Re:153k Ether Stolen in Parity Multi-Sig Attack
by 52-6F-62 on Wednesday July 19, 2017 @05:09PM
(#14807966)
It has nothing to do with any currency or protocol. It was a broken feature in a piece of software used on the network that was bad. Unfortunately, it was widely used and somebody caught the fault and exploited it.
It's more like a company's open source software allowing somebody to steal your bank password. It doesn't have anything to do with USD or the Fed, or even the bank's larger practices. It has to do with how negligent they were with regard to a particular feature.
Re:153k Ether Stolen in Parity Multi-Sig Attack
by dahdum on Wednesday July 19, 2017 @06:44PM
(#14808647)
This...it was a poorly written contract just like the DAO was. Parity developers didn't follow the most basic contract safety steps, and people used it because they trusted them too much.
Each of these situations is a painful learning experience, but moves the platform forward.
Re:153k Ether Stolen in Parity Multi-Sig Attack
by vkou on Wednesday July 19, 2017 @05:34PM
(#14808179)
Of course, there is a very large financial system designed to deal with the fallout of a bank password being stolen. There is no such system with crypto-currencies.
Re:153k Ether Stolen in Parity Multi-Sig Attack
by sp332 on Wednesday July 19, 2017 @05:14PM
(#14808003)
*HIPAA.
I remember it as "hippo", or "H-I-P-P-Oh darn, I spelled it wrong again!"
Re:153k Ether Stolen in Parity Multi-Sig Attack
by samstave on Wednesday July 19, 2017 @06:37PM
(#14808613)
I know - call me dislexic...
Re:153k Ether Stolen in Parity Multi-Sig Attack
by trakout on Wednesday July 19, 2017 @05:12PM
(#14807984)
Cryptocurrencies do go through pen tests. I think instances like these are a good analogy to how even multiple tests run by 3rd parties will only get you so far -- particularly when the "bounty" is potentially worth millions.
Why is there no "pen-test" phase to any crytocurrency which hits the market.
So, let me understand; you're ostensibly smart enough to (perhaps as a body of contributors, even) develop a cryptocurrency offering - yet youre also fucking stupid enough to not have same/wider network of ppl attempt to hack the fuck out of your plan?
Does this already occur? or some savant comes and owns them?
We have fucking HIPPA FFS and the compliance systems for something as trivial as my stupid name.
so; ELI5: WTF are currencies doing/not-doing which allow for such hacks (1) and allow for exploits to go unseen (2)