| Crypto (lol) 08:17 - Oct 30 with 1893 views | Chris_ITFC |
As the kids would say.
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| Crypto (lol) on 08:36 - Oct 30 with 1653 views | Mullet |
Was always going to go this way, it’s very clear why the people who want it to flood this country only have their own interests at heart too.
I wonder if enclaves of crypto like Costa Rica where people from other countries move in and sit on their laptops all day “investing” will collapse now. |  |
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| Crypto (lol) on 08:42 - Oct 30 with 1635 views | TIB |
Buy the dip |  |
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| Crypto (lol) on 08:42 - Oct 30 with 1638 views | BloomBlue |
Crypto totally hackable (similar to normal banking) but almost impossible to identify who did it and better still for the hackers non recoverable.
People need to understand the creation of crypto was based entirely on 'non ownership' with no safeguards. But it was then hijacked as a way of beating the big banks, and people assumed the same rules - oh how they laughed at beating the big banks
A fool and their money is soon parted.
This will become worse as nation states use AI as a form of hacking. All banking type organisations need to start investing £milions in cyber defence. Trouble is too many have viewed cyber as a backoffice function for too long and that doesn't make money. |  | | |
| Crypto (lol) on 08:53 - Oct 30 with 1569 views | Chris_ITFC |
| Crypto (lol) on 08:42 - Oct 30 by BloomBlue |
Crypto totally hackable (similar to normal banking) but almost impossible to identify who did it and better still for the hackers non recoverable.
People need to understand the creation of crypto was based entirely on 'non ownership' with no safeguards. But it was then hijacked as a way of beating the big banks, and people assumed the same rules - oh how they laughed at beating the big banks
A fool and their money is soon parted.
This will become worse as nation states use AI as a form of hacking. All banking type organisations need to start investing £milions in cyber defence. Trouble is too many have viewed cyber as a backoffice function for too long and that doesn't make money. |
I don’t recall any $6.3bn hacks of the traditional banking system.
(Cue GFC jokes.) | |
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| Crypto (lol) on 09:10 - Oct 30 with 1524 views | mutters |
| Crypto (lol) on 08:42 - Oct 30 by BloomBlue |
Crypto totally hackable (similar to normal banking) but almost impossible to identify who did it and better still for the hackers non recoverable.
People need to understand the creation of crypto was based entirely on 'non ownership' with no safeguards. But it was then hijacked as a way of beating the big banks, and people assumed the same rules - oh how they laughed at beating the big banks
A fool and their money is soon parted.
This will become worse as nation states use AI as a form of hacking. All banking type organisations need to start investing £milions in cyber defence. Trouble is too many have viewed cyber as a backoffice function for too long and that doesn't make money. |
Crypto was born out of the loss of trust from the 2008 financial disaster and the institutions that supposedly had people best interests at heart. It's not about non ownership, far from it. Unfortunately it's a double edge sword, whilst it decentralises the flow of money, it does leave it open for illicit usage. |  |
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| Crypto (lol) on 09:29 - Oct 30 with 1456 views | SuperKieranMcKenna |
Not sure being the victim of crime is ever funny is it? (lol)
I know plenty of youngish folk who’ve invested sensibly (I.e highly diluted by other types) towards house deposit etc. Sure it comes with additional risk, but I certainly can’t see the funny side (not all holders will be exposed to Binance anyway). |  | | |
| Crypto (lol) on 09:33 - Oct 30 with 1414 views | SuperKieranMcKenna |
| Crypto (lol) on 08:42 - Oct 30 by BloomBlue |
Crypto totally hackable (similar to normal banking) but almost impossible to identify who did it and better still for the hackers non recoverable.
People need to understand the creation of crypto was based entirely on 'non ownership' with no safeguards. But it was then hijacked as a way of beating the big banks, and people assumed the same rules - oh how they laughed at beating the big banks
A fool and their money is soon parted.
This will become worse as nation states use AI as a form of hacking. All banking type organisations need to start investing £milions in cyber defence. Trouble is too many have viewed cyber as a backoffice function for too long and that doesn't make money. |
That’s also not entirely correct, it can be held in cold storage where it’s not ‘totally hackable’.
