Marty's Ƀent
Issue #1159: Bitfinex hackers have been caught
Your Uncle Marty was NOT expecting these two to be the masterminds behind one of the largest exchange hacks in Bitcoin's history.
Your Uncle Marty was NOT expecting these two to be the masterminds behind one of the largest exchange hacks in Bitcoin's history.
This is a novel way to implement a Proof of Reserves system and should raise the bar for the industry.
KYC/AML does more harm than good and SMS 2FA should be avoided at all costs.
Disrupting the Bitcoin Network for something like this seems a bit like throwing the baby out with the bathwater if you ask Uncle Marty.
To pull this off, Binance would have needed to coordinate with miners to rewrite the chain to change the transaction executed by the hacker. Now, that doesn't seem very decentralized or trustless, does it? Nor does it seem very practical.
The risk of legal action against Bitfinex has been well-known by anyone who has been observing the Bitfinex saga for long enough. It's no surprise to me that they have finally attracted the attention of some government entity.
