Re:$625M worth of ETH drained on Axie Infinity's Ronin Network
by oefrha on Tuesday March 29, 2022 @01:04PM
(#30845332)
No, $625M transfer out of a single bank account would raise tons of eyebrows. No way it’s authorized by some env vars.
Re:$625M worth of ETH drained on Axie Infinity's Ronin Network
by no-dr-onboard on Tuesday March 29, 2022 @01:22PM
(#30845616)
Maybe, but 30d ago it would have been "No way someone would store $625M USD in a game dev bank account".
Re:$625M worth of ETH drained on Axie Infinity's Ronin Network
by matt_s on Tuesday March 29, 2022 @02:13PM
(#30846333)
If the hackers are sophisticated, I would think they would start wiring in much smaller amounts and thru accounts so tracing is harder. Much like what they are going to have to do with the funds in that wallet.
If they setup some plausible 3rd party company the game studio could use and started transfers of $10k a pop it might be some time before anyone catches it.
Re:$625M worth of ETH drained on Axie Infinity's Ronin Network
by manquer on Tuesday March 29, 2022 @03:45PM
(#30847449)
That is slow anything over 10,000 in bank transfers will reviewed, and there will be a dedicated account manager for a 600m account.
They are going to review and flag it. You might loose few hundred thousands but not all 625m.
Re:$625M worth of ETH drained on Axie Infinity's Ronin Network
by openasocket on Tuesday March 29, 2022 @12:59PM
(#30845247)
Aren't there methods of rolling back transactions in the traditional banking system though? And additional validations on larger volume transactions?
Re:$625M worth of ETH drained on Axie Infinity's Ronin Network
by mplewis on Tuesday March 29, 2022 @04:11PM
(#30847758)
That's right. None of these protections exist in their sidechain.
Re:$625M worth of ETH drained on Axie Infinity's Ronin Network
by mrits on Tuesday March 29, 2022 @01:00PM
(#30845253)
It would be much different outcome that would probably lead to recovering the money.
Re:$625M worth of ETH drained on Axie Infinity's Ronin Network
by gamblor956 on Tuesday March 29, 2022 @01:36PM
(#30845818)
Transferring $650 million out of a corporate bank account would usually require in-person approval by a C-level officer, or at the very least, prior notice to the bank of the transaction.
Re:$625M worth of ETH drained on Axie Infinity's Ronin Network
by mtoner23 on Tuesday March 29, 2022 @01:54PM
(#30846082)
Yeah, banks dont let you move this money without multiple levels of identity verification by both parties.
Re:$625M worth of ETH drained on Axie Infinity's Ronin Network
by arthurcolle on Tuesday March 29, 2022 @04:38PM
(#30848051)
Not always true: https://www.vice.com/en/article/ne8p9b/offshore-bank-targete...
The details of it being on a crypto-currency are interesting but when password/passphrase/private key security is poor it doesn't really matter the medium holding the money.