Comment by dickfickling
13 hours ago
So, what's the most likely outcome here? Maybe Circle/Tether/etc freeze some or most of it, but say the hacker gets a billion dollars. Are they able to launder it thoroughly enough that they can eventually turn it into fiat and live like a king?
The hackers managed to swap 700 million USD of the stable coins that were frozen beforehand, supposedly. And that doesn't account for the non-stable coin crypto they stole. I think we are looking at 2.5 to 3.5 billion here, that also aligns with what CZ is hinting at (more than a billion).
It’s likely state sponsored and some nation(NK is a common one) just paid for the weapons budget of the next few years
TRM Labs[0] claims it is indeed NK
[0]: https://www.trmlabs.com/resources/blog/north-korea-steals-us...
What would be the list? NK, then Russia, anybody else ?
NK, NK, NK.
Seriously, they have professionalized attacks on crypto infra to a degree that whenever you hear about a massive heist, you can be pretty sure it's North Korea.
Iran
Yeah, some criminal enterprise or state probably just made billions of dollars and will now use it against us for a long time. Crypto is practically designed for money laundering, particularly prediction markets.
Crypto is a hard lesson for early adopters who believed that humanity will get actual benefit when in reality it was completely hijacked by bad actors while people got relative nothing or worse. What an incredible disappointment of a project.
Crypto is also a hard lesson for those who thought it could liberate if only everyone was using it: the amount of storage needed for ever-increasing record-keeping made it completely unrealistic to use individually, forcing you into the centralisation that they advertised you could escape from.
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Curious if this finally pops tether. I kinda doubt it, but to my very mild research on the subject I feel like binance was a big part of the equation. Of course so long as the market exists it'll need a stable, and it's got the inertia, so maybe it just won't matter.
why would it pop tether? if anything, it makes tether more profitable, as they can collect the yield on the treasuries and not have to return the principal dollars which are frozen.
think of it this way - if someone steals your iphone, and you lock it, does apple pop? No, apple sells you another one. locked devices are good for apple because it causes more demand.
Because Tether is an obvious fraud linked to these other obviously fraudulent companies and predicated on trust in cryptocurrencies.
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Is that what happens here? Tether just pocket the difference?
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If the iPhone you bought can easily poof and be gone and locked somewhere, people will stop buying and using iphone and apple will pop
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You misspelled "turn it into more nuclear weapons in North Korea", where Kim Jong Un is already living like a king.
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> Yeah totally not israeli hackers... it has to be scary kim.
The Israelis don't have any problem acquiring hard currency. North Korea does, and has an established MO of stealing crypto and running online moneymaking scams like ransomware.
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Do you have any reason to believe this?
This fits the NK MO to a T. It does not fit Israeli intelligence activity. Your claim rings hollow without any support.
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Could be Claude!
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Well, looking at the way NK is demonized, you would think it was on a genocidal rampage, invading neighboring countries, and eliminating heads of sovereign states in pursuit of its Greater NK project.
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