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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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.
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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.
Oh it I know! I as just joking that I still didn't get it it was appreciated by my though thank you!
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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.
Well it does show that you really do own your own coins. You have to own something before you can lose it.
With government created currencies this is not really the case, banks can stop any transactions and even close your account, the government can freeze it if they desire, and all that kind of stuff.
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How does one get ones hands on a cold wallet?
Social engineering, they convinced multiple key holders to sign a transaction.
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Social engineering, they convinced multiple key holders to sign a transaction.
The weakest part of any secure system.
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The money of the future ladies and gentlemen.
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The money of the future ladies and gentlemen.
Even regular banks can be hacked, this isn't just a crypto issue.
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Seriously, who calls their online banking type site bye bit?
Having said that, I'll just go ahead and assume their security was barely existent, as per usual. I wonder if their CTO was actually s music teacher too.
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Seriously, who calls their online banking type site bye bit?
Having said that, I'll just go ahead and assume their security was barely existent, as per usual. I wonder if their CTO was actually s music teacher too.
This is the same hacker group that performed the Bangladesh Bank robbery, that attack the almost stole 1 billion, the only reason they got flagged was a typo. They did manage to steal 81 million though. Byebit does seem to have bad security though compared to Bangladesh bank.
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