I’m actually pretty bearish on crypto (and particularly the anonymity and deregulated nature), but there’s a lot of misinformation out there. | | | |
| Crypto (lol) on 09:35 - Oct 30 with 1415 views | TIB |
| Crypto (lol) on 09:29 - Oct 30 by SuperKieranMcKenna |
Not sure being the victim of crime is ever funny is it? (lol)
I know plenty of youngish folk who’ve invested sensibly (I.e highly diluted by other types) towards house deposit etc. Sure it comes with additional risk, but I certainly can’t see the funny side (not all holders will be exposed to Binance anyway). |
Binance blocked UK users from withdrawing direct to UK accounts a year or so ago as well, so they’ll be a lot of folk who didn’t know the other routes to get their money out caught up in this I’d imagine. | |
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| Crypto (lol) on 09:50 - Oct 30 with 1362 views | nrb1985 |
| Crypto (lol) on 08:42 - Oct 30 by BloomBlue |
Crypto totally hackable (similar to normal banking) but almost impossible to identify who did it and better still for the hackers non recoverable.
People need to understand the creation of crypto was based entirely on 'non ownership' with no safeguards. But it was then hijacked as a way of beating the big banks, and people assumed the same rules - oh how they laughed at beating the big banks
A fool and their money is soon parted.
This will become worse as nation states use AI as a form of hacking. All banking type organisations need to start investing £milions in cyber defence. Trouble is too many have viewed cyber as a backoffice function for too long and that doesn't make money. |
Funnily enough, I was talking to a consultant friend of mine last week who specialises in this type of thing.
She was extremely cautious about how safe your money is in banks going forward with the threat of AI/hacking. | | | |
| Crypto (lol) on 09:52 - Oct 30 with 1360 views | baxterbasics |
| Crypto (lol) on 09:35 - Oct 30 by TIB |
Binance blocked UK users from withdrawing direct to UK accounts a year or so ago as well, so they’ll be a lot of folk who didn’t know the other routes to get their money out caught up in this I’d imagine. |
Yup I used to use Binance but it became impossible for UK users to do practically anything in it a few years ago. Can't be that many in these parts affected by this unless they've been using VPNs and the like to disguise their true location.
The high risks are always made very clear with the bigger exchange providers so anyone who staked and lost their entire farm trying to get rich quick will just have to take it on the chin. |  |
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| Crypto (lol) on 10:48 - Oct 30 with 1222 views | J2BLUE |
| Crypto (lol) on 08:42 - Oct 30 by BloomBlue |
Crypto totally hackable (similar to normal banking) but almost impossible to identify who did it and better still for the hackers non recoverable.
People need to understand the creation of crypto was based entirely on 'non ownership' with no safeguards. But it was then hijacked as a way of beating the big banks, and people assumed the same rules - oh how they laughed at beating the big banks
A fool and their money is soon parted.
This will become worse as nation states use AI as a form of hacking. All banking type organisations need to start investing £milions in cyber defence. Trouble is too many have viewed cyber as a backoffice function for too long and that doesn't make money. |
They already know who did it and have potentially frozen a large chunk of the money. |  | | |
| Crypto (lol) on 10:50 - Oct 30 with 1208 views | DanTheMan |
| Crypto (lol) on 09:50 - Oct 30 by nrb1985 |
Funnily enough, I was talking to a consultant friend of mine last week who specialises in this type of thing.
She was extremely cautious about how safe your money is in banks going forward with the threat of AI/hacking. |
By the sounds of it, this wasn't even that clever, and standard AML controls would have stopped this very quickly in a properly regulated environment. |  |
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| Crypto (lol) on 10:58 - Oct 30 with 1174 views | mutters |
| Crypto (lol) on 09:52 - Oct 30 by baxterbasics |
Yup I used to use Binance but it became impossible for UK users to do practically anything in it a few years ago. Can't be that many in these parts affected by this unless they've been using VPNs and the like to disguise their true location.
The high risks are always made very clear with the bigger exchange providers so anyone who staked and lost their entire farm trying to get rich quick will just have to take it on the chin. |
Why anybody would keep their crypto on an exchange and not cold storage I don't know. | |
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| Crypto (lol) on 11:04 - Oct 30 with 1139 views | J2BLUE |
| Crypto (lol) on 10:58 - Oct 30 by mutters |
Why anybody would keep their crypto on an exchange and not cold storage I don't know. |
Kraken and Coinbase etc keep a very large chunk offline in cold storage.
Coldcards were the one a lot of people in crypto recommended... | | | |
| Crypto (lol) on 13:54 - Oct 30 with 822 views | bsw72 |
| Crypto (lol) on 08:42 - Oct 30 by BloomBlue |
Crypto totally hackable (similar to normal banking) but almost impossible to identify who did it and better still for the hackers non recoverable.
