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  3. 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

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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  • M [email protected]
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    G This user is from outside of this forum
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    [email protected]
    wrote on last edited by
    #21

    lolfomo

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    • muntedcrocodile@lemm.eeM [email protected]

      How does one get ones hands on a cold wallet?

      x00z@lemmy.worldX This user is from outside of this forum
      x00z@lemmy.worldX This user is from outside of this forum
      [email protected]
      wrote on last edited by
      #22

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      • x00z@lemmy.worldX [email protected]

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        wrote on last edited by
        #23

        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.....

        x00z@lemmy.worldX 1 Reply Last reply
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        • D [email protected]

          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.....

          x00z@lemmy.worldX This user is from outside of this forum
          x00z@lemmy.worldX This user is from outside of this forum
          [email protected]
          wrote on last edited by
          #24

          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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          • x00z@lemmy.worldX [email protected]

            401,347 ETH

            cupcakezealot@lemmy.blahaj.zoneC This user is from outside of this forum
            cupcakezealot@lemmy.blahaj.zoneC This user is from outside of this forum
            [email protected]
            wrote on last edited by
            #25

            x00z@lemmy.worldX 1 Reply Last reply
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            • M [email protected]
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              T This user is from outside of this forum
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              wrote on last edited by
              #26

              The money is not gone, is just that someone else has it.

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              • M [email protected]
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                wrote on last edited by
                #27

                I gotta get in on this hacking gig. Anyone know if any hacker groups are hiring?

                /s for CSIS

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                • E [email protected]

                  Room temperature wallet

                  muntedcrocodile@lemm.eeM This user is from outside of this forum
                  muntedcrocodile@lemm.eeM This user is from outside of this forum
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                  wrote on last edited by
                  #28

                  Right next to their iq

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                  • M [email protected]
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                    P This user is from outside of this forum
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                    wrote on last edited by
                    #29

                    ELI5 why we cannot "rollback" Ethereum

                    https://xcancel.com/TimBeiko/status/1893412457567383559#m

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                    • facedeer@fedia.ioF [email protected]

                      Depends which exchange you're using.

                      S This user is from outside of this forum
                      S This user is from outside of this forum
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                      wrote on last edited by
                      #30

                      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.

                      facedeer@fedia.ioF 1 Reply Last reply
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                      • cupcakezealot@lemmy.blahaj.zoneC [email protected]

                        how is $1.5 billion in worth calculated because no way bitcoin tokens are worth more than $20.

                        T This user is from outside of this forum
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                        wrote on last edited by
                        #31

                        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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                        • cupcakezealot@lemmy.blahaj.zoneC [email protected]

                          how is $1.5 billion in worth calculated because no way bitcoin tokens are worth more than $20.

                          P This user is from outside of this forum
                          P This user is from outside of this forum
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                          wrote on last edited by
                          #32

                          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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                          • S [email protected]

                            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.

                            facedeer@fedia.ioF This user is from outside of this forum
                            facedeer@fedia.ioF This user is from outside of this forum
                            [email protected]
                            wrote on last edited by
                            #33

                            That's not what the question was about.

                            S 1 Reply Last reply
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                            • facedeer@fedia.ioF [email protected]

                              That's not what the question was about.

                              S This user is from outside of this forum
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                              wrote on last edited by
                              #34

                              There was no question. There was a statement.

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                              • cupcakezealot@lemmy.blahaj.zoneC [email protected]

                                x00z@lemmy.worldX This user is from outside of this forum
                                x00z@lemmy.worldX This user is from outside of this forum
                                [email protected]
                                wrote on last edited by
                                #35

                                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.

                                T cupcakezealot@lemmy.blahaj.zoneC 2 Replies Last reply
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                                • x00z@lemmy.worldX [email protected]

                                  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.

                                  T This user is from outside of this forum
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                                  wrote on last edited by
                                  #36

                                  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.

                                  x00z@lemmy.worldX 1 Reply Last reply
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                                  • G [email protected]

                                    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.

                                    D This user is from outside of this forum
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                                    wrote on last edited by
                                    #37

                                    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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                                    • x00z@lemmy.worldX [email protected]

                                      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.

                                      cupcakezealot@lemmy.blahaj.zoneC This user is from outside of this forum
                                      cupcakezealot@lemmy.blahaj.zoneC This user is from outside of this forum
                                      [email protected]
                                      wrote on last edited by
                                      #38

                                      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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                                      • T [email protected]

                                        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.

                                        x00z@lemmy.worldX This user is from outside of this forum
                                        x00z@lemmy.worldX This user is from outside of this forum
                                        [email protected]
                                        wrote on last edited by
                                        #39

                                        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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                                        • muntedcrocodile@lemm.eeM [email protected]

                                          How does one get ones hands on a cold wallet?

                                          H This user is from outside of this forum
                                          H This user is from outside of this forum
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                                          wrote on last edited by
                                          #40

                                          Social engineering, they convinced multiple key holders to sign a transaction.

                                          muntedcrocodile@lemm.eeM 1 Reply Last reply
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