The Wormhole Network hacked for over 300 million USD

RedDuke said:
But isn't every ether transactions shows up on ether scan and can be traced, no matter how many take place. Even if swapped for other tokens/NFTs those leave trace too???
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True, but you gotta think multichain multi-dimensional

Let's say hacker trades on Uniswap $1M worth of ETh to USDT, that will be on Etherscan

Then bridge the USDT to BSC, and use pancakeswap convert to BNB that will be on BSCscan

Then bridge to Fantom network and use spookyswap convert to MIM that will be on FTMscan

Then bridge to Avalanche and do the same thing that will be on AVAscan

Then bridge to Terra network

during all those bridging, hacker transfers to multiple addresses on each of the blockchain, kinda like cockroach algorithm explosion to make it difficult to track

Actually the one of the best one is to use Wormhole bridge to Solana as that is not EVM compatible and so addresses on side of the bridge is different on the other side

There's probably other options for non-EVM bridging source-destination

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Check out the Tornado cash for lazy way to privacy

It's not a bad idea to have 1 or 5 or 10 eth on Tornado cash that you can just store on that smart contract that you can withdraw in an emergency if you needed to get away in a hurry, NFA
 
Trader Curt said:
This is why privacy tokens are illegal in the U.S., because they actually work
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Monero and Zecash are not illegal in the US, but they are difficult to use while preserving privacy in the process

Monero is on Kraken but if you transfer to and from, then you just KYC'ed yourself to the 3-letter agencies as someone who owns xmr and can imagine you'll be a person of interest on their radar

Zecash and Dash are on coinbase and kraken which are coins that will cooperate with authorities if pressured
 
Trader Curt said:
Wrong, once the Ether is transferred to a privacy coin it is then untraceable.
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Easier said than done. Mixers get alerted and monitored, none of them can provide 100% privacy & anonymity. Everything has a trail, especially in the digital world. Monero's privacy & anonymity has been cracked before, it's just a question of cost/benefit.
$300 mil moving through crypto is near impossible to hide when everyone is watching the chain.
And regardless, you still need to off-ramp into real world money. With the main off-ramps cut off, options become extremely limited. And risky.

Hence why the hacker took the bounty and the money was recovered.
 
Cryptjitsu said:
Hence why the hacker took the bounty and the money was recovered.
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The entire defi market might work best if there were businesses that inspected smart contracts and bid on insurance. An insured wormhole or other complex system might gain more confidence and the resulting insurance business would be incentivized to find weaknesses before some guy in his basement does.
 
Cryptjitsu said:
Monero's privacy & anonymity has been cracked before, it's just a question of cost/benefit.


Hence why the hacker took the bounty and the money was recovered.
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If Monero has been cracked before then how come they haven't been able to do it again? Did they just give up after they did it? I don't think your statement is 100% accurate.

And yes, the hacker got scared and returned the money
 
FreeGoldRush said:
The entire defi market might work best if there were businesses that inspected smart contracts and bid on insurance. An insured wormhole or other complex system might gain more confidence and the resulting insurance business would be incentivized to find weaknesses before some guy in his basement does.
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There are smart contract audit firms already. Only the top 2-3 are actually worth a damn. They take no liability in the end, just their reputation at stake. Most participants are clueless anyway about the quality of audits.
There are insurance protocols out there already, Nexus Mutual being the main one.
Bug/hack bounty programs are lacking but they are out there as well. Those definitely need to be juiced up.
 
Trader Curt said:
If Monero has been cracked before then how come they haven't been able to do it again? Did they just give up after they did it? I don't think your statement is 100% accurate.

And yes, the hacker got scared and returned the money
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I forget the exact situation, but basically Monero is not 100% reliable as they community makes it out to be. In the case of $300 mil hack, it's not going to stop the trail. Smaller amounts that does not have all the blockchain watchers all over it are fine.

Hacker may or may not have gotten scared. Sh*t can get real bad with these large sums, especially depending who is on the losing end. $300 mil is just too much to move unless you have everything set up perfect and move ASAP.

That's been the pattern lately with the larger sum hacks, just negotiate the bounty.
 
What if someone hacked their own account....and it was done to get this asset off the books to avoid taxes? To take it underground
 
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