I’m so glad I have no crypto of any kind. It’s the wild west with no savings insurance, so once it’s gone, it’s gone.
Crypto exchange Bybit says a hacker took control of one of its cold Ethereum wallets, resulting in what analysts estimate was the loss of ~$1.5B worth of tokens
Submitted 2 months ago by Mazdak@lemmy.org to technology@lemmy.world
Comments
Darkcoffee@sh.itjust.works 2 months ago
muntedcrocodile@lemm.ee 2 months ago
How does one get ones hands on a cold wallet?
x00z@lemmy.world 2 months ago
dhork@lemmy.world 2 months ago
Do I understand this correctly, then, that this was some sort of MITM attack where valid requests to the multisig parties were replaced by malicious code while still appearing to be valid to the signers? That must be an inside job.
And this is the first time I have heard the word “musked” in this context…
golli@lemm.ee 2 months ago
What I don’t quite understand is how there is 1.5 billion in a single wallet. Or how are these things structured?
This article puts their total assets under management at $15.7b, which are held in different cryptocurrencies with ethereum at just above $5b.
So I am wondering how they have more than 1/6 of their Ethereum in a single wallet or were these multiple that were connected and got compromised through the same vulnerability? How expensive is it to have more individual wallets? Would it not be feasible to have it split in something like $100m chunks? Or any other more moderate size.
DaPorkchop_@lemmy.ml 2 months ago
Making more wallets would cost nothing more than a few hundred bytes of storage each for the keys. I have no idea why they wouldn’t have split their funds into evenly sized wallets of, say, $1M each.
Zachariah@lemmy.world 2 months ago
I recommend gloves.
dhork@lemmy.world 2 months ago
Well, either it wasn’t as offline as they all thought, or someone pulled off an epic inside job.
MintyFresh@lemmy.world 2 months ago
With steely determination
Treczoks@lemmy.world 2 months ago
The money is not gone, is just that someone else has it.
Picasso@thelemmy.club 2 months ago
ELI5 why we cannot “rollback” Ethereum
riodoro1@lemmy.world 2 months ago
The money of the future ladies and gentlemen.
TheMachineStops@discuss.tchncs.de 2 months ago
Even regular banks can be hacked.
nick@midwest.social 2 months ago
lol good
phoenixz@lemmy.ca 2 months ago
Seriously, who calls their online banking type site bye bit?
Having said that, I’ll just go ahead and assume their security was barely existent, as per usual. I wonder if their CTO was actually s music teacher too.
TheMachineStops@discuss.tchncs.de 2 months ago
This is the same hacker group that performed the Bangladesh Bank robbery, that attack the almost stole 1 billion, the only reason they got flagged was a typo. They did manage to steal 81 million though. Byebit does seem to have bad security though compared to Bangladesh bank.
cupcakezealot@lemmy.blahaj.zone 2 months ago
how is $1.5 billion in worth calculated because no way bitcoin tokens are worth more than $20.
prole@lemmy.blahaj.zone 2 months ago
I’m not sure I understand the question… Do you think the market value of these coins is made up, and you can’t actually go onto an exchange and trade it for actual USD? Because of course you can.
ThrowawayPermanente@sh.itjust.works 2 months ago
They’re worth what you can sell them for. The US dollars they’re priced in don’t exactly inspire confidence these days, either.
SplashJackson@lemmy.ca 2 months ago
I gotta get in on this hacking gig. Anyone know if any hacker groups are hiring?
/s for CSIS
MedicPigBabySaver@lemmy.world 2 months ago
Oh no!
ryan213@lemmy.ca 2 months ago
More like bye-bit, am I right??
Viri4thus@feddit.org 2 months ago
Angry upvote you horrible genius.
Limonene@lemmy.world 2 months ago
They’ll just roll back the blockchain. Ethereum is a centrally controlled cryptocurrency, though its fans claim otherwise. It’s been rolled back before.
nectar@lemmy.world 2 months ago
This is either a person who hasn’t followed ETH since 2016 or is intentionally spreading misinformation.
It HAS been rolled back once, when the blockchain was in its infancy. But to say that it is still “centrally controlled” suggests having no idea what has happened in the 9 years since.