Losses From Crypto Hacks Surged 60% To $1.9 Billion From January To July, Chainalysis Says (reuters.com) 26
Losses arising from cryptocurrency hacks jumped nearly 60% in the first seven months of the year to $1.9 billion, propelled by a surge in funds stolen from decentralized finance (DeFi) protocols, according to a blog post from blockchain analysis firm Chainalysis released on Tuesday. From a report: In the same period last year, stolen funds from hacking amounted to $1.2 billion. DeFi applications, many of which run on the Ethereum blockchain, are financial platforms that enable crypto-denominated lending outside of traditional banks.
Really? (Score:4, Funny)
We've got a bunch of hacks building web sites to process millions of irreversible transactions with the aim of making a quick buck and stuff is going missing? How can that be??
Only 1.2 billion (Score:3)
Well you know last year we only allowed $1.2 billion of your money to be stolen from you with no audit trail and zero accountability.
So we're doing real good... right?
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Well you know last year we only allowed $1.2 billion of your money to be stolen from you with no audit trail and zero accountability. So we're doing real good... right?
Kinda makes you wonder when the crypto kiddies will approach the US Federal gub'mint for a "bank bailout" claiming "crypto is TO BIG TO FAIL".
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You joke but that is exactly the strategy for the stablecoin purveyors.
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Still has a long way to go to reach the 2.3 Trillion [youtube.com] missing from the Pentagon on, wait, what's that date? 9/10. Hmm, suddenly the Pentagon needs more money for defense the very next day, 9/11.
The The Pentagon's doctored ledgers [archive.org] with $5.8B of inventory "lost" between 2003-2011, and the $9B of ledger adjustments to get the books to balance in 2012 up from $7.4B the previous year, makes the crypto boys look like amateurs.
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Shouldn't the Crypto boys be labeled Klepto boys for all the lying they do?
Decentralised? (Score:1)
Oh no! (Score:2)
Anyway.
Thankfully, no problem. (Score:2)
Those exchanges and other intermediaries will almost certainly make good on all thefts relating to issues in the technology and platform.
Cryptocurrency, summed up (Score:4, Interesting)
If there is a bank robbery in the UK, the amount stolen is listed in Pounds Sterling.
If there is a bank robbery in Japan, the amount stolen is listed in Yen.
If there is a bank robbery in Spain, the amount stolen is listed in Euros.
If there is a bank robbery in China, the amount stolen is listed in Yuan.
If there is a bank robbery on the Ethereum blockchain...the amount stolen is listed in American Dollars. Because when it's stolen, suddenly nobody wants to express the value of Ethereum in Ethereum.
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If there is a bank robbery in the UK, the amount stolen is listed in Pounds Sterling.
If there is a bank robbery in Japan, the amount stolen is listed in Yen.
If there is a bank robbery in Spain, the amount stolen is listed in Euros.
If there is a bank robbery in China, the amount stolen is listed in Yuan.
Depends on who's doing the reporting, if the robbery is reported on CNN, they'll list the amount in USD, if the BBC is reporting it they'll list the amount in GBP with the local currency in brackets I.E. "£24,000 ($20,000 USD).
If there is a bank robbery on the Ethereum blockchain...the amount stolen is listed in American Dollars. Because when it's stolen, suddenly nobody wants to express the value of Ethereum in Ethereum.
The difference is Ethereum isn't a real currency. So they're going to report it in a real currency. So if CNN is reporting, it's USD, if it's the Beeb, GBP. We need to stop thinking of Crypto as if it were a real currency backed by an actual nation.
Crypto investment advice. (Score:4, Insightful)
Buy popcorn and have a nice snack to eat while watching the meltdown.
open ledger? more secure? (Score:3)
at this point, you might as well hand over your hard earned dollars to Adam Neumann.. oh, someone did..https://www.cnn.com/2022/08/15/tech/adam-neumann-flow/index.html - I guess Andreessen's money isn't all that "hard earned".
In all serious though, anyone who chirps block chain or crypto is fool regurgitating buzzwords. Crypto was a shill from the start and block chain is a soltion in search of a problem that can be more easily and cheaply solved with other soltions.
Deposit insurance (Score:2)
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What happens when lots of folks tap that insurance at the same time? Unless that insurance is backed by someone that can print money then insurance fails along with the rest of the market. You know FDIC starts with Federal, right?
Crypto seems like a giant experiment to discover why we have regulation and why some transactions are reversible.
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Because when there is a bank run printing money is the only way out.
Here is a real world example of when the bank will not release funds because there is not enough to go around:
https://www.npr.org/2022/08/16... [npr.org]
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Also be aware that your “investments” in corporate stocks are not backed by the FDIC either. That’s where the risk factor comes in.
There is no "loss" (Score:3)
That's about as much of a loss as me claiming a loss of a billion because I said the pic of my 5 year old costs a billion and he ripped it apart.
In other words, there was no value in the first place.
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That's about as much of a loss as me claiming a loss of a billion because I said the pic of my 5 year old costs a billion and he ripped it apart.
In other words, there was no value in the first place.
You're talking about "losing" unrealized gains, that's something else.
A lot of idiots really lost money on crypto, because a lot of idiots really made money on crypto.
And to anyone claiming they knew what they were doing taking money from idiots, being the lesser idiot in the greater idiot theory doesn't break the cycle... idjits.
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In other word, the money wasn't lost, it's just in someone else's hands now.
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Think of all the electrons that died to bring us those cryptocoins.
Not adjusted for crypto correction (Score:2)
it will continue to get higher (Score:1)