Hackers steal $53M worth of cryptocurrency from CoinEx

bleepingcomputer.com

20 pointsgslin3 comments

Can someone who believes in crypto explain how theft is supposed to be identified and resolved? I can kind of see how you might “prove” that a wallet was accessed by someone unexpected through IP addresses, etc. But once something is stolen, what is the path toward making the victim whole again? Can’t the thief in the worst case just forget their wallet’s key? In that case it would be like trying to recover money that has been anonymously thrown into ann incinerator.

It's not really stolen. Whoever owns the private key is the true and lawful owner. Code is law, bro. /s

Not someone that believes in crypto, but AFAIK there's no process for resolving theft outside of getting the thief's wallet somehow, and that's intentional (not theft specifically, but the concept of transactions being final).

One of the things that's been done, in the example of sanctions, has been the banning of identified wallets by exchanges, and I assume any wallet that receives funds from them is similarly banned. If this were applied to thieves, they may be unable to use their ill-gotten gains, but it wouldn't make the victim whole.

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