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Indian Crypto Exchange Halts Withdrawals After Losing Half Its Reserves in Security Breach (techcrunch.com) 29
An anonymous reader shares a report: Indian crypto exchange WazirX on Thursday confirmed it had suffered a security breach after about $230 million in assets were "suspiciously transferred" out of the platform earlier in the day. The Mumbai-based firm said one of its multisig wallets had suffered a security breach, and it was temporarily pausing all withdrawals from the platform.
Lookchain, a third-party blockchain explorer, reported that more than 200 cryptocurrencies, including 5.43 billion SHIB tokens, over 15,200 Ethereum tokens, 20.5 million Matic tokens, 640 billion Pepe tokens, 5.79 million USDT, and 135 million Gala tokens were "stolen" from the platform. WazirX reported holdings of about $500 million in its June proof-of-reserves disclosure.
Lookchain, a third-party blockchain explorer, reported that more than 200 cryptocurrencies, including 5.43 billion SHIB tokens, over 15,200 Ethereum tokens, 20.5 million Matic tokens, 640 billion Pepe tokens, 5.79 million USDT, and 135 million Gala tokens were "stolen" from the platform. WazirX reported holdings of about $500 million in its June proof-of-reserves disclosure.
The grand master plan of crypto (Score:1, Informative)
The plan for all cryptocurrencies isn't what they want to make you think it is. It's more sinister than the egalitarian image the crypto boys portray for it.
After the 2008 financial meltdown, cryptocurrencies were born out of it, declared to be the means by which people could be freed from banks/governments, and promised to avoid any such future meltdowns from happening ever again.
But the crypto boys watched closely the result of that meltdown, and formulated their plan: create a new form of currency, and
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So are you into scatplay or not?
I know craptocoin can often turn into a shit deal, but you didn’t have to go all Bowel Godwin on his ass.
Good thing those deposits were insured! (Score:5, Funny)
Er, wait...
Re: Good thing those deposits were insured! (Score:5, Insightful)
be yOuR oWn BaNk
More like... (Score:5, Funny)
be yOuR oWn BaNk
More like "be yOuR o\/\/n BrE4Ch"
“Stolen” (Score:5, Insightful)
Re:“Stolen” (Score:5, Funny)
Right .. they were “stolen”. Of course there was no fraud or misrepresentations of assets or anything like that. They just “disappeared”
200 various crapcoins the world barely knows about? The biggest fraud here, is assuming that shit holds enough value to be called theft.
"Security breach" you say.... (Score:4)
I think you do not know what that means. Maybe "Rug-Pull" would be a better term?
I guess... (Score:1, Offtopic)
...they didn't do the needful.
Finance of the future (Score:4, Insightful)
$230 million? (Score:5, Interesting)
Honestly I'm starting to think these multimillion-dollar thefts are part of the money laundering schemes going on. There's just too many of them and the dollar amounts are too high. Seriously there's a couple of these in this dollar range every single week for God's sakes.
Re:$230 million? (Score:5, Insightful)
I lost a pair of keys on a ring that I've had hanging on the wall for several years. Don't know what they're for... but now I can't find them.
I value them at $500M. So now I've incurred half a billion in losses.
I'm devastated.
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And yet.. (Score:1)
We have the constant push to outsource to India & China. Do you still think your data is in good hands?
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We have the constant push to outsource to India & China. Do you still think your data is in good hands?
Would you prefer the US Government hold it? Tell me why. I’ll get my popcorn.
Re: And yet.. (Score:1)
If you have the time, this video has one of the better summaries of why China thrived, while India did not since the turn of the century. I skipped to the Attracting FDI section, which plausibly states that foreign companies brought knowledge and operational enhancemen
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again and again and again (Score:2)
Remember when (Score:2)
HSM for cryptocurrency? (Score:2)
In the world outside cryptocurrency, one stores private keys which are high value in a HSM, and the HSM can do things like require multiple users to do a task and provide logging. For example, more than a decade ago, a Linux vendor had someone compromise a user account and sign a SSH package. It sucked, but the vendor was able to figure out what was signed, lock that user account, and revoke that specific package. Had that key been stored just sitting on a drive, it would be a completely different story.