Solana, Phantom blame Slope after millions in crypto-coins stolen from 8,000 wallets Millions of dollars worth of Solana cryptocurrency and other tokens were stolen from seemingly thousands of netizens this week by thieves exploiting some kind of security weakness or blunder. From what we can tell, and details are still light, somewhere between $4.5 million and $8 million in coins – including stablecoins USDC …
Okay, first of all, you probably don't have the required expertise to be 100% sure.
Second, you don't have enough experience managing financial transfers to secure the platform properly.
Once again we witness a bunch of people who think they can just go and create a banking environment without the required experience or the required rules.
And once again, it falls flat on its face.
How long is it going to take for your kind to realise that a banking charter exists for a good reason ?
Seriously, with multiple articles like these coming out each month
Maybe it's because all those articles are full of random word-soup so nobody takes them in? Given there seem to be an infinite number of different crapto currencies and an even more infinite number of service companies that attach to them providing variously insecure services probably written in bad Javascript by gibbons.
The article may as well say that people using the Ninky Nonk wallet software for the Igglepiggle cryptocoin have lost access to their wallets due to an arbitrage attack on the Pontypines exchange involving the stablecoin PeppaPig. Huh?
Also, while banging on about terminology, I think El Reg should stop using the word "stablecoin". Or at least, if you're going to, put it in the inverted commas - or just the table bit. Facebook's might actually have been a stablecoin, because they were claiming they were going to keep enough real assets to match the number of coins they were issuing, and they would have been regulated by outside authorities. All other "stablecoins" are just pretence and/or wishful thinking.
Unless they're crapto coins that can be used to pay for horses or caring for horses, in which case I'm fine with it.
Yeah I was thinking, suppose I were to deal with “cryptocurrency” (which I won't). I might buy bitcoin because, well, I've heard of it. But why would I go for froppetycoin or any of the other thousands / millions of "coins" out there, and what would I do with them?
Also, being a technical person and not knowing anyone who is into this stuff does make one wonder.
>Also, while banging on about terminology, I think El Reg should stop using the word "stablecoin". ... Unless they're crapto coins that can be used to pay for horses or caring for horses, in which case I'm fine with it.
Stablecoins = Coins minted in a stable using a horsemint process. Beer, anyone?
This is just one of an increasing number of thefts and losses.
https://decrypt.co/100181/almost-all-1-7b-crypto-stolen-in-2022-has-come-from-defi-chainalysis
https://www.cnbc.com/2022/01/06/crypto-scammers-took-a-record-14-billion-in-2021-chainalysis.html
Might as well keep those crypto coins in an open bucket on a city centre street - probably safer...
So the miscreants made off with more crypto. Surprise, surprise...
What I find even more amazing is that there are still real people out there, who are willing to spend real money to buy these shitty tokens off the scammers (and I'm not limiting myself to talking about the thieves with that statement).
Every day, we read about Crypto being stolen or looted from one service or another, and yet people still buy into this stuff. It boggles belief....
After so many of these robberies, people still keep their crypto on online wallets?
As anyone knows, the only way to make sure no one can access your coins is to keep them on your hard drive, protected by 3 layers of encryption, and buried deep in a landfill in Newport
This was apparently a wallet app, but the devs being utter dickfaces decided to log the wallet seed using a cloudy third-party logging service, because of course they did, and someone stole the logs then used it to steal their magic beans.
Makes the software engineers at Boeing with their 'yeah just use a single sensor reading what could possibly go wrong?' look like certified geniuses.
A Rugpull is when the developers themselves steal the imaginary currency and dissapear/blame it on a hack. You can tell them because the project immediately closes down and the dev team go silent. In this case it seems like a genuine hack rather than a rugpull.
Yes, and at first glance it looks like it was an attack against a wallet implementation, not against the cryptocurrency itself. Not that it matters much, particularly to the people who lost (notional) money. (How much of that could be converted into hard currency or goods & services is always a question.)
... since it's just been revealed that most of the Solana ecosystem was a house of cards created by one developer through a network of sockpuppets.
https://web3isgoinggreat.com/web1#ian-macalinao-pseudonyms
And yet the continual parade of fraud, theft, and failure among cryptocurrencies and DeFi seems to have no effect on the cryptocurrency fans – most of whom appear to know essentially nothing about the underlying technology.1 Sigh.
1And, honestly, a lot of the CS and economics research around cryptocurrencies, "smart contracts", DeFi, etc is really quite interesting. Just search Colyer's old Morning Paper archives and skim a few; you'll see what I mean. It's just unfit for use in practice.
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