What's the point of even stealing the stablecoins? They're controlled by private companies that can easily freeze them
Am I missing something here? Seems like a waste of time
Am I missing something here? Seems like a waste of time
It seems like it took some number of minutes and scored billions, and at that point it was a matter of whether/how much they could trade out before it was locked. I don’t know how many minutes or hours it took to lock? If they managed to trade 1% before blocking, that would be an extra tens of millions. If 10% that would be hundreds of millions, etc.
I wonder why not swap them? And had he, would it have bricked the swap pool?
Have bad security, get hacked.
If binance wanted to hedge against that risk, they could have bought a cyberinsurance policy (if they could get one for the amounts they'd need).
That's exactly the scenario they say they would never do and go as far as to have external audits to prove that they're not just "printing" free cash
The alternative is the stablecoin providers effectively keep the money for themselves. At that point the justification for the blacklisting seems like little more than self enrichment?
There are reports that the hackers used the stablecoins as collateral to borrow ETH via DeFi, before the stablecoins were frozen
In this case, the hackers have the ETH, while the lender has some frozen stablecoins
Given this context I said that if they print some more stablecoins to make whole both the DeFi lender and Binance, it's a betrayal of their other customers
Why not let Binance "get screwed"? How is the lender more "at fault" in your view?
Sounds fair to you?
What kind of backwards Robinhood steal-from-people-to-give-to-Binance are you?
I own no crypto myself and hold no grudge against crypto people
Did they hurt you or something?
Oh absolutely agree - they cannot make both parties whole and I do not know which, if either, they are likely to do.