More like bye-bit, am I right??
this post was submitted on 22 Feb 2025
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Angry upvote you horrible genius.
I'm so glad I have no crypto of any kind. It's the wild west with no savings insurance, so once it's gone, it's gone.
Depends which exchange you're using.
Anybody who keeps their money on an exchange any longer than necessary is just asking for trouble. An exchange is like a public toilet. You get in, you shit, and you get the fuck out. You don't hang around in a public toilet.
Self custody or GTFO.
The money of the future ladies and gentlemen.
Even regular banks can be hacked, this isn't just a crypto issue. Same group that hacked byebit also is responsible for the below:
Seriously, who calls their online banking type site bye bit?
Having said that, I'll just go ahead and assume their security was barely existent, as per usual. I wonder if their CTO was actually s music teacher too.
This is the same hacker group that performed the Bangladesh Bank robbery, that attack the almost stole 1 billion, the only reason they got flagged was a typo. They did manage to steal 81 million though. Byebit does seem to have bad security though compared to Bangladesh bank.
The money is not gone, is just that someone else has it.
How does one get ones hands on a cold wallet?
My speculations:
-
"insecure from the start" - as in , the wallet was never that "cold"
-
with that amount of money, it's easy to imagine an "insider threat"
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the hackers could have gotten lucky and struck right when the company was doing legitimate operations on the wallet
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but probably it's a towering mountain of incompetence, composed of the elements above and more
Room temperature wallet
Right next to their iq
It's a common misconception that a "cold wallet" is offline. It's still on the blockchain like any other wallet, it's just the keys that aren't on any network-connected computer.
It appears that in this case hackers managed to trick Bybit employees into entering the keys into a fake UI that gave the hackers access to them.
That’s room temperature wallet. It was used while claiming asset unused.
It is not cold storage anymore.
Tricked or “tricked”.
Do I understand this correctly, then, that this was some sort of MITM attack where valid requests to the multisig parties were replaced by malicious code while still appearing to be valid to the signers? That must be an inside job.
And this is the first time I have heard the word "musked" in this context.....
Do I understand this correctly, then, that this was some sort of MITM attack where valid requests to the multisig parties were replaced by malicious code while still appearing to be valid to the signers? That must be an inside job.
I have no idea. I guess they'll release a lot more info regarding this in the next few days.
And this is the first time I have heard the word “musked” in this context…
I think his English isn't good looking at the rest of the message. Might be "masked" instead.
What I don't quite understand is how there is 1.5 billion in a single wallet. Or how are these things structured?
This article puts their total assets under management at $15.7b, which are held in different cryptocurrencies with ethereum at just above $5b.
So I am wondering how they have more than 1/6 of their Ethereum in a single wallet or were these multiple that were connected and got compromised through the same vulnerability? How expensive is it to have more individual wallets? Would it not be feasible to have it split in something like $100m chunks? Or any other more moderate size.
Making more wallets would cost nothing more than a few hundred bytes of storage each for the keys. I have no idea why they wouldn't have split their funds into evenly sized wallets of, say, $1M each.
I recommend gloves.
Social engineering, they convinced multiple key holders to sign a transaction.
The weakest part of any secure system.
Well, either it wasn't as offline as they all thought, or someone pulled off an epic inside job.
With steely determination
lol good
I gotta get in on this hacking gig. Anyone know if any hacker groups are hiring?
/s for CSIS
Oh no!
