USD 4.27B stolen in 2022 in Web3/crypto hacks and scams

Re:USD 4.27B stolen in 2022 in Web3/crypto hacks and scams by fallingknife on Tuesday January 03, 2023 @11:29AM (#34233599)

Because the trustless nature of crypto is present only at the protocol layer of crypto. The application layer, which is what basically all non institutional users of crypto interact with, isn't trustless at all.

But also we should remember that pretty much every bank in the US would have FTXed it's customers money in 2008 if the government hadn't bailed them out.

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Re:USD 4.27B stolen in 2022 in Web3/crypto hacks and scams by riffraff on Tuesday January 03, 2023 @11:56AM (#34234066)

I'm pretty sure the US has insured deposits up to a sizeable threshold, so no, the vast majority of customers would not have been FTXed, I think.

This is something that keeps coming up: the regulations and institutions in traditional finance exist largely because it already went through the same pain that crypto finance ia going through now.

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Re:USD 4.27B stolen in 2022 in Web3/crypto hacks and scams by UncleEntity on Tuesday January 03, 2023 @02:04PM (#34236288)

Umm, no.

The government forced the banks to take money so people couldn’t tell which ones were in real trouble and which ones were fine.

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Re:USD 4.27B stolen in 2022 in Web3/crypto hacks and scams by fallingknife on Tuesday January 03, 2023 @04:36PM (#34238427)

Because they wanted people to think that all the banks were fucked. That's so much better than just a few. Yeah. That makes sense.

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