aren't hung out to dry because of a mistake on the consumer's part, the FI's part, a third party's part, etc.

These Flooz 2.0 peddlers don't have to bother with any of that, unless it involves the transmission of dirty fiat currency to or from their hallowed Flooz 2.0 exchange.  Once your dirty fiat currency is taken and you are now the proud owner of some Flooz 2.0, you have no protections other than what the peddler actually has (versus what they say they have, which is quite possible, because of no regulatory oversight).

The Zelle debacle will get attention and the FIs, who are looking out for themselves, will be forced by law to comply with protecting its users.  Should it be that way?  No.  Is it better than entrusting your assets to a Flooz 2.0 peddler?  Fark yes.


I don't have high hopes that everyone scammed through Zelle is going to get a refund. The banks are pushing hard to insist that it isn't covered.

The idea of a crypto-coin replacing a currency (and these exchanges replacing banks) have pretty much failed. It's morphing into online stock trading like e-trade or whatever. The community has totally changed with the hardcore 'decentralize!' and 'anonymous!' group being the minority now. The 'stablecoins' are the only thing that is trying to act like an actual currency because the price is just too volatile for everything else to even work.

For speculation, there is a rise of coins that have a product/service driving it rather than just 'sell it to the next shmuck for a profit' - but still the first coin people buy is bitcoin and dogecoin is still in the top 10 so .... pretty bonkers.
 
2022-10-07 12:10:13 PM  
Gubbo:

Printing money to escape problems. Hmmmmmm where have I seen this behavior before.

It's not an optimal solution, but it is a bit different since they can simultaneously make the stolen assets completely unusable.  They do own the entire blockchain after all.

Centralized blockchains have their issues, but they also have their benefits.  In any event they probably won't go down that road.
 
2022-10-07 12:11:24 PM  

Lord Bear: Gubbo:

Printing money to escape problems. Hmmmmmm where have I seen this behavior before.

It's not an optimal solution, but it is a bit different since they can simultaneously make the stolen assets completely unusable.  They do own the entire blockchain after all.

Centralized blockchains have their issues, but they also have their benefits.  In any event they probably won't go down that road.


I mean except for all the assets that may have been transferred over to other chains. You know, actually stolen assets.

But thank you for clarifying that centralized sources of finance really do have their benefits. That must have taken a lot out of you.
 
2022-10-07 12:13:15 PM  

Lord Bear: I Have some BNB on Binance at the moment.  It's still there and tradable.  Given that BNB is a centralized coin by the exchange itself, they could probably just freeze/reprint the lost assets if they needed to.Not much of a story here.


WhackingDay: Is there a list of these "largest crypto exchanges on the planet", because there sure seems to be a lot of them.

The largest are probably Binance, Kraken, FTX and Coinbase.  All the others that you hear about getting 'hacked' are usually small potatoes.


So a single entity created it, sold it, and can make it worthless at the push of a button?  Gee, I can see no possible way THAT could be exploited!
 
2022-10-07 12:17:12 PM  
Gubbo:
Centralized blockchains have their issues, but they also have their benefits.  In any event they probably won't go down that road.

I mean except for all the assets that may have been transferred over to other chains. You know, actually stolen assets.

But thank you for clarifying that centralized sources of finance really do have their benefits. That must have taken a lot out of you.


They froze those assets pretty quickly, so its unlikely too much had been converted.  The price barely budged, so not much, if any was sold.

And I'm not against traditional banking at all.  It has it's uses, as does crypto.  It also has it's problems, as does crypto.
 
2022-10-07 12:23:23 PM  

Lord Bear: Gubbo:
Centralized blockchains have their issues, but they also have their benefits.  In any event they probably won't go down that road.

I mean except for all the assets that may have been transferred over to other chains. You know, actually stolen assets.

But thank you for clarifying that centralized sources of finance really do have their benefits. That must have taken a lot out of you.

They froze those assets pretty quickly, so its unlikely too much had been converted.  The price barely budged, so not much, if any was sold.

And I'm not against traditional banking at all.  It has it's uses, as does crypto.  It also has it's problems, as does crypto.


Lots of money was stolen, but really it didn't hurt any 1 individual very much so meh, whatever.

Yay crime.
 
2022-10-07 12:30:32 PM  
abbarach:
So a single entity created it, sold it, and can make it worthless at the push of a button?  Gee, I can see no possible way THAT could be exploited!

I'm no fan of centralized blockchains.  I do own a small amount of BNB, mostly for cheaper trading fees on the Binance platform.  That being said, they are useful for thwarting hacks like this.  Multiple governments (including the US) are looking into creating CDBCs, which give them this exact sort of control.  This is bad.

For the uninitiated, the BNB coin was created by the Binance exchange.  It was initially created as another way to pay for trading fees.  The fees were a reduced rate if you used the coin, which created demand.

In the following years, they added a lot of features, including side chains, making it an Ethereum competitor.  They also added a burn mechanism which made it deflationary, giving it even more value.  It has been one of the best performing coins over the last few years, and has kept its value better than most other cryptos over this year's crash.

Anyways, I don't expect them to mess with it too much.  They make too much money off of it to anger investors in any way.
 
2022-10-07 12:35:32 PM  
Gubbo:
Lots of money was stolen, but really it didn't hurt any 1 individual very much so meh, whatever.
Yay crime.


According to you and other farkers it has no value anyway.

And if the stolen assets are rendered useless, and replaced in a few keystrokes, is anything actually lost?  It's not like the hackers will benefit, and as you mentioned no one was really hurt.
 
2022-10-07 12:37:50 PM  

Lord Bear: Gubbo:
Lots of money was stolen, but really it didn't hurt any 1 individual very much so meh, whatever.
Yay crime.

According to you and other farkers it has no value anyway.

And if the stolen assets are rendered useless, and replaced in a few keystrokes, is anything actually lost?  It's not like the hackers will benefit, and as you mentioned no one was really hurt.


Printing money like a dirty fiat currency. Ugh. How....central
 
2022-10-07 12:41:04 PM  
Gubbo:

Printing money like a dirty fiat currency. Ugh. How....central

Sure.  As I said above, I'm not a huge fan of this model.  It's basically a company scrip  But it does protect them from loss in the case of a security incident.
 
2022-10-07 12:44:42 PM  

Lord Bear: Gubbo:

Printing money like a dirty fiat currency. Ugh. How....central

Sure.  As I said above, I'm not a huge fan of this model.  It's basically a company scrip  But it does protect them from loss in the case of a security incident.


Way to expensively re-learn things the global financial system has already learned and built into itself over the past few hundred years I guess?
 
2022-10-07 12:51:09 PM  

GregInIndy: Lord Bear: Gubbo:

Way to expensively re-learn things the global financial system has already learned and built into itself over the past few hundred years I guess?


Is it tho?   Banks get hacked or defrauded fairly often too.  Those losses are usually not recovered, and insurance covers the cost.  This hiats the consumer in extra fees.

This isn't really the same situation as it probably didn't cost either the company, its insurers, or its customers anything.
 
2022-10-07 1:27:33 PM  

Lord Bear: Gubbo:

Printing money to escape problems. Hmmmmmm where have I seen this behavior before.

It's not an optimal solution, but it is a bit different since they can simultaneously make the stolen assets completely unusable.  They do own the entire blockchain after all.

Centralized blockchains have their issues, but they also have their benefits.  In any event they probably won't go down that road.


Binance has a lot of power over your investment. They can freeze it, dilute it and even delete it.

Why do you trust them?
 
2022-10-07 1:48:31 PM  
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