Posted by domhudson 22 hours ago
First 10 minutes: Making a team, 2 guys or gals living a life, talk about it
11-30 minutes: Demoing how bad our security systems are, we need to patch them, day and night, can't keep up
31-40: But we need money, no one is paying our bounties
41-50: How about? They do not tell what it is
51-60: We are going to hack StarLink (they never say that, it is just the logo in the background when they are talking how easy it is to get in and out)
61-70: Dry Run, text scrolling on the screens
71-85: The Hack, split screens, zoom in and outs
86-88: Oh it was Solozzo (Binance) all along, not Starlink.
89:90: Dude fills up his car with the stolen USDT and realizes that as he is sitting in the car
I like the final twist. It would be even better if it turns out the protagonist was manipulated by the real players and he ends up with little reward (because crime doesn't pay, kids!) but with renewed faith in his abilities.
who is Barzini and who is Tattaglia, just so i can call the latter a pimp
1-90: Time needed for bathtub scene to explain this shit
Crazy that most of this gets put into North Korean weapons programs.
Binance has cold wallets and hot wallets. The hot wallets used to be small and therefore low value, but have grown to be huge, without anyone really paying attention. The hot wallets have much less ceremony attached to moving money, as they are required to move money multiple times a second to track customer inflows/outflows from the system. There are no controls or transaction limits on the hot wallet because it's just a bitcoin wallet (or set of wallets). The hackers got access to the system via the dev machine, found the hot wallet keys in the system (which it requires to function), and simply started draining it of funds, it turned out the hot wallets contained a LOT of funds.
That doesn't require in-depth knowledge of Binance operations, all they need is access to hot wallets via the keys which we know the app would need to have in order to use it.
The lack of controls on the Binance side here is astounding, but it does appear like they had no safeguards, limits or monitoring on the hot wallet in spite of the money involved, or if they did they kicked in too late.
Partly this is a problem with the crypto itself which underlies their system: it's designed to be permissionless and without controls slowing down or reversing transfers.