Another fool and his crypto have parted ways

1

https://www.thestreet.com/crypto/markets/crypto-hit-by-largest-hack-ever-as-bybit-loses-billions

2

Correction. 183,176 fools.

3

Zhou reassured customers that Bybit remains solvent, despite the loss.

Well then, if that had been my money lost, I know I’d be ok with that reassurance.

4

Makes me want to invest in crypto. Not.

I’m assuming there is no insurance such as FDIC that banks have, so all that money/currency/ones and zeros, is all lost into cyber space.

2 Likes
5

Seeing a planned transfer was manipulated, allowing said hacker/s to drain the exchange’s ETH cold wallet. Wouldn’t that transaction be guaranteed under contractual rules or are there any?

Just asking. New to this.

6
7

Awesome. Now dump it and use the money to buy hard assets.

8

There are no rules. Cryptocurrencies exist outside of government regulations and control, which is their allure. People buying crypto either do not trust the U.S. Dollar (and other government backed currencies), hate government oversight (i.e. criminal enterprises), and/or are just purely commodity speculating. The “safety” of cryptocurrencies is their supposedly unbreakable crypto-security algorithms and public block-chain accounting, which have just been proven, yet again, to be quite vulnerable to hackers, shysters and thieves. Once North Korea gets ahold of a quantum computer, they will steal it all and current cryptocurrency technology will become worthless.

1 Like
9

No rules?
Another pyramid scheme.
No wonder trump and Musk love Crypto and are deregulating everything, or as much as they can illegally.
The American populous that believes in the constitution may be in for a shock.

Thanks Brian. I really did not know.

10

I do not share Elon’s friendliness towards crypto. Perhaps this latest breach will temper his enthusiasm. Biden had actually launched an EO initiative to explore the possibly creation of a new digital currency by the Federal government. Trump rescinding that order on day one, stating that it could have national security ramifications (like being attacked by North Korea). Instead, he has formed a working group to explore how the existing crypto market could possibly be stabilized and the possible creation of a US Federal stockpile of digital assets. All that was before this latest breach, so it will be interesting if anything comes out of the working group.

1 Like