Hugged:


https://www.thecable.ng/bawa-efcc-has-recovered-20m-worth-of-cryptocurrency-from-fraudsters

I hope they have started with Abubakar Malami?

Buzx:


Well, it seems you've not heard of "flash loan attack" that has been used to steal millions of dollars from decentralized exchanges. BurgerSwap, which is a decentralized exchange on Binance smart chain network was rekted of millions of dollars last month through flash loan attack. Their liquidity pool was drained of the millions. This is just one of the many Dexs that have lost money through flash loan.

I must admit I am new to crypto, as I had avoided it since the failure of earlier digital currencies more than 10 years ago - ie e-gold, liberty reserve, etc. But recently I realized that cryptos are here to stay, and so I just started getting involved.

Having said that, the only way I see to hack a crypto currency driven by block chain technology is by obtaining the password and keys through a phishing attack or getting it directly from the wallet owner by force. I don't think the servers holding the transaction ledgers can be broken into as the information is stored in multiple servers and computers, and a brute force hacker would have to hack all the computers.
I might be wrong and I would appreciate some education.

When it comes to "Hacking" it doesn't have to be when you use brute force or something like that. They're lot of ways hacking can take place and they're different types of hacks.

Should I tell you about Metamask, the popular wallet and chrome extension people use, where their website was cloned and people lost money by visiting the cloned website and inputting their seed phrase.

Still sounds like a phishing attack.

The thing is, the whole world of crypto, blockchain and decentralized finance is relatively new and still needs a lot of improvement. Those who are into it now are regarded as the early adopters and need to tread with caution. Crypto is not hack-proof. Blockchain is just a word, and they're a lot of Blockchains out there. Some are very secured, while some have security issues.
[quote]
You are probably right as regards shit coins or meme coins, but for established cryptos like Bitcoins (which is the crypto under discussion) and Etherum, I am sure they are virtually hack proof.
[quote]
Now, do Nigerian government have the skills to hack or block a crypto wallet and retrieve funds? Nah, I don't think so. They must have beaten seed phrases and passwords out of those guys to retrieve funds. Cheers!

Even the US government don't have the skills or tools to hack Bitcoins, else they would have caught the criminals that blackmailed colonial pipelines and rendered the US without petrol for almost a week. Colonial pipelines had to pay over $4 million in bitcoins and the money was never recovered.

Yes, EFCC would have tortured the guys to get access to their bitcoin accounts.

Have a nice day.

Recovering and re-looting.. If they are transparent, let them show us..

In other news, see the cost of building a 2 bedroom bungalow below.

https://thearchitect.com.ng/cost-2-bedroom-bungalow/

Hugged:


https://www.thecable.ng/bawa-efcc-has-recovered-20m-worth-of-cryptocurrency-from-fraudsters

. That's okay.

wirinet:

I must admit I am new to crypto, as I had avoided it since the failure of earlier digital currencies more than 10 years ago - ie e-gold, liberty reserve, etc. But recently I realized that cryptos are here to stay, and so I just started getting involved.

Having said that, the only way I see to hack a crypto currency driven by block chain technology is by obtaining the password and keys through a phishing attack or getting it directly from the wallet owner by force. I don't think the servers holding the transaction ledgers can be broken into as the information is stored in multiple servers and computers, and a brute force hacker would have to hack all the computers.
I might be wrong and I would appreciate some education.

One thing you should understand is they're different types blockchain network, like I explained previously. All cryptos don't run on the same blockchains. Blockchain were designed to be secured, but the question is are all blockchains secured? You need the to specific of what particular blockchain network you're talking about.

These chains are secured by validators. The higher the number of validators the more secured the blockchain is. Ethereum blockchain is very secured as they're thousands of validators securing the network. An attacker that wants to attack the Ethereum blockchain would need to have a computer as powerful as 51% of the network. Do you know that the old Ethereum blockchain was hacked and millions was stolen? An upgrade was now made to the chain to make it more secured and the chain was broken into two. This is what they call the "hard fork" The old chain is now what they call Ethereum Classic. The new and more secured chain is the Ethereum blockchain we all know today. Here: https://www.cbc.ca/news/science/ethereum-hack-blockchain-fork-bitcoin-1.3719009

There are blockchains of only 200 validators and it would be easier for that network to be attacked. I also mentioned flash loan attack.

You should read this:
https://www.technologyreview.com/2019/02/19/239592/once-hailed-as-unhackable-blockchains-are-now-getting-hacked/

Even the US government don't have the skills or tools to hack Bitcoins, else they would have caught the criminals that blackmailed colonial pipelines and rendered the US without petrol for almost a week. Colonial pipelines had to pay over $4 million in bitcoins and the money was never recovered.

Oh, you didn't hear that some of the money have been recovered by the US government from the Colonial Pipeline ransomware hackers?

And this is not the first time the us government have recovered or seized stolen cryptocurrency funds.


Read it up here: https://www.cnn.com/2021/06/07/politics/colonial-pipeline-ransomware-recovered/index.html