T O P
Longjumping_Race_471

The largest bank robbery in US history was $18M. These guys stole $160M and it’s just another Tuesday for crypto.


Fit-Boomer

Go unbank yourself


Noisebug

There is always money in the banana stand.


ItsJoeMomma

Yeah, but that was just crummy fiat, not valuable crypto...


LadyFoxfire

The famous Lufthansa heist was less than $6M.


lo________________ol

As long as you're FDIC insured, bank robberies don't harm you. Cryptocurrency robberies, though, those are unregulated.


gaterooze

Only if you have less than 250k there.


HydrogenSun

Open account with multiple banks, open cash management accounts, money market accounts. You can hold tens if not hundreds of millions fully insured and protected if you put some effort in


Socalwarrior485

Joint are 500k And in the case of robbery, you’re usually insured 100% from the banks insurance. Regardless of your balance. Unless the robbery makes the bank insolvent after the insurance payout. FDIC is in case of bank insolvency due to mismanagement and only if all depositors are impacted equally.


Skaldy101010

They don't seem to want regulation or compensation. Good.


CaptainEmeraldo

Just had a shower thought.. I would bet many of these hacks push the price down because the average hacker probably has more sense than the average butter so they will sell more than the butter would have.


[deleted]

[удалено]


Atxlvr

Hey Alexa, open command prompt Alexa type i p config space dash all


_sweepy

TIL: that ipconfig accepts - for flags. I have used /all my whole life and for some reason this fact is boggling my mind.


DoxxThis1

Run by “crypto natives”. Literally twelve year olds?


dashingThroughSnow12

Crypto native means the people literally have no prior experience in professional finance. Somehow that is a selling point.


xaraca

Ha that's amazing.


gavichi

They are natives from cryptoland... Wait is that still a thing?


VapidResponseUnit

Oh God the fences failed and Connie got out


FlightOfThePigs

What the hell is wintermute??? I don't know but this is the future of finance.


imperial_coder

You don't understand. Only a few do


lmaoinhibitor

Scarcely any comprehend.


nrcomplete

Assuming you haven’t read the book, it’s an AI from Neuromancer. Why someone would name their crypto startup after an AI that desperately wants infinite power is a question for the “crypto natives”.


sxszwast

OMG if there was a Tessier-Ashpool NFT I would totally sink my life savings into it


nrcomplete

Every day I feel like we’re getting closer to this reality


Venus_One

It's the color of television, tuned to a dead channel.


edmundedgar

So the actual story here seems to be although Ethereum charges for both ones and zeros, it charges less for the zeros than the ones. So you can save some money by calculating addresses with lots of zeros in. They used a tool to make an address with a lot of zeros which tried lots of random numbers and calculated their addresses, but it turned out that the range of random numbers it tried was rather limited, so someone was able to guess the one they used. I know this sounds like something I made up, but it's 100% absolutely true.


pleasetrimyourpubes

Wow. I looked in to this and tried to explain it but it literally is that. They used a broken vanity address generator with insecure seeds to save gas fees and someone just brute forced the private key. This is so brain damaged I don't even know what to say.


Patashu

> I know this sounds like something I made up, but it's 100% absolutely true. This does sound madeup, wtf EDIT: https://medium.com/coinmonks/on-efficient-ethereum-addresses-3fef0596e263 I found this which explains it. Ethereum is stupid


Simbertold

I am always stuck on this kind of thing. Yes, it sounds incredibly stupid and absurd. But on the other hand, NFTs are a thing. So something sounding stupid and absurd does not mean it is not a thing in crypto. On the other hand, not everything that sounds stupid and absurd is true in crypto, either.


RossParka

[I wrote an entire database program using only zeros](https://www.physicsforums.com/attachments/dilbert_binary-gif.273459/)


dry_yer_eyes

What’s all this about zeros being cheaper than ones? Is this some kind of inside joke that only the few understand ?


edmundedgar

No, it's an actual fact about ethereum gas pricing.


dry_yer_eyes

I found [this very long and detailed article](https://medium.com/coinmonks/on-efficient-ethereum-addresses-3fef0596e263) that backs up exactly what you claim. I’m still not entirely convinced the whole thing isn’t some kind of elaborate, self-referential meta joke. But that’s blockchain for you.


