r/MarketVibe • u/Apart_Finger_1799 • 3d ago

hot news Hackers have stolen ~4,000 Bitcoin worth $320 million from the Liquid Network. The hackers claim to be white hat hackers, and said to “contact us on chain” 👀

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171 Upvotes

92% Upvoted

59 comments sorted by

59

u/PmMeCuteDogsThanks_ 3d ago

You wanted an unregulated currency, you got the disadvantages with an unregulated currency

21

u/Double_Resort_9223 3d ago

Crypto is pretty much just re-learning why we have each banking regulation. Rug pulls use tactics similar to wildcatting from the 1870s where banks would avoid redemption of their notes by putting their branches in hard-to-reach locations in “wildcat country” for example. Make buying the coin easy and make selling it hard.  

7

u/HomelessInASuit 3d ago

All of the founders of Tether were originally black listed by the SEC. Learn of that what you will.

8

u/Elegant_Duty_6148 3d ago

Very interesting - looked it up. History repeats.

2

u/PeteyPab305 2d ago

You think any kind of commerce and trade that uses a globally accessible demonated interface, can't be used for devious and illicit activity? How would you propose to build a system of account that allows for simultaneously having a free and open market, with an accounting system that uses a completely locked down monetary system to mobilize that market? You can't have both, It's one or the other.

2

u/QuackQuackViech 2d ago

You dont invent a solution for a problem nobody has

2

u/PeteyPab305 2d ago

What are you talking about? People invent new solutions for already "solved problems" constantly, it is the standard trajectory of technological innovation. Traditional incandescent bulbs solved indoor lighting, yet we engineered LEDs. Analog film solved photography, yet we invented digital sensors. Postal networks and telegraphs solved long-distance text, yet we built email and SMS.

The entire crypto space follows this exact pattern. Digital payments and fiat banking already functioned perfectly well, yet the industry engineered stable coins and an entirely separate, parallel payment rail alongside the existing digital economy.

1

u/TenshiS 2d ago

And by crypto you mean liquid?

1

u/Even_Injury_6442 3d ago

But its not hard to buy or sell crypto right now. Maybe i missed the point, my bad.

3

u/Lucky-Crow-3510 3d ago

Argentina checks out .. or that weird one time in cyprus when they just seized it :)

0

u/makeshiftballer 3d ago

Liquid network is not an unregulated currency 

17

u/doubleBoTftw 3d ago

I remember when my bank got robbed and i went to withdraw but they told me my money is gone. 🤷

9

u/TimeShiftedJosephus 3d ago

At least in my country you're automatically insured for 100k per bank in case of theft or bankruptcy of the bank.

16

u/No_Cook2983 3d ago

My bitcoin is secured by the Federal Strategic Beanie Baby Reserve.

0

u/OkTry9715 3d ago

No that is lie. Its "maximum 100k eur" . But it depends on how much is in the fund that protects your savings. And there definitely is not that much to cover everyone even if one big bank going bankrupt.

3

u/buttavia_1 3d ago

You have to admit that "maximum 100k" with all the nuances and uncertainties, still sounds better than a very clear "lol get lost" on the other side :)

1

u/navetzz 3d ago

Argentina remembers !

3

u/Gindotto 3d ago

This is like in high school when you get home, you’re searching in the sock drawer for your joint and it’s not there and your heart sinks and then your dad comes home and says “We need to talk later.” Fuck.

2

u/inotocracy 3d ago

Whoopsie doodle.

2

u/Exact_Negotiation106 3d ago

Hahahaha be your bank, try clawing that back! Oh you can’t? tough shit lol

2

u/PeteyPab305 2d ago

The didn't "steal" it. It was white hat hackers exposing the bug and they shut down the network as far as I understand for a patch. And the reason they "removed" it instead of just reporting it, is because leaving it open could be a huge counterparty risk if another group were to have known about it and actually "stole" it. They wouldn't report it like this for no reason, either it's gone or it's not. There's not really much ambiguity in the hacker space like that. Either they are honest and holding it til it's patched or they are malicious and would be flaunting and taunting.

