DeFi platform begs hackers to return $600 million in stolen crypto

I´m curious how they would ever cash that out though?

lol...them asking for it back is as stupid as Obama asking Iran to return a US spy drone it captured.



Seems like hacker has returned some however

Not gonna lie, it's funny that DeFi is all about f**k the government and the authority but then they say "Law enforcement in any country will regard this as a major economic crime and you will be pursued" c'mon the money is lost, they just need to stop crying and move on

Looks like it worked...

exprtadvisrdev said:

Not gonna lie, it's funny that DeFi is all about f**k the government and the authority but then they say "Law enforcement in any country will regard this as a major economic crime and you will be pursued" c'mon the money is lost, they just need to stop crying and move on

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Ahah true, if you play with crypto you have to accept the rules.

@azb1 I don't think so in this case. Some hackers are in it to steal money, attack an enemy country, politics, etc. But a lot of hackers are in it for the intellectual challenge. I guess this one will return a lot more and I wouldn't be surprised if the remaining money goes to good causes.

exprtadvisrdev said:

Not gonna lie, it's funny that DeFi is all about f**k the government and the authority but then they say "Law enforcement in any country will regard this as a major economic crime and you will be pursued" c'mon the money is lost, they just need to stop crying and move on

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That made me laugh as its so true. When it comes down to it they need government . Luckily its slowly being returned.

I would like to know motives of the hacker . He may have just wanted to manipulate the markets in some way and profit from it. I mean someone who goes to all that effort to find an exploit and do the heist would have put equal planning into what to do with the stolen goods I think. Otherwise that's like robbing a Jewelers and then saying "ok now what am I gonna do with 500 watches" .

For the 100000th time:
If you want to be your own bank, be prepare to have bank-level security.

If not then you are an idiot, a mark waiting to be scammed.

Somehow this simple truth goes right past most of the creepto people.

It's not about theft for gain. There are some clues in things like MrGorbachevTearDownThatWall.txt and sending 133.713371337 gas fees.

Poly now call the hacker "Mr White Hat" after they offered him $500k reward and he turned it down.

$33 million in USDT remain frozen by Tether and my guess is that Poly will get everything back, apart from maybe the 13.37 ETH tip sent to someone who alerted Mr White Hat to the Tether Freeze. Some folks in Shanghai will be quite relieved.

khinkali said:

$33 million in USDT remain frozen by Tether

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That's worrying that Tether can do that in their smart contact. Nothing decentralised about Tether then. They have frozen funds on multiple occasions before it seems and also actively work with law enforcement .

I think this exchange just did all this specifically for self-promotion or something like that. Or they were paid to order Bitcoin ads. Otherwise, I cannot explain in any way how you can steal such an amount and then return it. I do not believe in the honesty of people.

Martin Everson said:

That's worrying that Tether can do that in their smart contact. Nothing decentralised about Tether then.

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It's your choice when you set up an Ethereum smart contract. The so called "stable coin" contracts are often centralised, even though the network they're on is often rather decetralised. It's a lot for people to get their heads around. Keep in mind that Tether requires KYC to issue or redeem tokens anyway.

Currently, the more decentralised options tend to be less user friendly, which is also why people tend to use Binance and Coinbase rather than decentralised exchanges.

azb1 said:

He return the money, Because He was caught.

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If that were the case, why not accept the $500k bounty and a no-action letter?

This doesn't have the profile of cyber theft. I'm using the term "theft" in an English law sense. He did of course take property without consent which was not sensible, other than flagging the exploit in a far more dramatic way than a professional white hatter would. If he was hoping to raise awareness about this kind of exploit, then he succeeded.

Martin Everson said:

That's worrying that Tether can do that in their smart contact. Nothing decentralised about Tether then. They have frozen funds on multiple occasions before it seems and also actively work with law enforcement .

Tether Freezes $1.7M in USDT Stolen in Yearn Finance Exploit

Tether has frozen some $1.7 million stolen in the recent exploit of Yearn Finance's protocol. Meanwhile, Bitfinex made a final loan repayment of $550 million to Tether.

cryptopotato.com

Tether Can Freeze Your USDT, 39 Addresses Containing Millions Blacklisted

Under the influence of law enforcement, Tether operator Bitfinex has blacklisted 39 ETH addresses containing approximately 7.9 million USDT.

cryptobriefing.com

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Martin, as far as I know Tether is not based on a blockchain.... That is the biggest problem of believing that full funds backing USDT exist in prime financial institutions. So in essence they can do whatever they want with the US$60bn....

maxmmm said:

For the 100000th time:
If you want to be your own bank, be prepare to have bank-level security.

If not then you are an idiot, a mark waiting to be scammed.

Somehow this simple truth goes right past most of the creepto people.

Click to expand...

This huge Defi mania looks to me like the Dutch tulips... All highly leveraged "investors", financial intermediaries without any licencing, supervision or checks is a sure recipe for trouble

@lacomaco Tether is on blockchains. Here is an example: Tether USD (USDT) Token Tracker | Etherscan

We can easily see how much is issued at any time. What we can't see are the bank deposits, bills, corporate bonds etc that are supposed to back USDT because the legacy financial system is highly opaque. Those "prime financial institutions" simply lack transparency.