- cross-posted to:
- technology@lemmy.ml
- cross-posted to:
- technology@lemmy.ml
Article is by Molly White, who you might recognize from Mastodon and web3isgoinggreat.com:
https://hachyderm.io/@molly0xfff/117526961419935070
I wrote up what we know about the Binance hack so far. By my best estimate, Binance is out around $3 billion after stablecoin issuers froze what they could. Changpeng Zhao is promising Binance will cover it, but he’s legally barred from running the company.
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It turns out that watching people lose money to crypto is my kink.
Never let anyone shame you out of it.
now updated to $6.8B.
So much for blockchain security and free money.
They were able to recover a lot, so 3B is what they cannot recover.
They had access to 6.8, Binance froze over 3 billion, and off chain partners froze other coins. They said 3 billion or less.
They had access to 6.8, Binance froze over 3 billion
So much for blockchain security and free money. You missed the point, this wasn’t supposed to be possible, bro.
Isn’t blockchain just a way to control the transactions? Why can’t they just reverse the transactions and essentially deny the theft?
Because there is no centralized entity whom you can ask to do that, that’s the whole point. Only the change to the community controlled consensus - (most of miners, node runner, validators and users agreeing to it) can achieve that, but there is no interest in that as it would undermine one of the main principals of crypto currency and it’s cash like properties - transaction irreversibly.
A blockchain doesn’t actually provide control over a transaction, it just verifies that it happened. It’s supposed to be a long, immutable record of every transaction that has ever ocurred, which is precisely why transactions can’t be reversed. The work of verifying those transactions is performing by miners, or some other “proof of” design where you have an authority in the chain that confirms it.
Basically, it’s nothing more than a fancy receipt.
Well if you did that, then crypto would cease to be useful as a criminal currency, wouldn’t it?
Something like this happened with Ethereium iirc and the coin split into two. One were the transaction was reverse and the OG one. But they were able to reverse the transaction because all the biggest holders decided to. Not sure if those coins stole from binance are as centralized as Ethereum was at that moment to be able to do it.
Most bockchains have a pretty good security, some guy you gave all your money to because he pinky promised to keep it safe not so much.
stable coin
looks inside
the rug-pullest mf of them all
I mean its probably not a rug pull. Most likely its a coordinated state sponsored hacking group, like the Lazarus group, who would be my bet for the big winner of this.
I’m curious how much theyll walk away with in the end.
Valid point. At 3 bios I suspect insider involvement tho.
Doesn’t the title of the article once you tap the link say who did it? Yes, yes it does.
They changed the title of the article since I commented. I am pleased that my speculation was mostly correct however.
https://web.archive.org/web/20261030033426/https://www.citationneeded.news/binance-theft/
^ archive link showing that the title used to be “Attacker gets away with up to 3$ billion from Binance.”
Ahh makes sense
The stable coins are the only ones not stolen, since they have a centralized authority and could freeze the assets.
they should call it bitch-coin now
Wow. Is this the biggest heist ever? Apart from Trump’s presidential grift and the SpaceX IPO ofc.
Most heists are digital nowadays because most people neglect cybersecurity. But since we’re talking cybersecurity, that’s the next big sector to invest if you ask me, especially with threat of AI and quantum computers.
Excellent point, now we will just have to wait a while for the AI bubble to burst completely and hopefully pick up some undervalued stocks
“Fuck banks and the government, i will get my money on this on never pay taxes again…”
Get your shitcoin robbed*
“Help government, i got robbed”
“¯_(ツ)_/¯”
Just the normal crypto issues. Buy crypto, lose money.
Lotta comments here blaming the victims.
This was likely an instance of social engineering within Binance and nothing to do with the underlying securities, folks.
Are they really “victims” when they willingly gave their money to an unregulated not-bank?
Yes.
You may not like the product but these people still have a reasonable expectation of security, and they should.
I don’t care for AI girlfriends, but when they convince a teen to off themselves I still acknowledge that the teen is, objectively, a victim even though the product is unregulated.
someone can be a victim and the blame can lie mostly in said victim’s actions.
That’s different because we don’t expect teenagers to make good decisions so we try to protect them. All Binance customers are adults.
We’ll just have to agree to disagree. Have a nice day.
They were victims of being convinced to do that, yes.
Are you saying Binance engineers always intended to trigger a steal? Because that’s exactly what I thought when I saw the headline but I’m not well informed about block-chain security.
No, I think someone obtained one of their employees’ credentials via social engineering. It’s not that hard to do, you just call someone and tell them you’re from IT and their password, or security key, or passkey or whatever is expiring and pretend to set them up with a new one or convince them to let you remote into their PC to make some kind of security update.
That’s usually how it happens.
Thank you for explaining!
Sure thing. Have a nice Saturday!
Can’t wait to find out it was social engineering
I’m glad to no longer be in crypto. It gave me anxiety
just imagine the Reddit bitcoiners typing “not your keys, not your crypto” 😂
It’s literally true though. There’s a very easy way to never have to worry about being a part of these hacks, and that’s by never leaving anything in exchange wallets.
“your keys, not your keys”
Honestly, good for them.
I thought that too, until I learned it was North Korea. Probably not great that they acquired that much dark money.
There are still people who will insist it wasn’t a stupid idea to decide meaningless digital points like the ones you get for helping Pac-Man eat dots are real-life money now.
Because helping Pac-Man eat dots at least takes some effort and impose scarcity, and that’s already better than working for money another man can print for free.
Lol.
Good for them.
