"Fuck banks and the government, i will get my money on this on never pay taxes again..."
Get your shitcoin robbed*
"Help government, i got robbed"
"¯_(ツ)_/¯"
this post was submitted on 30 Oct 2026
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It turns out that watching people lose money to crypto is my kink.
Never let anyone shame you out of it.
It's amazing that people store their life savings in other people's wallets, lol
Isn't that every bank?
My bank has nice plush offices I can burn to the ground if they steal it.
Yeah but FDIC insurance goes a long way in people's mind.
Banks are well established at least.
Banks are backed by the government. That's why people trust them.
People forgot why that is.
now updated to $6.8B.
So much for blockchain security and free money.
$6.8B is the figure they stole, but since some of the assets got frozen they are only left with $3B they can use
only
Isn't blockchain just a way to control the transactions? Why can't they just reverse the transactions and essentially deny the theft?
A blockchain doesn't actually provide control over a transaction, it just verifies that it happened. It's supposed to be a long, immutable record of every transaction that has ever ocurred, which is precisely why transactions can't be reversed. The work of verifying those transactions is performing by miners, or some other "proof of" design where you have an authority in the chain that confirms it.
Basically, it's nothing more than a fancy receipt.
Because there is no centralized entity whom you can ask to do that, that's the whole point. Only the change to the community controlled consensus - (most of miners, node runner, validators and users agreeing to it) can achieve that, but there is no interest in that as it would undermine one of the main principals of crypto currency and it's cash like properties - transaction irreversibly.
Something like this happened with Ethereium iirc and the coin split into two. One were the transaction was reverse and the OG one. But they were able to reverse the transaction because all the biggest holders decided to. Not sure if those coins stole from binance are as centralized as Ethereum was at that moment to be able to do it.
Well if you did that, then crypto would cease to be useful as a criminal currency, wouldn't it?
They had access to 6.8, Binance froze over 3 billion, and off chain partners froze other coins. They said 3 billion or less.
They had access to 6.8, Binance froze over 3 billion
So much for blockchain security and free money. You missed the point, this wasn't supposed to be possible, bro.
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Did they break the security of the blockchain or just hacked an application that stored it in a database?
they hacked the website. People who use Binance are storing their money there, instead of on a self-custody wallet
Crypto coins are a scam, and one of the main feature, decentralization, is vastly nullified by people storing their coins in a centralized wallet of someone else.
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Most bockchains have a pretty good security, some guy you gave all your money to because he pinky promised to keep it safe not so much.
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Wow. Is this the biggest heist ever? Apart from Trump’s presidential grift and the SpaceX IPO ofc.
Most heists are digital nowadays because most people neglect cybersecurity. But since we're talking cybersecurity, that's the next big sector to invest if you ask me, especially with threat of AI and quantum computers.
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stable coin
looks inside
the rug-pullest mf of them all
I mean its probably not a rug pull. Most likely its a coordinated state sponsored hacking group, like the Lazarus group, who would be my bet for the big winner of this.
I'm curious how much theyll walk away with in the end.
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There are still people who will insist it wasn't a stupid idea to decide meaningless digital points like the ones you get for helping Pac-Man eat dots are real-life money now.
Because helping Pac-Man eat dots at least takes some effort and impose scarcity, and that's already better than working for money another man can print for free.
As someone who also disbelieves in crypto, I'm not sure why real-life money shouldn't be considered fraught.
Just the normal crypto issues. Buy crypto, lose money.
Lotta comments here blaming the victims.
This was likely an instance of social engineering within Binance and nothing to do with the underlying securities, folks.
Are you saying Binance engineers always intended to trigger a steal? Because that’s exactly what I thought when I saw the headline but I’m not well informed about block-chain security.
No, I think someone obtained one of their employees' credentials via social engineering. It's not that hard to do, you just call someone and tell them you're from IT and their password, or security key, or passkey or whatever is expiring and pretend to set them up with a new one or convince them to let you remote into their PC to make some kind of security update.
That's usually how it happens.
Thank you for explaining!
Sure thing. Have a nice Saturday!
Are they really “victims” when they willingly gave their money to an unregulated not-bank?
Yes.
You may not like the product but these people still have a reasonable expectation of security, and they should.
I don't care for AI girlfriends, but when they convince a teen to off themselves I still acknowledge that the teen is, objectively, a victim even though the product is unregulated.
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