Even bigger than when they replaced the useful copper with useless gold, and rode off laughing in their chariots.
That's a signature move: How $320m in Ether was stolen from crypto biz Wormhole
Wormhole, a protocol for connecting different blockchains, lost about $320m worth of Ether (ETH), thanks to poorly crafted code. "The wormhole network was exploited for 120k wETH," the DeFi biz said via Twitter on Wednesday. "wETH" stands for "wrapped Ether," an intermediary token used to transfer Ether across blockchains …
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Friday 4th February 2022 12:53 GMT emfiliane
Re: Gold
Good luck eating or defending your property with bars of a soft metal, let alone exchanging paper notes that *pinkie promise* they can be exchanged for gold, if the government ever did collapse.
The gold standard always had to be based on faith and credit in national financial stability, exactly the same as fiat currency is. It's not a magic potion that magically becomes gold as soon as you wish it.
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Friday 4th February 2022 07:14 GMT Pascal Monett
So, ETH was lost to bad code, and now new ETH has magically been added
How am I supposed to give any credit to an industry where this kind of shenanigans is going on ?
They have just proven that Ethereum is actually just whatever they want it to be. It's certainly not a monetary value of any reality.
When any idiot with a keyboard can create a new brand of funny money you don't have a market, you have a clown act.
But you keep on Sticking it to The Man.
<mutter> <mutter> damn fools <mutter>
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Friday 4th February 2022 09:23 GMT Andy The Hat
Re: So, ETH was lost to bad code, and now new ETH has magically been added
So this should really be called the Blue Peter solution - "Multi-million dollar theft? No problem, here's some we bought earlier."
If "backers of the project" are happy to stump $300m in losses overnight, there has to be a damn good reason to keep that Chicago based company running ...
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Friday 4th February 2022 09:59 GMT jmch
Re: So, ETH was lost to bad code, and now new ETH has magically been added
"How am I supposed to give any credit to an industry where this kind of shenanigans is going on ?"
The problem was buggy code, that has nothing to do with crypto per se. For example IIRC hackers exploited a flaw in SWIFT to make off with many millions a few years back
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Friday 4th February 2022 11:24 GMT Anonymous Coward
Re: So, ETH was lost to bad code, and now new ETH has magically been added
similar losses of fiat currency?
Apparently $100B of Covid relief fund was stolen through fraud last year alone in just the US:
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Saturday 5th February 2022 09:15 GMT mpi
Re: So, ETH was lost to bad code, and now new ETH has magically been added
Fraud happens regardless of the currency system used. If humanity used seashells to buy groceries, someone would still try to sell non-existing bread to people.
The question is: How much money was unrecoverably lost due to buggy software.
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Saturday 5th February 2022 21:20 GMT Fruit and Nutcase
Re: So, ETH was lost to bad code, and now new ETH has magically been added
Where US leads, we Blighty follows...
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Monday 7th February 2022 16:53 GMT Charlie Clark
Re: Total scam...
Or, "anything complicated enough to look like magic is probably a scam". Cui bono should apply but this is one of those things where people are prepared to believe in magic.
Cryptocurrencies, etc. seem to feed two urges in people: "mining" feels like money for nothing; unregulated means the government can't get its hands on it. You'll never stop people piling into something for the first and as for second: while it's certainly true that banks get up all kinds of shenanigans, the reason we have regulation is because before it things were a lot worse!
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