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Topic: Top Crypto Heist as of to Date, Are your Fund in peril? (Read 167 times)

sr. member
Activity: 1372
Merit: 348
So if this developers are pro-active enough to QA their code and ask a 3rd party to check if everything is right and there are not point that the hackers can exploit, maybe it will lessen how they stole in crypto space.

Most of the recent altcoin especially those that offers staking are checked by third party code checker but still many of them are exploited and lost a lot of money.  So I don't think those third party code checker are really capable.  If they are then the only possibility is that the project hack themselves to exit scam their investors.
hero member
Activity: 2604
Merit: 542
It's really difficult to eradicate things like this because thieves also keep trying to do things like this so that they can make profits without caring about others.
It's a shame that such a great ability is carried out in the wrong way, even though in this case there are still mistakes from people or institutions that were stolen because of recklessness.
In the end, things like this will still happen as time goes on, things are getting crazier.

Well it's because hackers are one step of the game, they are good at finding loopholes because the developers didn't test their projects very carefully, and when all codes are open-source, this criminals are going to look at it and see if they can find something that they can exploit and will take the perfect time to hack those projects and the next thing they know, funds have been drained and they don't know what happen to. So if this developers are pro-active enough to QA their code and ask a 3rd party to check if everything is right and there are not point that the hackers can exploit, maybe it will lessen how they stole in crypto space.
hero member
Activity: 2982
Merit: 678
★Bitvest.io★ Play Plinko or Invest!
That Ronin hack was the highest and they've been popular since last year due to the first product they've got which is the Axie Infinity.

Sky Mavis isn't going to give up on that hack and good thing that Binance helped them recover a portion of it. Well, I guess they will still continue to move with their updates and what's on their road map.

They plan to be the Steam of games in the NFT games field.
hero member
Activity: 2926
Merit: 722
It's really difficult to eradicate things like this because thieves also keep trying to do things like this so that they can make profits without caring about others.
It's a shame that such a great ability is carried out in the wrong way, even though in this case there are still mistakes from people or institutions that were stolen because of recklessness.
In the end, things like this will still happen as time goes on, things are getting crazier.
Not all would be talking about being reckless or being irresponsible because some of them are just inside jobs which it cant really be avoided on people to be intruiged about the possibilities specially if there are some

loopholes that had been discovered where only part of the team or insider are the cause of those lost of funds which means that it wouldnt be taking all the blame into those hacking incidents.
It is really just sad to see that these things do still continue to exist which its not really that shocking because this crypto space is a sweet spot on taking up millions of dollars
and fooling people around.

Sorry for those people who had been affected thats why trusting up projects is really hard even on how reputable or known it is.
sr. member
Activity: 882
Merit: 268
It's really difficult to eradicate things like this because thieves also keep trying to do things like this so that they can make profits without caring about others.
It's a shame that such a great ability is carried out in the wrong way, even though in this case there are still mistakes from people or institutions that were stolen because of recklessness.
In the end, things like this will still happen as time goes on, things are getting crazier.
sr. member
Activity: 1890
Merit: 322
the hard truth about any hacking incident is - even if we ask responsibility from the platform itself, it is not an assurance that you will get your funds back.
Yes, because they can lie when they say that they are going to be responsible for our funds but they have an intention to scam us later on. If we are lucky our funds can be returned once those scammers have been successfully caught out by the authorities.

it is still on your hands how you will secure your portfolio. this is why, if you are using a third party trading platform, better use them while you are actively trading. but if not, better transfer it to your own wallet where you have your own keys. some of these hacking incidents may be inside job in disguise. but would take years before someone will prove such connection to that employee. so why not just secure your own funds and not rely to these third party websites in storing your funds?
This is easy if you are not an active trader but what if you are one of them? Depositing and withdrawing every time you make a trade can be time consuming and can also be costly because you are paying fees left and right. There are some which aren't actively trading but stores their cryptos on some platform because they are earning a passive income thru it. The case can take years to find out the results, that is if the investigators are not good enough on doing their jobs.
copper member
Activity: 2744
Merit: 1250
Try Gunbot for a month go to -> https://gunbot.ph
The cryptocurrencies affected mean they were the ones being used to get the money right? But it doesn't mean they exploited that current currency to get it or something. I understand when it comes to other possible shitcoins or something, they would be able to exploit the underlying technology that it has or something. Because I know that's what happened to Terra and Luna or something like that right?
hero member
Activity: 1862
Merit: 830
-Get a good wallet, don't go for the online ones you are more or so going increase your chances of being scammed, an offline wallet doesn't cost anything and you always have options like : Samourai

-Make sure the device is secure there are so many things that can go wrong, make sure you are the only person who is using it, don't let anyone install anything in there

-Make sure you are not going on the dark side of the internet and downloding something that even you might not be aware of

-Make sure that the wallet or the exchange is ' Reputable ' check the reviews before going in and using it

There are so many things that you can do to make sure you don't get scammed, never to late to educate people about it.
legendary
Activity: 2828
Merit: 6108
Blackjack.fun
Often time we wonder if it is an inside job or the cryptocurrency security system is so weak that it can't cope up with the advancement of hackers and hacking tools.

