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Hackers steal over $600 million from video game Axie Infinity's Ronin network

Nomis Elpmis

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Axie Infinity (Ronin) is a sidechain of ethereum with it's own 'proof of stake' consensus system which got exploited by assuming the 'validators' identities. Didn't notice the hack for 6 days. Back in August, Polygon, another sidechain of ethereum with it's own 'proof of stake' consensus system also got hacked for $600 mil. Seeing a pattern yet? If you scale 'on chain' and stick with POW concensus (like BSV), this doesn't happen.


 
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Usury

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Yeah the pattern I see is that crypto is not money…it’s a made up vapor ware scam.
 

TAEZZAR

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Yeah the pattern I see is that crypto is not money…it’s a made up vapor ware scam.
1's & 0's, nothing more, nothing less. A hackers dream come true.
A fool & his/her money are soon parted !
I will stay with PM's !
 

Bushpilot

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Maybe it was an inside job? I’m not a Mark Cuban is a great businessman fan. Just another cheap ass trying to make money off everyone else’s backs.
 

Nomis Elpmis

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Crypto is a lawless frontier where if you venture into it you have to be very savvy and skilled in digital self-preservation so as to not get exploited. However, if you can digitally look after yourself and can tolerate the risk, there are higher than normal rewards to be had. Law is coming to the frontier tho.
 

Bottom Feeder

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I've always thought it was comparable to the 'Tulip Craze'.
But, I'm told that this time it's different.
 

Nomis Elpmis

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I've always thought it was comparable to the 'Tulip Craze'.
But, I'm told that this time it's different.
It might be a fad or it's the beginning of web3/metaverse, a parallel digital reality. One of those. :ponder:
 

the_shootist

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"If you don't hold it, you don't own it!"

-Ponce

I wonder how Ponce would have viewed digital currency.