Crypto Heist

[MTSpace]

A crypto theft of roughly 6 billion $ struck Binnacle, the biggest exchange in the crypto space.

Did this heist touch anyone in this community? Is there any way to recover funds? Binnacle claims it will absorb the loss, though I have doubts about how a $6 billion hole gets covered.

Looking into the details, entry into the system came through a company engineer's vulnerable laptop that got hacked. What exactly leaves a laptop or computer open to attack? Would an engineer at such a company have encryption safeguards by default? I'm no tech expert, but I feel exposed myself. The upside is there isn't much worth taking from me. Being peptide rich and cash poor might actually work in my favor down the road.

 

[Tirzmonkey]

MTSpace said:

A crypto theft of roughly 6 billion $ struck Binnacle, the biggest exchange in the crypto space.

Did this heist touch anyone in this community? Is there any way to recover funds? Binnacle claims it will absorb the loss, though I have doubts about how a $6 billion hole gets covered.

Looking into the details, entry into the system came through a company engineer's vulnerable laptop that got hacked. What exactly leaves a laptop or computer open to attack? Would an engineer at such a company have encryption safeguards by default? I'm no tech expert, but I feel exposed myself. The upside is there isn't much worth taking from me. Being peptide rich and cash poor might actually work in my favor down the road.

Changpeng Zhao is estimated to be worth somewhere in the range of 70-100 billion, with the bulk of that fortune connected to Binance. He probably has a strong incentive to restore the platform to full health, but my guess is that when trading resumes there will be a classic “run” that could create a serious liquidity issue and weaken trust in crypto overall. That is just speculation on my part.

Honestly, the entire situation feels rotten. I will be curious to find out whether North Korea was truly behind it or whether other players were also involved.

 

[MTSpace]

Beyond using crypto to buy gray and black market peptides, I don't keep up with it. Still, I'm curious: could those stolen crypto blocks be frozen somehow? Is there a way to flag them and render them unusable — something like the serial numbers on paper money?

 

[457?]

MTSpace said:

Beyond using crypto to buy gray and black market peptides, I don't keep up with it. Still, I'm curious: could those stolen crypto blocks be frozen somehow? Is there a way to flag them and render them unusable — something like the serial numbers on paper money?

In a way. Some of the stablecoins were frozen by Tether and Circle, but 3B is still outstanding. Tracing the funds and then acting on them is a slim possibility, though early rumors point to North Korea — most likely its elite TraderTraitor unit.

Estimates put their reserves and balance sheet between $144B and $167B. The prevailing view is that they can make good on their promises, even if FTX made the same claim...