The security system of any company will get fucked up if your employee is applying from the company computers to a fake job interview, downloading a PDF from an unknown person who met online, and doing this on a computer that had zero protection against malware despite having access to all the systems in their company.
https://www.theblock.co/post/156038/how-a-fake-job-offer-took-down-the-worlds-most-popular-crypto-game

Imagine how secure was all this and how secure is all of it when your workers, while in your office are applying and conducting interviews on LinkedIn for other jobs?

One more thing,
PancakeBunny – $200 million stolen
This was no hack, it was just somebody exploring the loaning capabilities and the low liquidity in the market, manipulating the price but still paying back the loan.
So, he pulled a Soros, not a hack.  Wink





legendary
Activity: 3332
Merit: 6809
Cashback 15%
The crypto space will continue to thrive because even as many people that put their money in exchanges know they are not doing the right thing, but some do it because they find it to be more convenient for them, so needless to say that if something goes wrong and a hack happens, they have to blame only themselves, and the crypto space moves on, people learn from their lesson and use only non-custodial services, and the network goes on because the advantages outweigh every other thing.
Yeah, but I wonder how many of those people were newcomers to crypto and got soured on it entirely after losing their funds.  I tend to think that the more dedicated crypto enthusiasts wouldn't entrust an exchange or defi platform or whatever with their coins, especially if it's a large amount. 

I don't think I looked at the infograms closely last time I checked this thread, so I just noticed that most of the hacks targeted US companies.  I don't know why that is, but I could probably hazard a number of guesses.  Also, it looks like though the number of hacks increased, the failure rate of the target company has decreased--so that's good.  Looks like these companies are becoming sufficiently capitalized such that they can withstand a decent-sized hit from a hacker.
legendary
Activity: 3234
Merit: 5637
Blackjack.fun-Free Raffle-Join&Win $50🎲
Most of the hacks on this list are against no-name exchanges. So the old lesson goes, "Don't use exchanges, and if you really have to, don't transfer what you can't afford to lose, and use only the well-known ones" as those have better security measures against hacks.

I can't say that I haven't heard of some of these companies, but 80% of all of them seem like classic exit scams where the owners robbed themselves and accused hackers from North Korea or some other country that is on someone's blacklist. I'm not surprised personally that some people have malicious ideas that they put into action, but when I see the amounts involved, I can't stop being surprised that there are so many naive people in the world who constantly finance such projects.



Should the platform or project take responsibility for this incident?  Do you think the current DeFi security system isn't ready to protect the money of investors?  Or is it just an inside job disguise as crypto hacking incident?

Of course, they should be held accountable for every incident, and not just morally like that South Korean hypocrite who is still laughing today as if nothing had happened - but they should be sentenced to long-term sentences, and then all their property should be confiscated, sold at auction and give to charity. Those who in any way participate in such projects did not even deserve to get their money back.
legendary
Activity: 1736
Merit: 4270
https://bitcointalksearch.org/topic/m.57677686
Poly Network Hacker Returned the stolen money
Ronin did not return the stolen funds
https://decrypt.co/103999/axie-infinitys-ethereum-bridge-back-online-after-622m-hack
This market is still the Wild West, and small investors have no protection here.
legendary
Activity: 1582
Merit: 1284
 Do you think the current DeFi security system isn't ready to protect the money of investors?  Or is it just an inside job disguise as crypto hacking incident?

What baffles me is how hack verification is done, I understand that large platforms will not take the risk of inventing a hack story but can we deal with the same credibility with smaller platforms?
how can verifying the accuracy of these total number of hacks, as many platforms fake trading volumes.

Stories like the CFO has passed away and there is no access to the private key, as QuadrigaCX case ( Mystery of crypto CEO who died, taking $250 million with him.


and Stablecoins that can freeze coins inside wallets Tether Froze $300K of Stablecoin Hacked After Victims Left
hero member
Activity: 2072
Merit: 603
If it is actual stealing in terms of flash loans or re-routing money with another ways which belongs to the user then  I am pretty sure exchangers are responsible for the whole thing. I always knew that whenever there is hacks on exchanges its inside jobs. Giving away money or using peeps money for earning interest is nothing but stealing your money. The number one reason is, crypto ain’t meant for using the money of users in real world to lend our and earn interest. Secondly they are always publishing hacks when they are on their down turn so that the money need not to be returned and tangled up in the court sessions.
hero member
Activity: 854
Merit: 1031
Only BTC
There's been so much money lost because of all these hacks (with the exception of some customers who got their coins back from whatever exchange/platform was involved), and it's amazing to me that people still haven't lost their enthusiasm for crypto overall.  The entire crypto space has continued to grow and thrive in spite of the glaring problems of security with custodial ownership.
That is because the people who have lost money to hacks and custodial services know they are guilty of failing in their responsibility, for example if a student fails in class and goes home with poor grades, they do not blame the school for that, it was their responsibilty to study and pass their exams, which they couldn't manage to do, even if they pull out of the school, the school goes on with other students willing to learn and study.

