His sources confirm that it's a security incident: https://t.me/investigations/213

The top hack on Rekt's leaderboard was Ronin Network with 600M USD (https://rekt.news/leaderboard/)

Just to categorize this, FTX was ordered to pay its customers back roughly 12B USD: https://www.theguardian.com/business/article/2024/aug/09/bankrupt-crypto-exchange-ftx-ordered-by-us-court-to-pay-customers-sam-bankman-fried

News from Ben from Bybit:

copypasta from my twitter account:

who needs to move $1.48B within 12.5s?

how can someone feel safe knowing that all their assets can be swept in a single transactions? why not having time-lock in place? something like hey if we all fail and sign the wrong tx we have at least 24h to stop the process.

we have the most advanced world computer and you use it like a fucking abacus? if after *years* of hacks this is how an exchange manages its funds the only thing I can think about is shame on them.

they had enough money to invest to prevent this, but they didn't, this is just a prime example of malpractice.

if after *years* of hacks this is how an exchange manages its funds the only thing I can think about is shame on them.

Agreed, that is embarrassingly bad practice. I wonder at what point they can be sued for something like this.

Shameless plug: That‘s also why I love Gnosis Pay, because it is really a much more decentralized off ramp than exchanges.

But let‘s see, at this stage they‘ve said that they are managing the bankrun for now. I wonder if exchanges can make so much money that they never become insolvent. At the same time, I think they also hold fiat too, so they can grift along some more and implode later

Great point @albi. Also, $1.4B is so much money. This is +/- how much it cost to build Burj Khalifa.

lol imagine stealing the Burj