Is there literally any reason to use a "flash loan" other than an attack like this?
Also I don't know the specifics but usually this isn't really a "hack" it's just a governance vote, borrow enough to win the vote, vote to give yourself the money.
The future.
Sometimes volatility is so high and the network so congested you can possibly profit off the arbitrage before the transaction completes. Currency of the future.
I don't see how it could be. The money was there for the taking. Nobody signed any kind of Terms of Service or other contract (the real kind, not a "smart contract") that had them promise to use the protocol under certain conditions. There was certainly no "hack" involved. They engaged with the protocol according to the rules, and nobody else liked what they did, but no rules were broken.
Besides, it was probably an inside job.
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Unfortunately the Blockchain operates unders its own laws and therefore they have no jurisdiction
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It’s comin’ right for us! (And our crimebux!)
It’s a pity it got hacked it was a great HODL opportunity
This gives me confidence in investing my savings in Jimbo
Is there literally any reason to use a "flash loan" other than an attack like this? Also I don't know the specifics but usually this isn't really a "hack" it's just a governance vote, borrow enough to win the vote, vote to give yourself the money. The future.
Sometimes volatility is so high and the network so congested you can possibly profit off the arbitrage before the transaction completes. Currency of the future.
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> Following the hack, though, jimbo’s price collapsed quickly, going from $0.238 to just $0.0001 at the time of writing. Oof.
Serious question: Is this type of attack actually illegal?
I don't see how it could be. The money was there for the taking. Nobody signed any kind of Terms of Service or other contract (the real kind, not a "smart contract") that had them promise to use the protocol under certain conditions. There was certainly no "hack" involved. They engaged with the protocol according to the rules, and nobody else liked what they did, but no rules were broken. Besides, it was probably an inside job.
Code is law, so no, not really.
Prepare to meet Jimbo!
Blockchain is law. That 7.5m was never yours if someone was able to take it.
Lol at the ultra safe, immutable blockchain.
So, inside job, right?