itt we post about shitcoiners who got drained in a respectful and on topic manner please no trolling
>>62551288Double post
>>62551286Kek third world fucker fell for the coin scam
this girl was calling 9-5 a scam kek
>>62551307>too dumb to understand the jokeas expected from someone who screencaps twitter
>>62551307>this girl was calling 9-5 a scam kekWait so this was a wagie cope thread all along? You must really hate your job to be leaping at any moment you can to cling to a bit of schadenfreude.
>>625513079-5 has been a scam for 55 years now
Wait what happened
>>62551256I keep 160k on coinbase
>>62551322Kek her joke was my first thought too. Now instead of boating accidents, it's the coldcard wallet drain incident, much more believable.
>>62551411ColdCard got pwnz0r3d and everyone's buttcoin is getting drained
Hey buttcoiners. Dont worry. Your money didn’t disappear. It just “teleported”, cos it s like magic gold. One minute it’s there then poof! Somewhere else. It’s a feature not a bug.
>>62551530It's an asset that can be used for settlement. Utterly profound and amazing. Not like dollars at all.
So, that means that shit had a backdoor and when you register any shit on them they just uploaded your keys to some centralized server?lmao
>>62551256Many years ago, I got my credit card number stolen while on the way home from travelling. Before I even got home, the credit card company had detected a suspicious purchase. Like, literally the very first thing they tried to buy set off the alarms. CC company left me a message to confirm and had a new card on the way in like 12 hours. Is an actual financial system backed by law and protections something that can be useful? The mind boggles.
>>62551553No, it just means the mapping (generated on an air-gapped device) from their public key to the private key was super weak and brute-force crackable.
>>62551491A big cex like Coinbase should be safe, I keep 300k in USDC on it for the yield because I am too scared of decentralized finance
>>62551556Still doesn't make sense, why would you use public data to derive an air gapped key
>>62551563Is this bait? It's the entire basis of cryptography. You generate a private key, which you never hand out. Then from that you generate a public key, which is freely available. All public key encryption systems (including essentially everything on the internet) rely on not being able to map backwards from the public key to the private key. The weakness here was that it was easy (but not trivial) to work backwards from the public to the private key because of a flaw in the hardware wallet. HOW ARE YOU FUCKING RETARDS INVESTING IN THIS SCAM BULLSHIT WITHOUT EVEN UNDERSTANDING THE FUNDAMENTAL BASICS JESUS TAPDANCING CHRIST
>>62551256can anyone versed in this explained how it happened? i thought cold wallets were essentially offline local storage, like a USB or some shit wtf?
>>62551570>>62551556>generate public key from private key in a weak way.>private key is now possible to brute force from public key because the search space is much smaller than it should be>method: encrypt a piece of text with public key. try and descrypt with the guessed private key. did you get the text back? if no, move on to next key. if yes, you now have his private key.The whole point of public key encryption is that that loop of trying keys is supposed to be so insurmountable that you just can't do it in practice.
>>62551567>INVESTING IN THIS SCAM BULLSHIT WITHOUT EVEN UNDERSTANDING THE FUNDAMENTAL BASICS/biz/ has been wanting normies to adopt coins for years, to make the prices go upnow that normies are in on it, don't expect them to all be cryptography experts
>>62551258>$4.34MEasy to claim. How does on prove that? Can someone just make this claim in the hope to get in on some damages scheme?
>psyopgive your keys to us, your benevolent exchanges
>>62551591Ok, but I mean - the whole thing hinges on not fucking up using your magic words. You'd think these genius "in it for the tech" wizards would know how it works. My opinion of anyone into crypto has always been rock bottom, but this is digging out new depths goddamn
It's a doggy dog world
>>62551256coldcard was not really open source and is a fraud
i've worked in IT for 20 years and i can't say i fully understand the issue hereis it that the attackers were able to figure out the input to a deterministic process, and therefore know the output? if so, does that mean that every victim had the same key? bitcoin is just fundamentally flawed, it has to rely on so many different pieces of technology working perfectly, and it sounds like some types of attacks can even target flaws retroactivelyat least with a credit card or a bank, you have an institution to go to, and pretty much no one directly losses money to fraudsomeone who lost their life savings due to this can't just call 1-800-bit-coin and straighten it out
>>62551256I lost $1k on Filecoin.
>>62551307>>625514069 - 5 only exists for financial services, banks and government employees. Everyone else works 7 - 3 anyways.
>>62551633>at least with a credit card or a bank, you have an institution to go to, and pretty much no one directly losses money to fraudthat's called self sovereignty. the very fact that a bank can charge back a fraudulent transaction also means that a bank can at any time freeze, or even confiscate all your money.> if so, does that mean that every victim had the same key? apparently they linked against some testing library for random number generation instead of using the actual RNG hardware implementation of CPUs. it probably used some low entropy seed like the current timestamp or something else that's easy to compute.
>>62551633It just means>If everything were to go well, it should be impossible to go backwards from a public key to a private key. "Impossible" in the sense that it would take until the heat death of the universe.>These guys were generating those key pairs in a super weak way, which shrank the possible space of public/private key mappings small enough that just plain brute force could extract the private from the public.That's it.
