Wormhole confirms all $320M in funds have been restored

Re:Wormhole confirms all $320M in funds have been restored by latexr on Thursday February 03, 2022 @03:10PM (#30198056)

> I wonder what it is about Crypto that causes large players to cover user loses.

The answer is in the comment you replied to:

> there are a lot of awfully rich people who are scared of the bubble popping.

The value or cryptocurrencies depends on hype and on convincing the next chump that they should buy in. The large players have a lot of money invested which they will lose if the cryptocurrency value tanks because people lost trust. Covering user loses is itself an investment; it contains the damage by making the issue die down.

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Re:Wormhole confirms all $320M in funds have been restored by slg on Thursday February 03, 2022 @03:39PM (#30198487)

Exactly, this move tells us that the people behind Wormhole think that $325m is the lower bound for the risk to their previous investment if they didn't act. That means they likely have billions at stake in which they fear losing or like I originally said they are worried it is a bubble that might pop.

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Re:Wormhole confirms all $320M in funds have been restored by rewtraw on Friday February 04, 2022 @01:44PM (#30211132)

or: it's not a bubble but the next era of the web. they see the long term value of being a leading ecosystem and don't want to fumble their position.

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