People need to understand the creation of crypto was based entirely on 'non ownership' with no safeguards. But it was then hijacked as a way of beating the big banks, and people assumed the same rules - oh how they laughed at beating the big banks
A fool and their money is soon parted.
This will become worse as nation states use AI as a form of hacking. All banking type organisations need to start investing £milions in cyber defence. Trouble is too many have viewed cyber as a backoffice function for too long and that doesn't make money. |
That's not true and this theft actually argues the opposite.
The blockchains weren’t broken, what was compromised was Binance’s own infrastructure, apparently an engineer’s laptop that gave access to the system signing its withdrawals. That is a conventional corporate security failure of the kind any bank could suffer.
Nor were the culprits anonymous, because every transaction sits on a public ledger, firms such as TRM Labs and Chainalysis traced every transfer and attributed the attack to North Korea’s TraderTraitor group within hours, matching its methods to the Bybit hack the FBI had already pinned on the same unit. Few bank heists are attributed that quickly.
Finally the money wasn’t unrecoverable either. Within hours, stablecoin issuers and the Arbitrum network froze around $2.7 billion of the $6.36 billion taken, more than 40%, with Tether acting inside 40 minutes.
The attackers had to dump stablecoins at a 10% loss just to stay ahead of the freezes. The remaining $2.4 billion is still visible on-chain and flagged to exchanges and brokers, so it can be frozen wherever it surfaces.
However as the individual hackers sit in North Korea they will be beyond arrest and some of the funds will likely be laundered in the end but that is a problem of jurisdiction, not of crypto being untraceable. |  | | |
| Crypto (lol) on 14:09 - Oct 30 with 799 views | mellowblue |
Aren’t they still deregulated in the UK.Maybe that lessens UK exposure to losses. | | | |
| Crypto (lol) on 14:18 - Oct 30 with 786 views | nrb1985 |
| Crypto (lol) on 13:54 - Oct 30 by bsw72 |
That's not true and this theft actually argues the opposite.
The blockchains weren’t broken, what was compromised was Binance’s own infrastructure, apparently an engineer’s laptop that gave access to the system signing its withdrawals. That is a conventional corporate security failure of the kind any bank could suffer.
Nor were the culprits anonymous, because every transaction sits on a public ledger, firms such as TRM Labs and Chainalysis traced every transfer and attributed the attack to North Korea’s TraderTraitor group within hours, matching its methods to the Bybit hack the FBI had already pinned on the same unit. Few bank heists are attributed that quickly.
Finally the money wasn’t unrecoverable either. Within hours, stablecoin issuers and the Arbitrum network froze around $2.7 billion of the $6.36 billion taken, more than 40%, with Tether acting inside 40 minutes.
The attackers had to dump stablecoins at a 10% loss just to stay ahead of the freezes. The remaining $2.4 billion is still visible on-chain and flagged to exchanges and brokers, so it can be frozen wherever it surfaces.
However as the individual hackers sit in North Korea they will be beyond arrest and some of the funds will likely be laundered in the end but that is a problem of jurisdiction, not of crypto being untraceable. |
Except if you hacked into a bank and tried to transfer out traditional assets/securities the exchange or receiving custodian would block it. | | | |
| Crypto (lol) on 14:26 - Oct 30 with 774 views | bsw72 |
| Crypto (lol) on 14:18 - Oct 30 by nrb1985 |
Except if you hacked into a bank and tried to transfer out traditional assets/securities the exchange or receiving custodian would block it. |
Not reliably. Custodians block transfers that look wrong, not ones that arrive properly authenticated.
When North Korea hacked Bangladesh Bank in 2016, the New York Fed paid out $81 million on valid SWIFT instructions, and most of it was never recovered.
The rest was stopped by a sanctions keyword match and a typo, not by any systematic control. | | | |
| Crypto (lol) on 14:29 - Oct 30 with 759 views | nrb1985 |
| Crypto (lol) on 14:26 - Oct 30 by bsw72 |
Not reliably. Custodians block transfers that look wrong, not ones that arrive properly authenticated.
When North Korea hacked Bangladesh Bank in 2016, the New York Fed paid out $81 million on valid SWIFT instructions, and most of it was never recovered.
The rest was stopped by a sanctions keyword match and a typo, not by any systematic control. |
I think you’re talking about cash.
