Comment by kjuulh
12 hours ago
The name of the hacker is a bit on the nose lol.
I can't understand how you could let this happen. If they stored everything in fat hot wallets, that just seems like a recipe for disaster. Especially with the "features" of crypto. Math for the most part, doesn't care about your feelings, or money for that matter.
Hot vs Cold wallets are a social construct. People talk about wallets being "online" or "offline" but if the keys are compromised there's no such thing.
I know, but if something is split up and stored in a vault somewhere the likely hood of a vulnerability napping the wallet falls. Defence in depth and risk analysis.
I don't know much about bitcoin but surely you don't store this all in one wallet? You split it into thousands and then use hardware security modules with a risk management system so it doesn't let you transfer $5bn instantly. Unless it was an inside job maybe?
I'd be really curious to know what their security architecture was.