North Korea gets away with $3 billion from Binance
www.citationneeded.news
Stablecoin issuers froze about $2.4 billion of the roughly $6.3 billion stolen. The rest exceeds Binance’s insurance fund, and the man promising to make users whole isn’t supposed to be running the company.

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.

  • ayyy@sh.itjust.worksEnglish
    23·
    22 hours ago

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

    • FlashMobOfOne@lemmy.worldEnglish
      23·
      21 hours ago

      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.

      • ayyy@sh.itjust.worksEnglish
        8·
        21 hours ago

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

      • REDACTED@infosec.pubEnglish
        7·
        21 hours ago

        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.

        • FlashMobOfOne@lemmy.worldEnglish
          4·
          21 hours ago

          “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.

          • REDACTED@infosec.pubEnglish
            1·
            3 hours ago

            Not a great start.

            Just FYI, when people say that, it rarely means self-bloating/putting in 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