Crypto.com pauses withdrawals after theft in several users' wallets
The cryptocurrency game isn't as simple as Matt Damon and Tom Brady thought it was, as their beloved Crypto.com platform appears to have been hacked.
Money never sleeps, as the old saying on Wall Street goes, and that is very true of the cryptocurrency market. Just a few hours ago, Crypto.com paused withdrawals from their platform in response to a series of thefts from users' accounts. Can someone get Matt Damon on the phone?
I messaged yah guys hours ago about my account having 4.28ETH stolen out of nowhere and I’m also wondering how they got passed the 2FA?
— BEN BALLER™ (@BENBALLER) January 17, 2022
Jeweler, entrepreneur, and noted cryptocurrency enthusiast Ben Baller claims that his account had 4.28 Ethereum (nearly $15,000) stolen this evening. Ben also points out that he had two-factor authentication enabled, so these thieving hackers had to have circumvented some of Crypto.com's security protocols.
Internal system transfers and funds are safe? Inside job gone awry like office space? Hackers taking funds from an exchange hot wallet? 🤷♂️
— Shibetoshi Nakamoto (@BillyM2k) January 17, 2022
Never a dull day in the world of crypto.
Cofounder of Dogecoin and all-around swell dude Billy Markus pointed out a strange pattern of transactions via etherscan. As for what is causing this, it remains to be seen, but are we surprised that a financial platform backed by jaboofers like Tom Brady and Matt Damon caked its pants? Do decentralized finance plaforms have some equivalent of FDIC or SIPC insurance?
Apparently the clowns over at crypto.com spent too much money on their advertisements and not enough time on making sure their cutting edge financial platform was secure.
I really hope @cryptocom gets their shit together. Because a lot of theft is going on and if you check https://t.co/tO1rPRGTgC from the cryptocom wallet address. You’ll see a bunch of 2ETH to 5ETH transactions being sent to wallets with single transactions. How did it bypass 2FA?
— BEN BALLER™ (@BENBALLER) January 17, 2022
This is a terrible day for clients of crypto.com, and we don't mean to make light of their financial pain, but events like this highlight how dangerous it can be to put all your eggs in one basket. The basket might have a hole in it the size of Matt Damon's big, dumb head. If you are one of the unlucky people to have been robbed this evening, please consider tweeting @cryptocomcs, as they appear to be replying to users.
This caps off a pretty crazy first few weeks in the crypto markets. Dogecoin jumped 10% on news that Tesla would be accepting the cryptocurrency on their merch store. It was a ray of hope for dogecoin holders as the coin has fallen nearly 80% from its all-time high last year.
In case you were wondering, this is the same cryptocurrency company that bought the naming rights to the iconic Staples Center in downtown Los Angeles.
What do you think of investing in cryptocurrency? Is it too illiquid and risky for your tastes or are you HODLing to the moon? Let us know in the Shacknews Chatty comments thread below.
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replyAsif Khan posted a new article, Crypto.com pauses withdrawals after theft in several users' wallets
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I totally thought of this before I read your post haha.
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Can't wait to see the security post-mortem on that! Does crypto.com require two-factor or is this a matter of faith that people are telling the truth? Me being in IT for so long, when something bad happens the users are always absolute angels who did everything right and will tell that to your face to avoid being embarrassed by what happened.
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Didn't the person who come up with that inane saying go to Pompeii before the volcano explosion?
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While it was occurring and no he didn't originate the saying.
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Do you know who originated the saying?
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IIRC it's from a greek play originally.
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I did not know that. Cool.
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I fucking hate that commercial.
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It’s interesting because crypto has zero chance of doing its originally stated goal - to be an alternative or replacement currency - but as a “toy economy” type of thing (so, something not really used as an economy but simulates aspects of it, like company scrip or something) it definitely has and continues to experience all the scams that come with regular economies.
