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Attacker gets away with up to $3 billion from Binance (www.citationneeded.news)
submitted 1 day ago by to c/technology@lemmy.world
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Article is by Molly White, who you might recognize from Mastodon and web3isgoinggreat.com:

https://hachyderm.io/@molly0xfff/117526961419935070

I wrote up what we know about the Binance hack so far. By my best estimate, Binance is out around $3 billion after stablecoin issuers froze what they could. Changpeng Zhao is promising Binance will cover it, but he’s legally barred from running the company.

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[–] 24 points 22 hours ago (9 children)

they hacked the website. People who use Binance are storing their money there, instead of on a self-custody wallet

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  • [–] 9 points 12 hours ago (8 children)

    Crypto coins are a scam, and one of the main feature, decentralization, is vastly nullified by people storing their coins in a centralized wallet of someone else.

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  • [–] 2 points 11 hours ago (7 children)

    crypto works great as a currency that is difficult to tie to individuals, not as an investment.

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  • [–] 1 point 3 hours ago* (2 children)

    "works great" as in... how? it's all way too slow and volitile and cumbersome to handle the global financial system, so nobody actually uses it as currency. in what sense does it "work great?" in theory it works great, but in practice, not so much. nobody wants to pay their rent with bitcoin if the price has shifted down 20% by the time it gets processed.

    in practice it's also really easy to link your crypto transfers to you. it only takes one opsec failure and you're not anonymous anymore. so i really don't think it works "great."

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  • [–] 2 points 2 hours ago

    Etherum settles in 12 seconds and can handle >30k transactions per second across it's layer 2s, by 2030 it aims to be capable of 10k tps on the main chain alone and enable protocol native shielded pools for private transactions.

    Monero is already private and one of the most stable cryptos out there. It takes ~1 min for a single conf, but because there is no replace by fee feature, you can accept 0 conf tx for small payments.

    Compared to fiat big cryptos like ₿, Ɱ, ETH tend to appreciate in value, so even if you were using them for payments without looking at the price, over a longer period, for most people the average they paid would be lower than if they used fiat, which only ever goes down in value.

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  • [–] 5 points 11 hours ago (3 children)

    How many people use it with its intended purpose vs people using it as an "investment"?

    Wishful thinking won't make it less of a scam

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  • [–] 2 points 3 hours ago

    How many people buy houses as an investment instead of living in them, how many people buy oil as an investment instead of using it for fuel, how many people buy gold and silver as an investmen instead of using them for jewelry or industrial applications, how many people buy dram as an investment instead of putting it in their computers... I guess it's all a scam then? What a dumbass take. Besides, store of value is one of the intended purposes of a crypto currency, I don't see how you can hold against it the fact that more people are opening their eyes to how valuable this property of crypto really is in the face of their life saving being vaporized by the money printer.

    M2 - money supply, USD

    Bitcoin supply

    Monero supply

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  • [–] 6 points 8 hours ago*

    Exactly. Stocks weren't meant to be traded as a way to make money. They were meant to represent ownership in a company that payed out dividends.

    But then finance bros being finance bros, figured out they could gamble against a stock's value and potentially make even more money.

    Then it became normalized.

    At least there are rules now and some oversite. It used to be a literal secret group of men, in a room, deciding value and who gets what.

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