Crypto exchange Bybit says a hacker took control of one of its cold Ethereum wallets, resulting in what analysts estimate was the loss of ~$1.5B worth of tokens
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how is $1.5 billion in worth calculated because no way bitcoin tokens are worth more than $20.
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That’s room temperature wallet. It was used while claiming asset unused.
It is not cold storage anymore.
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how is $1.5 billion in worth calculated because no way bitcoin tokens are worth more than $20.
401,347 ETH
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How does one get ones hands on a cold wallet?
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Do I understand this correctly, then, that this was some sort of MITM attack where valid requests to the multisig parties were replaced by malicious code while still appearing to be valid to the signers? That must be an inside job.
And this is the first time I have heard the word "musked" in this context.....
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Do I understand this correctly, then, that this was some sort of MITM attack where valid requests to the multisig parties were replaced by malicious code while still appearing to be valid to the signers? That must be an inside job.
And this is the first time I have heard the word "musked" in this context.....
Do I understand this correctly, then, that this was some sort of MITM attack where valid requests to the multisig parties were replaced by malicious code while still appearing to be valid to the signers? That must be an inside job.
I have no idea. I guess they'll release a lot more info regarding this in the next few days.
And this is the first time I have heard the word “musked” in this context…
I think his English isn't good looking at the rest of the message. Might be "masked" instead.
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401,347 ETH
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The money is not gone, is just that someone else has it.
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I gotta get in on this hacking gig. Anyone know if any hacker groups are hiring?
/s for CSIS
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Room temperature wallet
Right next to their iq
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ELI5 why we cannot "rollback" Ethereum
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Depends which exchange you're using.
Anybody who keeps their money on an exchange any longer than necessary is just asking for trouble. An exchange is like a public toilet. You get in, you shit, and you get the fuck out. You don't hang around in a public toilet.
Self custody or GTFO.
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how is $1.5 billion in worth calculated because no way bitcoin tokens are worth more than $20.
They're worth what you can sell them for. The US dollars they're priced in don't exactly inspire confidence these days, either.
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how is $1.5 billion in worth calculated because no way bitcoin tokens are worth more than $20.
I'm not sure I understand the question... Do you think the market value of these coins is made up, and you can't actually go onto an exchange and trade it for actual USD? Because of course you can.
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Anybody who keeps their money on an exchange any longer than necessary is just asking for trouble. An exchange is like a public toilet. You get in, you shit, and you get the fuck out. You don't hang around in a public toilet.
Self custody or GTFO.
That's not what the question was about.
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That's not what the question was about.
There was no question. There was a statement.
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You wanted to know how it's calculated.
That was the supposed amount of ETH that was stolen. 1 ETH is currently around $2800. The value it has is because people are buying ETH for that price. So you take $2800 and multiply it by 400000. Carry the 5, etc. That's $1 120 000 000.
There was some other stuff stolen too I think. I haven't really looked into it.
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You wanted to know how it's calculated.
That was the supposed amount of ETH that was stolen. 1 ETH is currently around $2800. The value it has is because people are buying ETH for that price. So you take $2800 and multiply it by 400000. Carry the 5, etc. That's $1 120 000 000.
There was some other stuff stolen too I think. I haven't really looked into it.
That someone can just make off with that amount of digital "currency" sure inspires trust in that system, so the $2800 price tag might be a bit optimistic.
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What I don't quite understand is how there is 1.5 billion in a single wallet. Or how are these things structured?
This article puts their total assets under management at $15.7b, which are held in different cryptocurrencies with ethereum at just above $5b.
So I am wondering how they have more than 1/6 of their Ethereum in a single wallet or were these multiple that were connected and got compromised through the same vulnerability? How expensive is it to have more individual wallets? Would it not be feasible to have it split in something like $100m chunks? Or any other more moderate size.
Making more wallets would cost nothing more than a few hundred bytes of storage each for the keys. I have no idea why they wouldn't have split their funds into evenly sized wallets of, say, $1M each.