>>62551717why would they do such amateurish mistakes? maybe they planned it as a scam and this is for plausible deniality
>>62551717but crypto doesn't provide self sovereignty, at least not in any practical sensethere's simply too much risk in the form of compromised hardware, firmware, software, human error, malicious actors, etc.none of the people who created those things are legally accountable when you "self" custodyai attacks will only get better, there are going to be so many exploits, so tell me why it's a good idea to have a substantial portion of your network on a digital ledger? 90-99% of crypto holders can absolutely be frozen out, whether it's on an exchange, exit road to a bank, or a governmentwe have so many examples of this happeningthe people using cold wallets aren't perfect, but they are surely more knowledgeable about crypto than the vast majority of hodlers who own an bitcoin etf, or hold it in something like robinhood/coinbase/paypaland many of them still lost their coins
>>62551771
>>62551759Welcome to software engineering. Bugs and corner-cutting are a way of life.
>>62551771This is really the heart of the issue. Crypto has value / is worthless, etc, etc - none of that even matters. What matters is that in the ACTUAL financial system you have real mechanisms to deal with fraud. Transactions can be reversed, the law can be applied, etc, etc. The whole "code is law" bullshit for crypto is a death sentence. Some incoherent granny gets scammed out of $20k from India, there's a fair chance that a.) it gets caught before it ever completes, and b.) she'll get it back via legal means. Some bigbriain crypto investor fucks up once in one of 20 possible ways, they lose it all and there's absolutely nothing they can do. That's the actual issue here.
>>62551759possibly. maybe they knew but didn't want to take the blame and notify thousands of users to recreate their wallet in the hope nobody finds out. they are definitely at fault, one way or the other.>>62551771that's a fair price for permissionless value transfer in my opinion. maybe people just shouldn't by some noname hw wallet and put a million dollars in bitcoin on it.
>>62551256>use monero>no one ever knows what you’re holding and have no reason to target you evermonero bros cant stop winning
>>62551803On the flip side lets say you had a stack of gold (natures money) and it was stolen. That stuff is likely gone. This is what you will have to deal with when using hard money. You either get hand holding and fake money, or real money with more risk.
>>62551258Definitely not the case. Twitter is full of wannabe financetuber jeets who make fictitious loss claims all the time.
>>62551803>>62551810To add to this if you want to minimize risk at the expense of self custody you let someone else manage the crypto. Most people don't manage their own money, a bank does. If you had all your cash stacked up in one place it could also be robbed without recovery despite being "traditional finance". The arguements you make are not unique to crypto but just down to how it's setup and used. People should maintain the right to self custody with all the added benefits and increased risk, but you can still offload all that if you want.
>>62551771monero bros are winning
Post more loss porn
did someone post this one already i cant be bothered to skim the thread
news like that might seem brutal at the first glance but they are giga bullish long term. once bitcoin and everything crypto related hits 0 the people will start putting their money back into REAL things like stocks/index funds.
>>62551256Why dont asscorners get that cold wallets are just exploit-found pinatas?
I keep my Bitcoin on a piece of paper.... Just try to hack that, Kevin Mitnick
Future of Finance™
>>62551828How does a wallet not connected to the internet get drained?
Why are there so many people using a wallet from a literal who company?
I haven't kept up with bitcoin in 16 years but isn't a "wallet" just a cryptographic key? Can't you just put in a text file on a flash drive and call it a day?
>>62552050LolThey all dummies buying overpriced devices to hold textCoins are on blockchain, if you have text, you move them, even if wallet owner has 5000 devices lmao
So yeah about that free decentralized market bahaahahahahahahaha and the irony is that niggers have to involve the police aka the centralization units to recover their funds. Crypto is such a stupid currency
>>62551286Must be living in some african shithole if 63k usd is life changing money
>>62551567https://www.coindesk.com/tech/2026/08/02/bitcoin-cold-wallet-attack-spreads-to-4-500-addresses-as-losses-near-usd89-millionThe exploit here was that ColdCard had a vulnerability (Found in 2021) in its seed generation algorithm that lets you generate valid addresses independent of the actual hardware instead of integrating the hardware to generate unique keys. So an exploit ran some program to compute as many valid keys as possible that a ColdCard hardware wallet could generate and boom, he theoretically has access to every bitcoin wallet that can be created on or was on or is on a ColdCard hardware wallet.
>>62551614these scams are a diamond dozen
Literally none of this is a problem, with any wallet solution (software or hardware), if you just throw some fucking dice.Stop generating wallets. Throw your dice, get the words, and import your wallets that way.
>>62551256What would happen if all of Saylor's bitcoin got stolen?
>>62551822Okay, but there's no code exploit someone in Bulgaria can use to teleport cash out someone's home.Like I said, the world is increasingly digital, and it's clear to me that digital assets with no recourse are going to be increasingly vulnerable Yes, cash or gold can be taken by someone who is physically there, but the same is true of a seed phrase that is written down and stored in a safeThe difference is an attacker can conduct a worldwide attack in the time it takes you to go to sleep and wake upTo attack a physical home, they could maybe attack a couple in one night before they get shot by the homeowner or arrested by pooice
>>62552199Why are people not generating their own paper wallets instead of buying some overpriced technogizmo with software bugs to do the same thing?
