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.
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.
As someone who also disbelieves in crypto, I’m not sure why real-life money shouldn’t be considered fraught.
now updated to $6.8B.
So much for blockchain security and free money.
Did they break the security of the blockchain or just hacked an application that stored it in a database?
they hacked the website. People who use Binance are storing their money there, instead of on a self-custody wallet
They were able to recover a lot, so 3B is what they cannot recover.
Lol.
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.
That’s different because we don’t expect teenagers to make good decisions so we try to protect them. All Binance customers are adults.
You expect adults to make good decisions?
This is why the world is the way it is…
We’ll just have to agree to disagree. Have a nice day.
You may not like the product but these people still have a reasonable expectation of security
I’m a sane human being, therefore my expectancy of safety from any crypto exchange point is zero.
If I’d hold a wallet, I’d likely install the most strict firewall rules out there.
“I’m a sane human being”
Not a great start.
my expectancy of safety from any crypto exchange point is zero
Honestly, I’m skeptical of using dedicated crypto exchanges too. I have somewhere between 15 and 20 percent of my portfolio in crypto, but through a regular brokerages that deal in standard securities like stocks, bonds, and mutual funds. If I had all of my wealth in it, I’d have it all stored in a cold wallet on external media, but even that isn’t 100% foolproof.
There have been several incidents with crypto exchanges, yes. That said, there are hundreds, if not thousands, of major corporations in the US have had significant publicly infamous security breaches within the last decade, so it seems illogical to pretend as if security breaches are somehow unique to the crypto industry.
People who use crypto are not insane.
They were victims of being convinced to do that, yes.
I read they got into a container from an old laptop. If true that’s one I.T. department about to get snapped.
Wow. Is this the biggest heist ever? Apart from Trump’s presidential grift and the SpaceX IPO ofc.
I think Kushner turns around this amount before his morning coffee. This is amateur hour.
Just the normal crypto issues. Buy crypto, lose money.
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”
stable coin looks inside the rug-pullest mf of them all
The stable coins are the only ones not stolen, since they have a centralized authority and could freeze the assets.
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.
About tree fitty
It was about that time I noticed this “Lazarus Group” was about 8 STORIES TALL, and was a crustacean from the Paleolithic Era!
they should call it bitch-coin now
Can’t wait to find out it was social engineering
Hey Binance, it’s your grandson, I’m in trouble and need you to go to target to get some gift cards
Do NOT redeem
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.
Name one international this year that was worse
North Korea too. Oof.
PRNK has been developing a digital theft industry for over a decade. It’s a branch of the military.
Sharing is caring, this is good for bitcoin /s
Ah, so crypto is mainly used to prop up regimes. Got it.
Oh no! Anyway
