More Crypto Losers

[Graybeard]

Understand the nature of any investment (or speculation):

Read the fine print carefully!
News from various sources ...

"More than half a million people who deposited money with collapsed crypto lender Celsius Network have been dealt a major blow to their hopes of recovering their funds," reports the Washington Post, "with the judge in the company's bankruptcy case ruling that the money belongs to Celsius and not to the depositors." The judge, Martin Glenn, found that Celsius's terms of use — the lengthy contracts that many websites publish but few consumers read — meant "the cryptocurrency assets became Celsius's property."

The ruling underscores the Wild West nature of the unregulated crypto industry. On Thursday, New York Attorney General Letitia James moved to impose a kind of order, or at least legal repercussions, on Celsius founder Alex Mashinsky, whom she accused in a lawsuit of defrauding hundreds of thousands of consumers.... And while Glenn's ruling won't affect FTX, whose terms of use were different, some analysts saw the ruling as spreading beyond Celsius.

"There are many other platforms that feature terms of use that are similar to Celsius's," said Aaron Kaplan, a lawyer with the financial-focused firm of Gusrae Kaplan Nusbaum and co-founder of his own crypto company. Customers need to "understand the risks that they are taking when depositing their assets onto insufficiently regulated platforms," he said.

 

[Graybeard]

How To Steal Cryptocurrency

A surprisingly simple way to steal it is by using a process called 'sim-swapping'.​

This involves taking over a victim's phone number, and then using that number to reset the victim's email account. From there, the attacker can reset the victim's cryptocurrency wallets, and drain them of all their funds.

2FA is too commonly used for identity verification and creates a giant vulnerability when a sim card is reused. The whole concept of 2FA is flawed when dependent on a sim or an email address.

It’s a surprisingly simple way to steal cryptocurrency. However, the attack may not make economic sense.

Guessing key pairs requires significant computational resources and time--then you have to weigh these costs against the odds of finding a whale with boatloads of Bitcoin versus the chance of finding an account with a couple bucks left in it, which would not be worthwhile having wasted expensive computer time, or will the computer time be that expensive when Quantum Computing becomes economically viable?

So here's how it works. The blockchain contains the public keys of all its participants, everyone who has, or has had, Bitcoin. You order that list, which is quite large, and conserve it. Then you roll the dice, by inserting a random private key. From that private key you generate the corresponding public key, and verify whether it's stored in the list of public keys on the blockchain. If it matches, you empty the wallet linked with it; if not, you replicate the process by inserting another key. By skipping a particular individual account, you've reduced the time you'll have to wait to crack any account from a geologic eternity to a much more practical figure. This has been suggested that it might be possible to find around 12 months if they had enough resources.

With ever faster computers--the exploit my become trivial.
It's time to rethink private key protocols and structure. This will become an ever increasing problem in the future.​

 

[stockemarket]

Nothing is safe online. Keep your funds in cold wallets and only the money you want to play with use them on the exchanges.

 

[bulkcheapservice]

Understanding the nature of any investment or speculation is crucial. It involves assessing risks, analyzing market trends, conducting thorough research, and making informed decisions. no Investment is safe without having enough knowledge and research about it. Educate yourself, seek expert advice, and approach investments with a long-term perspective for better financial outcomes.

 

[Graybeard]

Crypto is not an investment it is a speculation --it's your money