>>62551828Imagine being informed by software called WASABI that it's over
>>62552099If that would be after taxes, it would be life changing money in all of socialist Europe. Not a shitpost BTW. Ask AI to simulate an exit from a European pod hive. But force it to dig for ALL hidden taxes.
>>62552001because it isn't really a wallet like a physical wallet is a wallet. it's a key. crypto retards are fucken awful at naming conventions and they fucked up the naming of so many aspects of crypto coin shit. in any case, that dude had a key that got discovered by someone else and the key was all they needed to move his bitcoin from whatever fucken blockchain it was on directly to the wherever the fuck they wanted it to go
>>62551570All the buttcorn is on the blockchain, genius. The cold wallet is just for the keys. Think is, they didn't need the keys because they asked ChatGPT to find an exploit and write a key generator.
>>62551256>Trusting a 3rd party for seed phrase generation.Should've rolled dice for a couple of hours.
it's a psyop to reinforce the idea that shitcoin is real money. "look goys! it can be stolen. that means it's REAL!" Mark my words, this event may be the thing that sends bitcoin on its next run. people really are that dumb.
>>62551491>>62551561why even keep usdc on coinbase when it isn't insured like usd?
Anyone else think the COLDCARD situation is starting to look like an inside job?First we find out there was a deterministic RNG fallback sitting in production firmware for ~5 years. Then you remember that years ago there was another firmware bug where you could generate a seed from a single dice roll and that somehow also shipped.Two completely different entropy-related screwups, years apart, both making it into releases?Either their review/testing process is catastrophically bad, or someone internally kept pushing entropy-related changes that nobody questioned.The 1 roll dice issue barely got any attention, so if someone wanted to see what they could get away with, that would've been a pretty good test.Not saying there's proof of malicious intent. But after two independent RNG disasters, just incompetence starts becoming a harder sell.
https://youtu.be/oj_W3xOlt6U?is=DZaS39rgBKaVDCuT
>>62552779Probably so he can easily convert it into shitcoins when the time comes instead of waiting for bank tranfers, getting transactions blocked and account frozen, having to talk to the bank manager, etc.
>>62551570They are offline, but you access Bitcoin using private keys. If someone discovers those keys they can control your Bitcoin. Coldcard didn't generate new wallet addresses randomly. As a result someone could just guess away at wallet addresses and hit coldcard addresses relatively easily. It doesn't matter then if the hardware wallets themselves were online or not at the time, the wallets merely protect the private keys.
>>62551570Crapto is on the internet. You own words and you can store your words in a cold wallet or write them down on paper
>>62551256>Bitcoin>Wants centralized control of transactionsAhhahahha just file a fraud complaint with the Bitcoin CEO
Has anyone had any success getting friends/family members to stop putting everything into crypto? They're cultists at this point and I don't want them roping after they get hacked.
>>62552859I think all of it will eventually be hacked, never say never.
>>62551570Basically these hardware key wallets were supposed to generate keys using 124 bits, which is effectively impossible to brute force hack. Except starting in 2021 they pushed an update to their algorithm that generates the keys so it only uses 40 bits, which is relatively easy to crack with enough computing power. Now someone seems to have finally figured it out, so even though the keys are still technically contained on isolated hardware, it doesn't matter because the hackers can just brute force the password.
>>62552779>>62552828>>62551491I don't have any USDC, that's the worth of my crypto on coinbase. Including 1 Bitcoin
>>62551256everything is a scam, everyone is a scammer.
Glad I decided to keep my btc in fidelity/robinhood instead of using the trezor I bought desu
reputation is everything, you can kiss them goodbye and goodbye for crypto, its literally "air". I dont know how these guys continue to live their life after losing their life savings, enjoy the divorce papers I guess. I would get sick to my stomach every time someone mentioned Crypto after something like that.
This is fucking brutal. What do you even do if this happens to you? Kill yourself?
>>62552416What dice tower do you recommend? Can I just 3d print one, or do I need to get a fancy wooden one, because the wood grain grew organically and should be more random, compared to a 3d printer that could have an insecure print engine, allowing an attacker to determine the outcome of dice that go through it?
>>62551260Not your keys, not your coins
>>62551256Can someone explain to me why you aren't just buying BTC on like robinhood or fidelity or some shit? Why are you retards always getting your shit jacked on BIT CONNECT and coin base and mt gox and this?
>>62552298kek
>>62553530What nationality do you think the thieves enjoying your lifesavings are?
>>62551828>Used AI to brute force guessingAlmost assuredly not, they might have used AI to find the vulnerability but this was just done with regular code. Niggers like this with millions of dollars of crypto is a top signal
>>62552001>How does a wallet not connected to the internet get drained?Because the BTC is not in the wallet, it's on the blockchain.
>>62553639Because it defeats the entire purpose of Bitcoin
why didn't I think of it FUCK