Like it’s natural that when you have a system people will try and game that system, so when you have any system involving money (and in this case “involving money” meaning “crypto fake money can be turned into real money”) people will try and scam that system.
The next thing that will happen (probably already has) is people will start demanding that these companies like crypto.com be able to insure their crypto fake money. Like maybe the government can help. And then you learn the hard way why yes, when the government backs money - the thing you were trying to avoid in the first place - you get things like FDIC insured banks. -
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Yeah I thought the same. Thought Blockchain was supposed to be more secure? I just don't get it
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Yeah. Better to stick with traditional stock brokers.
https://www.cbsnews.com/news/raging-bull-pandemic-stock-tips-accused-137-million-fraud/
https://www.msn.com/en-in/news/other/barshi-stock-market-scam-e2-80-98vishal-fate-wanted-to-become-like-pablo-escobar-promised-unprecedented-returns-to-investors-e2-80-99/ar-AASQ78B
https://www.bizjournals.com/dallas/news/2022/01/11/united-development-funding-greenlaw-bass-udf.html
https://www.fiercehealthcare.com/digital-health/jpm-2022-talkspace-faces-securities-fraud-class-action-suit-as-consumer-revenue
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A lot of people here act like crypto is the only scam ever perpetrated on people and that's not even close to being true. People get swindled every day and most have little to no recourse.
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And yet they still happen every day, both with and without crypto involved in the scheme.
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Existing financial transactions are far more secure and easier to get back from fraud than current crypto issue. Take credit cards. Fraud happens and I can just call or click a link on my phone and I’m fine within minutes with no harm to my bank account.
In the beginning this was a problem but a process had been figured out. Crypto is hey these are new. Oh wait we need to come up with the same damn processes all over again for a system with no benefit.-
Worse is that crypto considers the lack of these protections a feature
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It's like Tesla. We get an update every time a Tesla has a crash or Musk says or does something stupid, when in reality Tesla is probably no worse than many companies.
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tbh, Musk should just stop using twitter for an extended period. It doesn't really help him when he opens his fat mouth.
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Lol what a rebuttle.
"Yes it's a scam, but it's not the ONLY scam!"
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People who leave their crypto online in an exchange's wallet are dumber than average.
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For starters it's offline, so nobody is trying to break into it. Also wallets have private keys and most exchanges hold your private key rather than giving it to you.
You can keep your own digital wallet and private keys, or you can use a hard wallert (encrypted electronic device not connected to the internet) or you can keep your crypto in a paper wallet (by writing down or printing the relevant info [wallet address, password, recovery phrase, private key]).
It's not hard to understand an online computer phone wallet is infinitely more likely to be compromised than an offline computer phone wallet. Online is potentially vulnerable to billions of people, offline only vulnerable to people with direct physical access to it.-
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The key is tied to the wallet, not the coins. So if someone steals or has access to your debit card (wallet) and knows your PIN (key) they can drain your account. The bank can tell you where the money was withdrawn (ATM in Nigeria for example), but they aren't going to tell you the serial numbers of the currency withdrawn. Crypto coins are individually identifiable afaik.
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*crypto coins aren't individually identifiable afaik
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Now explain why people use banks instead of storing their life savings in cash in their bedroom
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Pretty sure people used banks prior to the 1930s
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You can get your cash stolen from you. Harder to steal from you if it's in a bank. At least that's what I think prior to 1930.
There's probably other reasons too. Some business refuse to deal in cash because it's basically undocumented funds so it's vulnerable to certain types of fraud.
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Yea man sapfwz5 place on earth is a landfill https://www.cbsnews.com/amp/news/hard-drive-lost-bitcoin-landfill/
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Means only you have the keys to transact/hold the crpyto so can theoretically secure it better.
Basically to get into the exchange just takes a standard financial services type of access's, e.g. username/password and some mfa so prone to things like sim card swaps, then they can transfer your assets out.
If you have it yourself, someone has to go after you which is a lot less likely
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Scammers hate financial regulation.