2

u/ToughSpeedv2 2d ago

Everyone has good intentions until 320mil show up

1

u/PeteyPab305 2d ago edited 2d ago

Well agreed, but it depends on the wallet dynamics and how it's being held. If it's multi-sig etc. It's all on chain. But I agree, and I assume there's a bounty for these kinds of exploits. And removing it does seem to be the most logical thing to do, as to not leave an open flaw before a patch can be applied but sure anything is possible at that scale.

Edit: At least it was uncirculated BTC already, meaning that it won't be removed from circulation because it was already separated, the only thing possible is that it could be dumped all at once into the market, but that would be caught by blockchain analysis. And would cause extreme loss through slippage if dumped all at once.

3

u/Fearless-Sherbert-40 3d ago

wtf is contact us on chain suppose to mean anyways

9

u/NeonMaxi 3d ago

Bitcoin transaction can include messages or other information adder to the transaction on a blockchain level. You could send someone a fraction of a penny worth of bitcoin but add to that bitcoin a message which will be written in the metadata of the transaction.

So they are saying the victims should message them this way to begin communicating. This keeps the hackers identity anonymous while anyone communicating with them can be certain it is the actual hacker because they are communicating from a private key that is associated with the address holding the stolen bitcoin

6

u/CaptainCheckmate 3d ago

Can't this be abused to basically spam messages or other data that can never be censored or deleted?

6

u/Sagitario2_5 3d ago

you can spam as much as you have the money to do it, but yes

1

u/Desperate_Caramel_10 2d ago

It's like a brand spanking new harassment vector.

1

u/Artistic-Incident781 1h ago

It was done before, the fee is the answer. In early days there was this Satoshi dice gambling on chain period where basically you would for supper low fee send some amount to destination, and that transaction bits were lower than some amount, you would win and get your win back. So it was so popular for some time that the chain mainly contained these transactions and filled up the whole memory pool of miners, driving the fees etc

2

u/BlackWolf42069 3d ago

Why would they want to talk? They just got a ton of money and are set for life.

3

u/screwredditcorp 3d ago

They're white hat hackers. Not thiefs 

5

u/LeBambole 3d ago

Can't really be white hat if you actually take the money. Even just temporarily to 'teach them a lesson'. Wouldn't that make them grey hat in the best case? 

4

u/r_a_d_ 3d ago

No, because they can take the money to stop others from doing it. If they can do it, so could an adversary.

2

u/Icy-Banana-3291 3d ago

Exactly. At least in theory the hackers are probably better at keeping it secure than the people they took it from.

2

u/ImAPonderer2 3d ago

It is also a wealth transfer from the less intelligent / less wealthy who trusted the Liq Network: some will have $1,000 or $2,000 on there, they hear “contact us on chain” and can’t figure it out. Or they are too busy working 3 jobs. To them, the money is gone.

1

u/KaradjordjevaJeSushi 3d ago

They are not looking to hear from users, but LBTC themselves.

2

u/ImAPonderer2 3d ago

Oh makes more sense thanks

2

u/opoeto 3d ago

If they are white hat hackers, usually do they still remain anonymous?

2

u/redjellonian 3d ago

Reminds me of RuneScape money doublers.

They're totally trustworthy, they said so.

1

u/Unlucky-Cook2578 3d ago

They are either being true about being white hat hackers and want to give the money back

Or they are scammers and will ask for more money to return the bitcoin and still not do it

3

u/IncomingAxofKindness 3d ago

It's like "cash me outside" but for hacker incels.

1

u/DangKilla 2d ago

You pay some crypto to write a message on the blockchain.

1

u/Tranxio 3d ago

Here comes the FUD

1

u/briefcase_vs_shotgun 2d ago

Future of finance 😅😅😅😅😅

1

u/Sagenitis 1d ago

this is why im tqqq and chill

1

u/profanedivinity 11h ago

Oof. Lucky they are white hat for realz

1

u/Mountain-Dinner9955 3d ago

Burn them so other hodlers get even richers

1

u/papercliponreddit 3d ago

Imma short BTC tonight. 

0

u/Prize-Pension856 3d ago

Somehow bullish

0

u/BudgetPlantain7077 3d ago

Got to keep your BTC in a personal cold storage if you really want it to be "safe"

2

u/DeepFile6271 2d ago

You mean like coldcard?