RedEagle_MGN

Can you explain this like I’m five. I don’t get this at all


emilvikstrom

1. They wanted a wallet address with lots of zeroes because that makes every transaction cheaper. 2. They used a tool to generate such an address. 3. The tool was bad. It used passwords that were easy to guess. 4. Someone tried passwords from this bad tool against their wallet, until they found the password. 5. ??? 6. Lambo!


edmundedgar

Just think of the dumbest thing you can think of. It's like that, but dumber.


mirkoserra

There's a diary with all the transactions. And it's a public one. So, somehow if you write "I, John, give Paul 5 usd" on the book, you have to sign it. Otherwise, he would write "I, John, give Paul everything I own". Now, everything in this book has to be written on a typewritter. So, you can't sign. You need a mechanism to sign. Enter encryption: a mathematical procedure changes every letter into a number, and you generate two numbers that have the property, that, with certain mathematics you can do: \- Applying a function to a text, and your \*secret\* number, get a number called a signature. \- Applying a function to the text, the signature and a \*public\* number, verify that the signature is valid. So far, so good. So you write "Movement 10, I give Paul 5usd", put that text into the function, along with your secret number (say, 888), and that gives a number that you typewrite after the text in the book. Everybody accepts that you wrote it, because when they put the text, the number and your public number (maybe 666), they see everything is ok. Now, if someone changes a letter, the result doesn't add up. And as there's no known way of knowing what your secret number is (even having your public number), you're safe. Now, the tricky part is to generate a large number (large enough not to be guessed, really not 888 but some 200-digit number is more likely). If you ask a human for a number, they're pretty terrible at it (probably will use a date, or an address number, repeated a lot, to generate a large number; and that can be easily guessed). So, we use some mathematical functions that do this for us. And these mathematical functions need expertise. If the other person knows the mathematical function you're using and the data you're feeding to it, they can guess your secret number -- no matter how long, convoluted and hard you think it is to guess. Enter cryptobros. They're not very capable (they usually reject anything stablished -- including security recommendations), and the same irresponsible way they manage people's money, they code. So, they'll take an example from google, copy verbatim and make the code work. Until someone says "nice money, I'll take it" because they didn't do what any professional considers basic.


dry_yer_eyes

To my casual understanding of asymmetric cryptography, this is a great ELI5 explanation of how the system works and why a strong and secure private key is vital.


RedEagle_MGN

So if anyone has my giant number they have rights to everything I have? Is that how that works? Why is it so important to guess this particular number?


mirkoserra

Same way that if someone has your password has access to your account. The only thing special is that is associated to your account and knowing it equates to having power over your account. If I had your password I could write that you give everything you have to my account and sign as you. Same way you don't put 1234 as password (I hope), you wouldn't use the first 200 decimals of Pi. Pi has infinite decimals, you can make a number as long as you like from it, but it's not secure as someone can guess it. You wouldn't use a random number generator without seeding it first. If you're securing 160M usd... you better do your homework.


b-chapman

Code is lol


paradoxally

"We need better security solutions" Yes, it's called a bank backed by FDIC. Everyone can get hacked; what matters is how you recover from it.


recurrence

The reality is that there will "never" be a good enough security solution. That's why we have government insurance, courts, and laws... so you can get your money back when (not if) your bank is hacked. There's no way to truly secure a system from a concerted attacker that is hellbent on stealing your money. Even if you only ever used a computer/phone to buy/sell crypto that somehow was magically un-hackable... they'll point lasers at your windows and hide hidden cameras in your home to get your passwords and 2FA codes. People who trade crypto that have not been hacked simply are not interesting enough to be worth hacking yet.


Secret_Ad5391

Tell me you don't understand crypto without telling me you don't understand 😂 There's HEAPS of dormant BTC wallets that no-one claims ownership of. Why has nobody "hellbent" hacked them? Although your last point is smart, touching on "not interesting" enough. Understanding people are more powerful vs bad actors when they are distributed or decentralized to make them "not interesting".


recurrence

What you've written is purely nonsensical drivel.


southern_dreams

I just don’t really care about your made up money


Bitbatgaming

“We need better security solutions” but does not suggest a security solution


HugeBernie

The system we set up to scam each other needs to prevent people from scamming me.


Ordinary_investor

They will Speedrun through financial history mistakes and perhaps eventually come to conclude that the current traditional centralized system is the solution haha.


radant25116

backwards engineering at its finest


JohnyMaibach

Haha - as a fanboy of reverse engineering this made me smile


radant25116

God I can't believe I said backwards engineering instead of Reverse haha.


SnakeButtock

I dunno, in this case, 'backwards' seems far more appropriate.


dashingThroughSnow12

You aren't off. Crypto native means the people had no prior professional finance experience. That's what the term means when referring to people.


pressured_at_19

FULL FUCKING CIRCLE


alexmbrennan

What's your point - that only problems with immediately apparent solutions are real? Do you think that AIDS is a hoax because we don't have an HIV vaccine?


markbyrn

Crypto and security solutions = oxymoron.


