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/biz/ - Business & Finance

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10139911 No.10139911 [Reply] [Original]

A 100 million heist happened today with Syscoin and nobody reported on it beside being news among crypto social media.


Is binance just going to pretend this didn't happen to avoid bad publicity? What the fuck.

>> No.10139919

What happened?
ELI like I'm brainlet

>> No.10139927

It was only a couple hours ago and most of their management would be asleep at this time in their part of the world. Expect info tomorrrow.

>> No.10139930
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10139930

>>10139911
Show me the damages

>> No.10139935

>>10139911
Was the attack on the blockchain a diversion. Why do that if you're attacking binance whales.

>> No.10139936

Is this VIA all over again?

>> No.10139943

>>10139927
Apperantly 8k btc has already been sent out.
>>10139919
This is the theory right now, a whale account which had 20k btc was used to pump syscoin and it filled some ridiculous buy order like 96 btc for 1 sys coin

>> No.10139951

R.I.P whoever was made to buy the top on Binance even if it was only a fraction of a coin (1 SYS for 96 BTC).

>> No.10139955
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10139955

Probably syscoins fault

>> No.10140071
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10140071

>>10139943
>96 btc for 1 sys coin
Not just one.

>> No.10140095

>>10139936
Yes, but successful.

>> No.10140133

>>10139919
price was around 0.000096 and most likely a whale bot malfunctioned and set a market buy for 96. all coins up to 96 btc in price were bought by this now probably suicided fool. 16.49k BTC over 3-4 million SYS.

>> No.10140145

So now he has a ton of sys coin? Hope. He can cost average down

>> No.10140149

>>10140133
If that's what happened, then that's the best case scenario. If.

>>10140095
Proof?

>> No.10140157
File: 53 KB, 720x711, SYS bot fucked.jpg [View same] [iqdb] [saucenao] [google]
10140157

>>10139930

>> No.10140166

>>10140145
Lmao how the fuck do u adv down 144 million dollars

>> No.10140197

Hackers already have 52 million.

Who keeps that much on an exchange and gets phished? I doubt it was a whale getting hacked.

There has to be a bigger story to this.

Cleaning your money this way make no sense either when millions of people can notice.

>> No.10140201

>>10140133
It probably wasn't one big whale but many accounts. This looks really similar to the VIA hack, where hackers had access to a bunch of binance api keys from compromised trading bot software. The hackers then but a stupid high sell order for the coin then get all the bots to market buy to fill their orders.

>> No.10140203
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10140203

>>10140149
it's very likely what happened. this is an example binance bot.

all it would take is a fuck up in one of these values or data types, which could easily happen if using a custom trading algo.

>> No.10140226
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10140226

to pull this off they needed to be able to withdraw thousands of bitcoins quickly. how can those withdrawals have gotten through without some kind of human review? inside job?

>> No.10140236

>>10140226
Institutional accounts have much higher than normal withdrawal limits, its possible they hacked a larger player.

>> No.10140246

>>10140201
look at the orders. it's all right fucking there. they've been posted multiple times in this very thread. all orders were bought up to 96 instantly, it was a single account. the majority was 13152 SYS at 1.1 BTC in price.

>> No.10140359

Holy shit that dump

>> No.10140606
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10140606

>>10139911
Would have been hilarious if they used Link instead. Imagine the smugness of brainlets across this board thinking their singularity memes were coming true.

>> No.10140657

>>10140203
Possible, but since there seems to be evidence that a lot of profits from this was cashed out to a particular address, I'm not sure that part fits in the honest mistake/faulty bot scenario.

>> No.10140726

So did other innocent bystanders seeing this happen make money off this Pump?

>> No.10140781

>>10140201
Indeed, if it was just one hacked whale account, then why not just send the BTC out to your hacker address direct. You'd already have their 2FA, so no biggie. It's not like selling SYS to yourself at 96BTC/coin first is going to hide your tracks any. These market buy tactics are only useful when you have an API key with no withdrawal functionality, and you only get those by phishing krill using a compromised trade bot.

There's no way a whale with 7000 BTC on the books was using an unvetted trade bot. Seems too unlikely.

>> No.10140801

>>10140726
no but I would have if I hadn't been at work. 3x in the aftermath within an hour. Risky though, if you hadn't pulled out before Binance froze operations you'd be at the mercy of the dump to end all dumps as soon as it unfroze.

>> No.10140845

>>10140781
you'd be amazed how lazy developers are, and they're also the only ones who can read and understand the code, so unless the whale was a coder too then it would be hard to audit the code. this was probably some strange edge case in a custom algo or a type/format error that dropped the zeros and decimal.

>> No.10140974

>>10139911
They will prob just eat the cost that chinklord farts $100M it's nothing