Binance : $100M Stolen

[Sprout]

crypto investors treat this news as trivial;

BTC hardly moves and it remains at around the 20k level.

and some unscruplulous ones with malfeasant ethics are busy learning solidity


btw,
BTC is a crypto
crypto is not BTC

 

[FreeGoldRush]

Now they are saying about 570mil!

Wow... That's serious money even for a billionaire.

https://www.cnbc.com/2022/10/07/mor...oken-stolen-in-another-major-crypto-hack.html

This one has already been fixed and only impacted those who used this particular bridge while the hack was active. It's important to keep in mind that no wallet was directly plundered. All these "crypto hacks" aren't going into people's wallets and taking tokens. You can protect yourself from smart contract bugs by sending small test transactions before sending larger ones or just breaking your transaction into smaller transactions.

BNB continues to outperform Bitcoin and Ethereum.

 

[cesfx]

This one has already been fixed and only impacted those who used this particular bridge while the hack was active. It's important to keep in mind that no wallet was directly plundered. All these "crypto hacks" aren't going into people's wallets and taking tokens. You can protect yourself from smart contract bugs by sending small test transactions before sending larger ones or just breaking your transaction into smaller transactions.

BNB continues to outperform Bitcoin and Ethereum.

I am glad binance it's solid.
I use its wallets after years of paper wallet.
I owned BNB too, bought it at around 30 and sold it for about x12 return after few years.

 

[The_Krakenite]

For Binance, 100mm is just a rounding error.

Also, bridges are to be deprecated, because of this very reason. It is a huge exploit for untrustworthy users.

 

[M.W.]

Closer to 20 billion a year, 52 weeks in a year ;-)

re: 10% lost cash
It was Pueblo Escobar

At the peak of his power, infamous Medellín cartel boss Pablo Escobar brought in an estimated $420 million a week in revenue, easily making him one of the wealthiest drug lords in history
kingpin's brother, in his book, "The Accountant's Story: Inside the violent world of the Medellín cartel."

"Pablo was earning so much that each year we would write off 10% of the money because the rats would eat it in storage or it would be damaged by water or lost," Escobar wrote.

That would be about $2.1 billion, given how much money he was reportedly making.

https://www.businessinsider.com/pablo-escobar-and-rubber-bands-2015-9

 

[zdreg]

Closer to 20 billion a year, 52 weeks in a year ;-)

You didn't adjust for inflation.

 

[heispark]

North Korea is an usual suspect.......

 

[engineering]

Gosh, so stupid crypto.
Hacks are never happen in normal corpotashuns! - Unless you kownts this heer list uv 400 times.

https://en.wikipedia.org/wiki/List_of_data_breaches

Or these 100 corporate collapses.

https://en.wikipedia.org/wiki/List_of_corporate_collapses_and_scandals


So, yeah - pick your platform carefully.
and Binance is still good. It's happened twice. They made everyone whole.

This is one of the big reasons why crypto evangelists are so obnoxious: false equivalence.

Maybe Key Bank or MasterCard get hacked. I'm protected. It may take a while to get my money back, but even Corzine's customers actually got their money back.

If someone at Fidelity misconfigures a router you don't permanently lose you life savings.

The comment about companies going bankrupt is also ridiculous. In traditional finance you have a legally separate account. If Bear Sterns goes under, you don't.

Do you not know this?

 

[M.W.]

Can't agree more. But I know what rebuttal is coming now: "but if you keep your cryptos in your wallet nothing can happen".lol,except when you transfer cryptos into or out of the private wallet.

This is one of the big reasons why crypto evangelists are so obnoxious: false equivalence.

Maybe Key Bank or MasterCard get hacked. I'm protected. It may take a while to get my money back, but even Corzine's customers actually got their money back.

If someone at Fidelity misconfigures a router you don't permanently lose you life savings.

The comment about companies going bankrupt is also ridiculous. In traditional finance you have a legally separate account. If Bear Sterns goes under, you don't.

Do you not know this?

 

[schizo]

The issue is "contained now," Changpeng "CZ" Zhao, the billionaire co-founder of Binance, said on Twitter.

What the hell does "contained now" mean? Those who lost money will be made whole again? Or that they were fools to be hacked to begin with?