I’m talking about securities/investments - which is why people buy BTC for the main part, because it isn’t really a means of exchange (or an inflation hedge). | | | |
| Crypto (lol) on 14:54 - Oct 30 with 688 views | DanTheMan |
| Crypto (lol) on 14:29 - Oct 30 by nrb1985 |
I think you’re talking about cash.
I’m talking about securities/investments - which is why people buy BTC for the main part, because it isn’t really a means of exchange (or an inflation hedge). |
A load of people at my place freaking out over what you'd do if something like this happened with DTCC tokenized assets. | |
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| Crypto (lol) on 15:01 - Oct 30 with 671 views | nrb1985 |
| Crypto (lol) on 14:54 - Oct 30 by DanTheMan |
A load of people at my place freaking out over what you'd do if something like this happened with DTCC tokenized assets. |
I guess anything that’s in bearer format and isn’t traded on exchange/via intermediaries will be subject to similar risks. | | | |
| Crypto (lol) on 15:24 - Oct 30 with 630 views | bsw72 |
| Crypto (lol) on 14:29 - Oct 30 by nrb1985 |
I think you’re talking about cash.
I’m talking about securities/investments - which is why people buy BTC for the main part, because it isn’t really a means of exchange (or an inflation hedge). |
Fair point, registered securities are harder to steal outright, because ownership sits on a central register that can be corrected, and bitcoin behaves more like a bearer asset, but that isn’t how securities theft generally works in practice for that reason.
Attackers sell the holdings inside the compromised account and wire out the proceeds, so it becomes a cash theft, and we’re back to the Bangladesh Bank problem. | | | |
| Crypto (lol) on 16:25 - Oct 30 with 553 views | DJR |
Not directly related but I have a friend who starting in 2019 and leading through to the early months of Covid managed to investigate and acquire a couple of bitcoins when they were worth about $10,000.
He did try to explain it to me and I can't remember the precise details but my understanding is that he got involved in the mining of them.
He was an evangelist for crypto believing it to be truly democratic, being outside the control of both the financial system and governments. Indeed, he envisaged a time when governments would cease to exist. and everything (such as public services) would be done on a local basis.
He did try to persuade me to get involved but I was very sceptical about the democratic nature of it believing those involved at that time to be somewhat elitist.
He later became interested in the movement to prolong life, and visited conferences about it in California, as well as crypto conferences there. Indeed, there seemed to be a bit of a cross-over between the two. And he even got involved in testing on his father outside the usual scientific conventions what seemed to be a DNA-like products from a scientist in California designed to halt his elderly father's mental decline.
Such products didn't seem to have any noticeable effect at the time but I haven't heard from him for two years, despite trying to contact him, and I think he may have just got fully involved in looking after his very elderly parents. [Post edited 30 Oct 16:46]
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| Crypto (lol) on 17:21 - Oct 30 with 481 views | mutters |
| Crypto (lol) on 16:25 - Oct 30 by DJR |
Not directly related but I have a friend who starting in 2019 and leading through to the early months of Covid managed to investigate and acquire a couple of bitcoins when they were worth about $10,000.
He did try to explain it to me and I can't remember the precise details but my understanding is that he got involved in the mining of them.
He was an evangelist for crypto believing it to be truly democratic, being outside the control of both the financial system and governments. Indeed, he envisaged a time when governments would cease to exist. and everything (such as public services) would be done on a local basis.
He did try to persuade me to get involved but I was very sceptical about the democratic nature of it believing those involved at that time to be somewhat elitist.
He later became interested in the movement to prolong life, and visited conferences about it in California, as well as crypto conferences there. Indeed, there seemed to be a bit of a cross-over between the two. And he even got involved in testing on his father outside the usual scientific conventions what seemed to be a DNA-like products from a scientist in California designed to halt his elderly father's mental decline.
Such products didn't seem to have any noticeable effect at the time but I haven't heard from him for two years, despite trying to contact him, and I think he may have just got fully involved in looking after his very elderly parents. [Post edited 30 Oct 16:46]
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Are you thinking of the Yamanaka factors? | |
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| Crypto (lol) on 17:46 - Oct 30 with 446 views | DJR |
| Crypto (lol) on 17:21 - Oct 30 by mutters |
Are you thinking of the Yamanaka factors? |
To be honest, I've got no idea what it was but it certainly wasn't officially authorised for experiment on humans at the time. | | | |
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