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A comment on FTX US’s wallets appear to be hacked, $600M leaving the exchange. Parent comment

Re:FTX US’s wallets appear to be hacked, $600M leaving the e... by Thorrez on Saturday November 12, 2022 @02:42AM (#33570989)
If a bank gets hacked, generally the transactions get reversed. If a cryptocurrency exchange gets hacked, that generally can't be reversed.

Regulation can make things more secure, but I don't think it can realistically stop all attacks. Regulation is slower than attackers. The ability to reverse transactions is what's really needed to prevent attackers from getting away with money.

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Re:FTX US’s wallets appear to be hacked, $600M leaving the e... by lottin on Saturday November 12, 2022 @04:13AM (#33571466)
Who will be in charge of deciding which transactions need to be reversed and when? It seems to me that the ability to have reversible transactions is at odds with the descentralised nature of blockchains.
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Re:FTX US’s wallets appear to be hacked, $600M leaving the e... by iamacyborg on Saturday November 12, 2022 @06:30AM (#33572123)
Tell that to the folks who forked Ethereum.
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Re:FTX US’s wallets appear to be hacked, $600M leaving the e... by Thorrez on Saturday November 12, 2022 @02:30PM (#33576220)
I agree with you. There doesn't seem to be a good way to allow transactions to be reversed while keeping decentralization.

My point is that this decentralization is bringing in a risk that traditional banks don't have. So saying "regulating it like a bank will make it as secure as a bank" is incorrect.

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