Hackers continue their Cryptocurrency heists

[Stefan]

The latest pothole on the road to cyber riches:

Ronin, a blockchain service for online game company Axie Infinity, admitted that hackers managed to steal $600 million by transferring 167,000 ethers to an anonymous ethereum wallet.

Apparently, the hackers were then able to steal two different types of cryptocurrencies. The value of what was stolen changes all the time due to volatility of crypto markets.
 

The latest hack “is a sobering reminder of just how vulnerable Web3 marketplaces are to cyber attacks," former SEC chief of security John Reed Stark, told CNN.

(Web3 refers to the idea of a decentralized Internet powered by the blockchain, the technology that underpins various cryptocurrencies.)

“The entire web3 marketplace is so fraught with chaos and lawlessness, we may never learn the truth about what happened,” said Stark. “And unlike U.S. financial firms who must report cyber-attacks fairly, accurately, promptly, etc., NFT and other Web3 marketplaces do not have to report anything at all.”

Oh, about those NFT thingies. Gizmodo is reporting on six crypto and NFT scams in March alone. But you don't have to believe me. 

https://gizmodo.com/6-crypto-and-nft-projects-from-march-2022-that-were-tot-1848639890

No machine guns or getaway cars needed. Bonnie and Clyde would certainly approve.

Hackers steal $600 million from Axie Infinity
 

[ProfD]

Wherever there is currency and/or an opportunity to make money, thieves are nearby plotting to steal it. 

[Troy]

As they say, "no keys no cheese."  I recommend that you hold you crypto in your own wallet.  I use Trezor https://trezor.io/

.

Many of the "hacks" were just outright scams.  Like someone setting up a bogus bank then running off with the deposits.  I would not buy any crypto unless it was listed here: https://coinmarketcap.com/ and even then I'd just stick with Bitcoin or Ethereum.

 

Most seem to be using crypto as a get rich quick scheme rather than an alternative currency.  As a result of this greed, people are getting played every day.  

 

Banks have already gone digital. I rarely handle currency and never go into a branch or use an ATM.  The only exception is when I go to the casino to play poker. 

 

The adoption of Crypto would be a minor transition but unless regulators get on board it crypto will remain on the margins ripe for fleecing the gullible and greedy.