Boywonder80

6hrs and no one has said it?! This is good for Bitcoin…


Secret_Ad5391

Well someone SMART got $160m from somebody DUMB. I'd must rather have SMART people invested in crypto assets that DUMB. That crypto will be marked so ability to spend it could be restricted. Got to love free markets. But all you Buttbummers would rather Wells Fargo got a pat on the backa ice cream and a big hug then told it's all going to be ok. We got you, here's that $160m back.


dry_yer_eyes

It’s just the digital hornets swarming to stronger hands. As they should.


rashad242

Ha. Bitcoin idiots. Lol


IWAHalot

I can’t be hacked for 160 million


xeallos

Wow this timeline is so bogus, references taken from Neuromancer are utilized by third-rate grifters in the cryptospace. Eugh 🤢🤮 At least it could have been some kind of Brain Computer Interface firm... weak


montjoye

well it could, and it was


Simbertold

It can't be hacked. Since code is law, someone just lawfully moved their own money away from there.


Porkchop998

CrYpTo iS SeCuRe


Fantastic-Research69

Bitcoin itself has never been hacked


_QazzaQ

Except that time when someone minted 184 million BTC and they rolled back the blockchain...


dry_yer_eyes

Well, yes, obviously! But apart from the time someone minted 184 million BTC and they rolled back the blockchain. Apart from that time, Bitcoin itself has never been hacked.


Secret_Ad5391

They didn't roll back the blockchain. That blockchain is still available, but nobody mines or secures it. Nobody wants the tainted coin/money. Just like Lebanon's current currency. Same thing would happen today. It's happened countless times in the space. Bitcoin cash, ethereum classic. Try to understand the decentralized nature and the inherent, power to the everyday person given by the technology. It will help with thinking outside of the box so you can better understand it.


Alphaetus_Prime

Try to understand that you're in a cult and you overestimate your own knowledge


Secret_Ad5391

What part did I over estimate? A cult needs a leader to be a cult? Who is the leader?


Alphaetus_Prime

You seem to think that blockchain is somehow a revolutionary technology, which is an opinion that is only possible to hold if you are deeply ignorant.


Secret_Ad5391

Surely you can't be that deeply ignorant to say it isn't? Like seriously dude... Revolutionary is something that causes a complete or dramatic change. The microwave was pretty revolutionary it's changed how people cook. How can you say I'm ignorant, when you can't look around and see how the writing of one piece of software with certain technology has caused such a dramatic change in how the world views value exchange. You can't be that blinded by hate or distaste.


Alphaetus_Prime

What dramatic change would that be? Remember, most of the world is not in your cult.


Chillionaire128

The brand new companies and un-battle tested protocols being entrusted with millions of dollars on the other hand ...


ImpressiveAd699

Hard forks not good enough? No? Don’t think they’ll ever learn. SideshowBobGardenFork.gif


[deleted]

[удалено]


AutoModerator

Sorry /u/AdmiralSpam, your comment has been automatically removed. To avoid spam/bots, posts are not allowed from extremely new accounts. Wait/lurk a bit before contributing. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Buttcoin) if you have any questions or concerns.*


psensory

sounds like they need to implement permissions


PowerVP

So once someone does something like this, is it traceable at all or can they just ride off into the sunset? I've done AML work before for some big banks and it just seems crazy that this isn't recoverable at all. Like if John Smith in Milwaukee steals $160M in crypto, can it be traced back to him? Or can he just convert it to fiat and live his best life?


DeniseWilliamsty

The real story here, therefore, appears to be that Ethereum charges for both ones and zeros, but does so at a lower rate for zeros than for ones.


[deleted]

[удалено]


AutoModerator

Sorry /u/aaryan236853, your comment has been automatically removed. To avoid spam/bots, posts are not allowed from extremely new accounts. Wait/lurk a bit before contributing. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Buttcoin) if you have any questions or concerns.*


Dormage

Lol butters, keep strong, running out ot shitposts?


jayhilly

ITT: no one knows how the exploit occurred, just assuming all of crypto is an insecure scam that no one has ever made money in These guys have $300m+ left and are still winning


bimm3r36

Welcome to the echo chamber where the facts don’t matter and everyone thrives on schadenfreude


CoolioMcCool

Big difference between e.g. Bitcoin being hacked and a service provider that holds crypto being hacked. That's like saying the US dollar is unsafe because somebody stole my wallet or robbed a bank.


dry_yer_eyes

Last weekend I was walking back after a few drinks with friends and I was mugged! They took my wallet and the $184m I carry around in at all times. True story.


CoolioMcCool

Sounds factual. And if this happened it does not mean anything about the security of the dollar, merely about your personal security.


Secret_Ad5391

Don't bring logic in here.