On another topic: Hackers steal $1.5bn from crypto exchange in ‘biggest digital heist ever’

[pdq]

Oopsies.

The cryptocurrency exchange Bybit has called on the “brightest minds” in cybersecurity to help it recover $1.5bn (£1.2bn) stolen by hackers in what is thought to be the biggest single digital theft in history.

Help us, Obi-Wan Kenobi, you’re our only hope.

Maybe Elmo can lend some of his Nazi-geek college dropouts to help.

The Dubai-based crypto platform said an attacker gained control of a wallet of Ethereum, one of the most popular digital currencies after bitcoin, and transferred the contents to an unknown address.

… Bybit immediately sought to reassure its customers that their cryptocurrency holdings were safe, while its chief executive said on social media that Bybit would refund all those affected, even if the hacked currency was not returned.

“Bybit is solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss,” Ben Zhou, Bybit’s co-founder and chief executive, posted on X.

He added that the company held $20bn in customer assets, and would be able to cover any unrecovered funds itself or through loans from partners.

Umm…”backed” with what? Real money? Dogecoin? You lost 7.5% of your total clients’ assets, and you want to assure them their tulip bulbs uhh, money, is safe? And you’re going to cover those overnight losses with loans (who is going to loan you money now?)…or something to do with your client’s remaining assets?

For comparison’s sake, the biggest bank robbery in US history netted $30 million - 2% of this heist. During the Iraq debacle, Saddam Hussein “withdrew” $920M from Iraq’s central bank the day before the invasion started. Later, someone whisked away $282 million in *US cash* (!) from a bank in Iraq in 2007 (thanks, Dubya!). And no one was ever caught, and that cash was never recovered.

I kinda doubt this Ethereum haul will ever be recovered either.

Tell me again what cryptocurrency is good for?

[jonny]

pdq wrote: Tell me again what cryptocurrency is good for?

Untraceable political/criminal payments, rug pulls.

[JoeH]

Dubai based? Well there are a few Russian ISPs who have opened up branches in Dubai to get around sanctions, wonder if they are involved. I have come across this as Dubai is becoming a new source of spam on the forum I admin.

[$tevie]

Crypto is going to turn out to be a real poison pill.

EDIT: as in suicide, not as in shareholders' jargon.

[Speedy]

$tevie wrote:
Crypto is going to turn out to be a real poison pill.

EDIT: as in suicide, not as in shareholders' jargon.

I can’t wait until the Social Security trust fund is converted to DOGE crypto.

[cbelt3]

Speedy wrote:
[quote=$tevie]
Crypto is going to turn out to be a real poison pill.

EDIT: as in suicide, not as in shareholders' jargon.

I can’t wait until the Social Security trust fund is converted to DOGE crypto.
Don’t say it out loud. It’s already been proposed. About the same time Trump called the USD a “crap currency”.

[pdq]

…and he’s also proposed a “strategic reserve” of cryptocurrency, in case we suddenly find ourselves dangerously short of tulip bulbs.

[sekker]

I wouldn't believe a single statement from a non-US crypto exchange, and only believe the US statements if audited.

[Acer]

If you think about, the US already offers its own cryptocurrency. The value is not tied to any physical asset. It is an intangible unit that we all agree has a certain value. It is tracked electronically, no physical object is needed except out of convenience. We "mine" it by gradually creating more of it. We call it "The Dollar."

[mrbigstuff]

Acer wrote:
If you think about, the US already offers its own cryptocurrency. The value is not tied to any physical asset. It is an intangible unit that we all agree has a certain value. It is tracked electronically, no physical object is needed except out of convenience. We "mine" it by gradually creating more of it. We call it "The Dollar."

The full faith and credit of the U.S. government.

Slightly different, no?