Binance is tweeting they think it's a compromised devops laptop. How fucking bonkers insane is it that they would have such fragile systems that any single employees machine would possibly have access to trigger Billions in transactions. Even access to low millions or hundreds of thousands I would expect to be heavily heavily restricted and involve coordinating several people as security measures.
https://x.com/binance/status/2115993361517891592
move fast and break things.....
yea, break things... like your legs
Is that just code for "inside job"?
Not necessarily. But I believe they said that the laptop was hacked.
Billions at stake in a service that is highly used to launder money, exchange illegal goods, etc.
Whoever went for this has some balls.
regulations are bad and inhibit innovation
what kind of regulations would serve this particular scenario?
The hack is purely technical in nature.
This could have been the FED's system that got compromised and the response would have been the same.
Oh, no, sorry - it wouldn't because we wouldn't even know it happened as FED is fully opaque while crypto is quite transparent.
In that sense crypto is much more democratic because at least there's some ability for the public to audit it. With FED there's none.
> what kind of regulations would serve this particular scenario?
Separation of duties so more than one person is needed to create and then approve such transactions?
Security, nobody cares about it.....