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Posted by Tiberium 15 hours ago

Binance-hacker-1029 – $5.6B stolen from Binance(arkm.com)
1502 points | 980 commentspage 6
jwpapi 14 hours ago|
I don’t think stolen crypto should be frozen. How is that different to banks? Why do I need crypto now ?
raaedk 13 hours ago||
Only the tokens whose smart contract has a freeze/blacklist function can be frozen, in this case that would be the stablecoins USDT and USDC.
albatross79 12 hours ago||
They're just learning the same lessons the rest of the world learned already. Banking and it's attendant regulations and restrictions were put in place for good reasons and everything has a trade off. Being a libertarian is like being a baby.
theybash 9 hours ago||
Cons of decentralisation i guess. Although, it is a bit surreal to me that such a big amount can be inconsequentially laundered.
Zambyte 8 hours ago||
Binance is centralized.
dbdr 7 hours ago||
Binance is a very centralized entity.
kjuulh 15 hours ago||
The name of the hacker is a bit on the nose lol.

I can't understand how you could let this happen. If they stored everything in fat hot wallets, that just seems like a recipe for disaster. Especially with the "features" of crypto. Math for the most part, doesn't care about your feelings, or money for that matter.

eterm 15 hours ago|
Hot vs Cold wallets are a social construct. People talk about wallets being "online" or "offline" but if the keys are compromised there's no such thing.
kjuulh 14 hours ago|||
I know, but if something is split up and stored in a vault somewhere the likely hood of a vulnerability napping the wallet falls. Defence in depth and risk analysis.
IshKebab 14 hours ago|||
I don't know much about bitcoin but surely you don't store this all in one wallet? You split it into thousands and then use hardware security modules with a risk management system so it doesn't let you transfer $5bn instantly. Unless it was an inside job maybe?

I'd be really curious to know what their security architecture was.

Vaushite 11 hours ago||
Glad I moved my money out a while ago. And not onto BSC.
rao-v 12 hours ago||
I’m assuming the bitcoin crash is some sort of “if Binance is vulnerable to AI powered (doesn’t have to be true) hacks, then all crypto is less a safe bet and thus worth less?”
aliasxneo 15 hours ago||
There were more today, as well. Polymarket, for example: https://news.ycombinator.com/item?id=50294287. What a finale to Black October.
ChromeUltron 15 hours ago|
that journo meme needs to die ASAP
exaroth 15 hours ago||
What I don't get is why the attackers didn't exchange at least some of USDC/USDT to ETH, looks like it took ~1hr for Circle/Tether to lock the wallet.
schleck8 14 hours ago|
They did, I'm seeing 700 million but there is still movement going on
izecube 6 hours ago||
Cz couldn’t watch HYPE get all the attention
claaams 14 hours ago|
New cybersecurity jobs opening up at Binance soon!
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