Poloniex crypto-exchange offers 5% cut to thieves if they return that $120M they nicked The founder of the Poloniex has offered to pay off thieves who drained an estimated $120 million of user funds from the cryptocurrency exchange in a raid on Friday. Justin Sun, who also founded the Tron Foundation currency system, offered a so-called "white hat bounty" to those who siphoned the exchange's wallet dry, in return …
Wasn't block chain the ultimately secure solution to every problem in the world?
Funny how the traditional banking system is actually the secure one when it comes to electronic theft, because if hackers hack into a bank and electronically transfer $120 million they'd never see it as the transfer would simply be reversed.
So I guess blockchain is the secure option for criminals due to the impossibility of reversing such a transfer meaning the only alternative is to bribe them!
Actually, in the states, you are good to only $250k. Anything above that you are on your own.
Banks more secure, yes but your money is not totally secure in it. As anyone that have been suspected of behavior not to liking of the current gov, poof it is gone. No trial, no charges needed. You are required to prove you are innocent to get it back.
"At present, the losses are within manageable limits, and Poloniex's operating revenue can cover these losses”
FTX speak, we have plenty of other people’s money so don’t worry we got this.
ACH, wire transfer, online bill pay, card purchases as a credit transaction or transfer are treated as a check. You have as much as 45 days to deny you did the transfer and it is on the bank to prove otherwise and then they have to put the money back in your account.
They write it off if they can’t collect from where it went. All this so they don’t have to verify your signature.
Now, a check card pin transaction falls under an ATM transaction. When you signed up for your card, the fine print you did not see says it is on you if you give out your pin. Just like when you buy something, if you use your pin, you gave up your pin and the store does not have to pay the 3% chard card fee but you take the risk. There is no recovery.
There was recent legislation to change this sponsored by retailers. Forcing the banks to eat the 3% which will in turn be passed on to us.
And if they don't bring the cash back within a week .... they'll call the police!
Nope, still not seen that headline, but this is at least the 4th big straight up crypto theft like this so far this month (not counting scams and fraud, which are also numerous).
Yes, that's basically what they're asking for. Admittedly, it worked at least once, possibly because someone figured out how to steal tokens then freaked out when thinking about how they were going to cash out millions without getting caught. However, it has been tried before with no results, so no guarantees that it will get anywhere.
Sooooo..... if the less well known gang Thi3vinc8ptoscum agree with an organisation to return 95% of theft proceeds, does that include legally enforceable terms like "not to report us, or give evidence against us"?
On the other hand, isn't this business model getting dangerously close to being an insurance company? Perhaps that's the way forward for the authorities - prosecute ransomware gangs for nopt having a financial services licence.
The chance of prosecution is negligible. It's not even settled law that a crime has been committed in many of these cases, because of the insistence by fans of "smart contracts" that "code is law", and because ownership of cryptocurrency assets is a new and fairly contentious area. In many cases, the ostensible owners of the stolen cryptocurrency haven't followed all the laws of their local jurisdictions regarding it (such as reporting it for tax purposes), so asserting whatever rights they may have is already tenuous.
In the rare cases where these ex post facto "bounties" have been accepted, my impression from what little we hear from perpetrators is that the initial heist was mostly an intellectual exercise anyway, and the 5% or whatever is a nice payday for a small amount of work and risk. When the perpetrator is an organized outfit such as Lazarus, that ain't gonna happen — they're in it for the money, which they're not keeping anyway (it's going to their masters).
Another day another cryptoheist..
Security has to be designed in from the start...
This crypto mess is just going to explode once the qbit computers come on line...
Beware of the Joe Sullivan (ex Uber) precedent. He tried to turn black hats to white hats and got convicted....
Why am I no longer surprised?
Anyone? Anyone?
This crypto mess is just going to explode once the qbit computers come on line...
Out of curiosity, what algorithm in complexity class BQP do you think threatens to make the cryptocurrency situation worse than it already is, how many error-correcting qubits would be required to use it in practice against an existing cryptocurrency target, and what would that cost the attacker?
Cryptocurrency is bad enough as it is. Threatening it with imaginary bugbears just distracts from the real problems.
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