The crypto space will continue to thrive because even as many people that put their money in exchanges know they are not doing the right thing, but some do it because they find it to be more convenient for them, so needless to say that if something goes wrong and a hack happens, they have to blame only themselves, and the crypto space moves on, people learn from their lesson and use only non-custodial services, and the network goes on because the advantages outweigh every other thing.
legendary
Activity: 1568
Merit: 6660
bitcoincleanup.com / bitmixlist.org
Most of the hacks on this list are against no-name exchanges. So the old lesson goes, "Don't use exchanges, and if you really have to, don't transfer what you can't afford to lose, and use only the well-known ones" as those have better security measures against hacks.
hero member
Activity: 2884
Merit: 794
I am terrible at Fantasy Football!!!
Unfortunately, I would have to say unequivocally yes if you don't have the keys.  But depending on goals and desires, some are ok with this and have done quite well for themselves; however, on the flipside, we have seen individuals as wells as entities totally wiped out as in everything lost.
In my opinion people are too naive when it comes to how they manage their money, they just assume that since bitcoin is a secure coin then all the other coins which are based on it are as secure and this is not the case, many of those which are developing new coins do not really know what they are doing and they rushed the development of their coin to fulfill their goals, but they sacrificed the security of the coin in the process and since almost no one else is interested in the coin then there are not third parties checking if there are bugs somewhere and fix them, so hackers have huge chances of finding a coin which has a big enough security hole to exploit and then steal a fortune in the process.
sr. member
Activity: 1372
Merit: 348
Do you think the current DeFi security system isn't ready to protect the money of investors?  Or is it just an inside job disguise as crypto hacking incident?

It's both. There's a ton of projects that put backdoors disguised as bugs so that they can scam people and have some deniability to protect them against law enforcement, in case they ever get caught.

The sad thing is that even with an idea that the perpetrator is inside the company, it fall short of evidence making the accusation only a rumor.  If we search list of possible inside job hacks, there are article that can be found about this but sadly they were never been proven true yet,

Like the recent UST fiasco, it was believed that the Wallet that caused UST attack are suspected to belong to the Terraform Labs[1]

The hack on Bithumb was also suspected as an inside job[2]

Here is another funny thing, CEO of Coinsecure Bitcoin Exchange Accussing his CSO of stealing 438 BTC.  The CSO declared a lost of fund while extracting Bitcoin Gold.[3]
Quote
"Our CSO, Dr. Amitabh Saxena, was extracting BTG and he claims that funds have been lost in the process during the extraction of the private keys," Coinsecure added.

And a rumor that BitMart Hack is an Inside Job since Twittterati  alleges the exchange to pay someone to hack their system.[4]


[1] Inside Job? Wallet That Caused the UST Attack Suspected to Belong to Terraform Labs (Report)
[2] Cypto Exchange Bithumb Hacked in Suspected Inside Job
[3] $3.3 Million Stolen From Coinsecure Bitcoin Exchange, Inside Job Suspected
[4] BitMart Hack an Inside Job? Twitterati Alleges the Exchange Firm Paid Scamsters to Hack Their own Network
hero member
Activity: 2338
Merit: 585
Unfortunately, I would have to say unequivocally yes if you don't have the keys.  But depending on goals and desires, some are ok with this and have done quite well for themselves; however, on the flipside, we have seen individuals as wells as entities totally wiped out as in everything lost.
legendary
Activity: 3332
Merit: 6809
Cashback 15%
There's been so much money lost because of all these hacks (with the exception of some customers who got their coins back from whatever exchange/platform was involved), and it's amazing to me that people still haven't lost their enthusiasm for crypto overall.  The entire crypto space has continued to grow and thrive in spite of the glaring problems of security with custodial ownership.

And then of course, this most recent catastrophe with UST, Voyager, and who knows what else has drawn the attention of regulators.  That's unfortunate IMO, because I think the level of regulation in the crypto industry is pretty good as is.  You just have to know that the freedom from banks carries with it the responsibility to secure your crypto yourself.  If you entrust anyone else with your coins, you're screwed if whoever has control over them goes bust, goes rogue or whatever. 

Big daddy government doesn't need to write a whole bunch of restrictive laws to protect us.
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