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Yeah but I can't buy a video card for a reasonable price. Fuck BTC.
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I mean maybe Crypto in general isn't at fault for this but I want to angry at something for video cards prices being so high.
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Bro how is Crypto not a direct result of video cards prices being so high? I guess you could argue a lot of people are working from home and it's COVID fault but that is one video card per house hold or two not full warehouses and garages full of them.
Crypto and all the other stuff under that umbrella are 100% the cause. That is My take.-
One take I've heard is that video card prices is high is a function of how many wanting a video card at once. When the pandemic hit, so many people needed a PC or a laptop so prices went up.
I think Crypto is at least partially at fault not 100%. But I'm still angry at prices being high.
The real solution is to make so many cards that crypto becomes worthless. I dunno.-
Crypto is at fault here, but we have to remember that it's not the only reason at fault. Remember that before the pandemic, video card prices shot up as Bitcoin neared 20k, but the prices went back to normal as Bitcoin prices dropped down to 3-6k. What we are seeing here is that prices for video cards shot up as Bitcoin neared 60k, but prices for video cards hasn't gone down even after Bitcoin loss almost 15k in the past few weeks because of demand/chip shortage.
It's been consistent in the past. Video card prices rise and fall as Bitcoin prices rise and fall.-
Bitcoin didn't near 20k before the pandemic. It hit around 7.5, in December 2019 and dropped to 5.5k in March, 2020. It didn't hit 20k till December 2020. It was under 11k when the $1500 3090 was released.
And you don't mine BTC with a GPU. You mine ETH. Even at MSRP a 3090 would have to run 24 hours a day for 300 days to pay for itself, and another week or two at least to pay for energy. ETH prices have fallen since the RTX's were released, and RTX prices have risen.-
Also WTF $1500 video cards. That's on Nvidia.
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saying it didnt hit 20k is so pedantic lol, it was like 19650 in 2018
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It never hit 20k until 12/20, a year after the pandemic began. That was an all time high (it got close to 20k in 12/17, two years before the pandemic began)
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No, he said it was almost 20k in 2018. That's true but it's also true that RTX 30x0's weren't released for two more years after that and it's true that BTC was around 6k when the pandemic began.
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er... that's not true. BTC wasn't near 20k in 2018. It was 4 to 13k.
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Also in an effort to be pendantically efficient, at no time in 2018 was BTC 19650. It started the year around 13,500 and ended at 4,100.
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my bad 2017
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Yeah, this is probably the truth. It's more complicated than just bitocoin mining.
The solution is to increase manufacturing capacity. -
GPU shipments are way up. Sony has sold more PS5s than it’s previous consoles. It’s all demand driven.
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$800 is not the current price of video cards.
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yeah well you can get mad or you can get even. since the start of the pandemic BTC/USD has increased by a higher percentage than even GPU prices have. in other words the price of a GPU in BTC is down. maybe holding onto your rapidly inflating USD is what you should be mad about. just food for thought
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Yer mum got mad last night.
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I told her I'm an unregulated market, baby! :)
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There is a shit load of 'real' money in crypto, not just from speculation on currencies but from VC putting money into web3 and blockchain. It's a massive economy at this point. The currencies will fluctuate and there will be winners and losers in the race to web3 standardisations, platforms and tech, but 'crypto' which is a huge umbrella of technologies at this point is here to stay.
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your understanding of why fiat has value is flawed. governments are what give currencies value.
if the usd has issues, it's because the us has issues (a reasonable argument). fiat will always be king, for better or worse.
crypto is a speculative asset largely successful due to technologically illiterate people with FOMO and actors who want a way to launder currency or evade taxes.
glad you won something in the lotto. count your blessings, if you think that shit is a long-term hold there will ultimately be a reckoning. and it will be long before a fiat currency has problems.
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Brought to you by the 0.5% of all energy usage in the world.
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Convert the bulk of your holding to Monero and store on a hardware wallet under your mattress.
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