League of Legends Pro, NYS Attorney General Highlight Cryptocurrency Risks

[Guest]

The Office of the New York Attorney General warned of the risk in relying on cryptocurrency exchanges shortly after Doublelift had $200,000 stolen via Coinbase.

League of Legends Pro, NYS Attorney General Highlight Cryptocurrency Risks : Read more

 

[TJ Hooker]

The hack mentioned sounds like a result of SMS 2FA that was compromised. Don't use SMS 2FA if you have an alternative option! (e.g. authenticator app)

 

[Christopher1]

There is a simple solution to this: Laws that mandate that these cryptocurrency exchanges have to have ways to return fraudulently taken monies to people.
A few cryptocurrency exchange CEO's going to jail even just overnight will send the message "Hey, this is not the wild frontier anymore, you have to have some consumer protection methods!"

 

[WINTERLORD]

so my next motherboard will have one of these for realtime raytracing kinda makes me wonder now what amd will offer in the future

 

[canadianvice]

@Christopher1: Sounds great. The problem is how this works. It was secure to any acceptable level. But they just need that code and it's done.

Frankly, it's against the ethos of crypto in the first place: you should not be centralizing it, such that you cannot retain full and impregnable control of your wallet on your own.

I will admit that's hard though with exchange limits being what they are in a day.

 

[Zaporro]

There is a simple solution to this: Laws that mandate that these cryptocurrency exchanges have to have ways to return fraudulently taken monies to people.
A few cryptocurrency exchange CEO's going to jail even just overnight will send the message "Hey, this is not the wild frontier anymore, you have to have some consumer protection methods!"

How about a simple law that gets rid of the cancer of cryptocurrencies and all the pyramid schemes and criminal activities related to it?


Someone is stupid enough to go into it, let them suffer when they lose money.

 

[robax91]

Sucks to hear, I'm a fan of DL. Anyways though, people should have run away from crypto long ago. It's not the "money of the future" it's a way for people with tons of money to game the system (same as stocks, other risky investments) and a way for illegal payments to get made with tons of anonymity. Unless it gets regulated and protections put in place (as well as accountability), crypto is just a huge risk not worth taking.

Edit- I can tell some hurt feelings by the downvotes, doesn't change the facts. In its current form, crypto was never good. It was only a good way to make money off of others (and cause huge amounts of extra electricity to be wasted), not a good replacement for normal currency. Period. I wonder how far we could have gotten if all that crypto mining was instead poured into folding. That at least would have benefited science, rather than using electricity and speculation to take money from others (just like stocks).

 

[hdmark]

or... dont keep money on a crypto exchange ?

 

[TJ Hooker]

or... dont keep money on a crypto exchange ?

It wasn't just the money he kept on the exchange:

"From there, the hacker emptied Doublelift's virtual wallet--and his actual one, too, because his bank account was connected to Coinbase."

I'm guessing the hacker simply bought as much crypto as he could using the connected bank account to drain it, and then transferred everything out.