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Comment by chabes | Hacker News Reader

From the article:

> The wallet in question appears to have sent 401,346 ETH ($1.1 billion) as well as several other iterations of staked ether (stETH) to a fresh wallet, which is now liquidating mETH and stETH on decentralized exchanges, etherscan shows. The wallet has sold around $200 million worth of stETH so far.

If you showed me a paragraph like this a decade ago and told me it was from 2025, I would have a difficult time believing you.

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Crypto shenanigans were happening in 2015, even as far back as 2010, so I would have to absolutely believed you to hear that it continues happening, as crypto is a fundamentally unstable platform.

I think he means the sheer volume

Mt. Gox (a former crypto exchange) was hacked in 2014 and the thieves stole nearly half a billion dollars in BTC. Considering how much more the currency is worth today and how much bigger the markets are, it seems like Bybit got off easy in terms of sheer volume.

Did they really steal 500mil in 2014? If yes that’s like a trillion now no?

Just crazy. Bank heists fully online...

It's a cold wallet which means it should never be connected to the internet, so not entirely online, but yes - these are the wild wild west times of the internet. Imagine how easy it was to go into a bank shoot some people and get out with money, and doing it like, daily? monthly? Today it's not possible.

Apparently there was a path from the internet to the wallet anyway, that's what it sounds like.

So it was a lukewarm wallet?

What supposedly happened is that malware was installed on every multisig key signer's device and then the hacker showed them all a fake transaction that looked legit but actually changed the smart contract of the cold wallet to give him access.

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