US Crypto Firm Nomad Hit By $190 Million Theft (reuters.com) 30
U.S. crypto firm Nomad has been hit by a $190 million theft, blockchain researchers said on Tuesday, the latest such heist to hit the digital asset sector this year. From a report: Nomad said in a tweet that it was "aware of the incident" and was currently investigating, without giving further details or the value of the theft. Crypto analytics firm PeckShield told Reuters $190 million worth of users' cryptocurrencies were stolen, including ether and the stablecoin USDC. Other blockchain researchers put the figure at over $150 million.
Shocked (Score:3)
Shocked I say!
Re: (Score:3)
Seems insane for anyone to keep coins in online wallets these days.
Re:Shocked (Score:4, Informative)
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Holy hell. That makes for some very interesting disaster-porn.
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The parent nailed what is exactly wrong with crypto. Many people realize that it is a completely different beast than say, buying Euros, pesos, or quatloos. The biggest thing that hits people is the custodial wallet item. Yes, it is easy and familiar to use an exchange controlled wallet, because transactions in the exchange don't need to hit the public blockchain. However, if the exchange's wallet gets leaked, or something like the currency bridge hits, well, all holders are out their holdings, and ther
Not theft (Score:3, Insightful)
The smart contract performed exactly as it was programmed to. This is neither a hack nor theft.
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For sale: bucket with big hole in bottom.
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This particular bug was identified in their 3rd-party code audit (which was published publicly) and they just didn't fix it. Caveat emptor applies,
Should have bought an iPod. (Score:2)
A fool and his crapto... (Score:2)
$190m vs $150m (Score:4, Insightful)
You know crypto is an unstable pile of nothing when the primary firm says everything was worth $190m, but another only evaluates it all at $150m. We're talking a $40M or ~21% difference in a valuation.
Re:$190m vs $150m (Score:5, Insightful)
They could both be right if the valuations were made more than about five minutes apart.
You can't steal too much (Re:$190m vs $150m) (Score:2)
They could both be right if the valuations were made more than about five minutes apart.
The leads to an interesting situation, given the instability of cryptocurrencies. There must be an upper limit to the amount of cryptocurrency someone can steal before the heist panicks the other users into dumping and thereby crashing the cryptocurrency, rendering the heist worthless.
Of course, the perpetrators could quickly trade away what they stole, but that would only make them easier to trace than if they traded gradually in smaller amounts. But the value would have cratered by the time they finished.
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Oh, look! We have here a bona fide crytocultist who knows less than nothing about the actual inflation numbers, but is here to peddle his usual tired ideological slogans as an AC.
To our valued customer (Score:3, Funny)
your own damn fault (Score:2)
Aren't you happy now tulip prices are down? (Score:5, Funny)
3 months ago, they would have lost half a billion!
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+1 just for the Subject line reference
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I *warned* Royokirk about this, and needed security features.
But, nooooo, he wouldn't listen to me, and look how it turned out . . .
Sad (Score:1)
Cryptocurrency is all about crime.. (Score:5, Interesting)
Freedom from regulation? (Score:4, Insightful)
A lot of crypto enthusiasts get into the game because they want to be free of government regulation.
Wish granted (for now).
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Somewhat. And those "freedom-loving" swindlers who run the crypto markets are so much better than the government vested interests, aren't they! At least, if you put dollars in the bank, you have a reasonable expectation that you're going to be able to take your dollars back out when you want them...EVEN if some swindler robs the bank.
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'I never thought leopards would eat MY face,' sobs woman who voted for the Leopards Eating People's Faces Party.
Another one? (Score:2)
Why are the crypto stories I see always about people getting shafted?
It's almost like there's a common theme in them. If I could just put my finger on it...
Another Crypto Article? (Score:2)
*snore*
How mundane. Now get off my lawn!