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Attacker gets away with up to $3 billion from Binance (www.citationneeded.news)
submitted 1 week ago by to c/technology@lemmy.world
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Article is by Molly White, who you might recognize from Mastodon and web3isgoinggreat.com:

https://hachyderm.io/@molly0xfff/117526961419935070

I wrote up what we know about the Binance hack so far. By my best estimate, Binance is out around $3 billion after stablecoin issuers froze what they could. Changpeng Zhao is promising Binance will cover it, but he’s legally barred from running the company.

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[–] 18 points 1 week ago (10 children)

Are they really “victims” when they willingly gave their money to an unregulated not-bank?

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  • [–] 21 points 1 week ago* (last edited 1 week ago) (8 children)

    Yes.

    You may not like the product but these people still have a reasonable expectation of security, and they should.

    I don't care for AI girlfriends, but when they convince a teen to off themselves I still acknowledge that the teen is, objectively, a victim even though the product is unregulated.

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  • [–] 6 points 1 week ago (3 children)

    You may not like the product but these people still have a reasonable expectation of security

    I'm a sane human being, therefore my expectancy of safety from any crypto exchange point is zero.

    If I'd hold a wallet, I'd likely install the most strict firewall rules out there.

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  • [–] 0 points 1 week ago (2 children)

    "I'm a sane human being"

    Not a great start.

    my expectancy of safety from any crypto exchange point is zero

    Honestly, I'm skeptical of using dedicated crypto exchanges too. I have somewhere between 15 and 20 percent of my portfolio in crypto, but through a regular brokerages that deal in standard securities like stocks, bonds, and mutual funds. If I had all of my wealth in it, I'd have it all stored in a cold wallet on external media, but even that isn't 100% foolproof.

    There have been several incidents with crypto exchanges, yes. That said, there are hundreds, if not thousands, of major corporations in the US have had significant publicly infamous security breaches within the last decade, so it seems illogical to pretend as if security breaches are somehow unique to the crypto industry.

    People who use crypto are not insane.

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  • [–] 4 points 1 week ago* (last edited 1 week ago) (1 child)

    Not a great start.

    Just FYI, when people say that, it rarely means self-bloating/putting themselves pedestal, it usually means insulting the thing you're talking about, aka. "only insane would trust to hold large sums on crypto exchange points", not that I'm super duper sane. A figure of speech

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  • [–] 4 points 1 week ago* (last edited 1 week ago) (2 children)

    That’s different because we don’t expect teenagers to make good decisions so we try to protect them. All Binance customers are adults.

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