Problem lies in the human element unfortunately. In my opinion, there should be regulation on the security side and force companies to have a certain standard, these guys just half arsed security and their users paid for it
@@tommymaher4166 That was a risk the users took for being early adopters. Sometimes you win, and other times you lose. Please stop being a cuck for the government.
Revocation of user access is something that is forgotten more times than would think could, in your wildest of wild dreams. The system is secure. The human admins in this case, clearly, are not. I have known people in the past who were given temporary (several week) elevated access to government systems, who have had to remind the sys admins to revoke them over 12 months later. The problem is FAR FAR worse in the corporate sector.
All that spicy Masalah. Gotta keep your tongue moving so fast, it makes you talk real good.. Plus the new haircut is aerodynamic, making it easy to think about all this.
Take note people: I'm an IT Tech in a company that works (among other things) with doing security solutions for our customers. We had a poll recently among us backend folks. We're a team of just shy of 120 people. 86% *do not have facebook*. 100% *do not engage in crypto of any sorts*. 100% have their own Linux based router behind what their ISP provided. So when Muta makes "funny jokes" about not sticking your digital dooda *anywhere* with rubber.... it's not a joke. Internet victimisation is growing 10-15x faster than internet adoption. All internet victimisation relies on information gathering. Lesson learned: DO NOT GIVE OUT INFORMATION. End of story.
This NFT game is really sus, if you go to the ronin wallet and read reviews you will see people saying they never replied to any emails asking for information and were super secure with their info and still their money got stolen from the ronin wallet and they never got answers, IMO the company making this game is involved because even though this game is huge it still has not implemented security as simple as SMS codes and google authenticator codes. I think they are involved in this because you can read on the internet about people who are very safe with their internet usage saying their ronin wallet funds got stolen , and the fact such a huge company doesn't implement simple security is a red flag.
@@382u3uuej Not to mention that this game is mostly about gambling, the creator of Sky Mavis is actually an ex-patriate from Vietnam cause he was fleeing from actual criminal debts and other shady businesses involving crypto and drugs.
Yep. I didn't lost that mucho money because it was profit. But I was rob of 3000 $. It didn't hurt my wallet because I just lost 120$. But my trust in play to earn games was lost. And I was not the only one
@@neunleben1358 because most of these nft things are scams. they’re pictures with no comparable or ”real” value. if you invest in some dumb shit like nfts you’re basically putting yourself at gunpoint.
Only for the first three if I believe. After that you earn the Axies (Pokémon in your example) by playing the game. That said I still think it's a shit game, but given that it was literally the first crypto game I think it's more an accident than anything it's gotten so popular.
This shows the incompetency of the Sky Mavis Team, 6 days without discovering this hack and not someone from their team discovered it too! I've joined their discord months ago and trust me, it's devs is kinda arrogant along with a lack of transparency of their game about updates.
@@jjcoola998 it's probably an inside job... i saw a dev's tweet assuring people saying that the funds will be recovered and also said that hopefully the same mistake won't happen again... (????)
I like that you read aloud the address number for visually impaired people, maybe a good compromise to avoid the lengthy amount of characters you could start assigning citation numbers that correspond to a list of details in the description, and you can speak aloud "this is citation 4"
"Get P'owned!" I may have laughed at this at first, hacks like this are scary and sad. And hacks like this are definitely why I'll never get into crypto. I love your content, Muta and thanks for keeping us informed on all these things.
Finally someone popular covered this trash game/company. These devs have been doing a lot of suspicious activities the past year. Like randomly banning people just because they're saying that the coin is low. Doing nerfs to axies just to control their population. Inside info trading so some people know when it will pump or what new nerf will arrive. Those devs have a God complex as they don't take any criticisms or suggestions by the community. Like what you see in that message in the video from he founder. The discord or what's left in there are basically a cult. If you're looking at investing in the game, stay far away.
Good thing we haven't invested in Axie Infinity. But I imagine a lot of my fellow Filipinos that are active in the game must be losing their mind right now.
Actually, nothing has changed. The treasury wasnt hacked, the Eth Bridge was hacked. Im invested and still making money with minimal losses from the bridge. Non crypto folk shouldnt comment on shit they dont understrand, Muta included
@@davidcarlson4441 advice taken, since I don't understand anything about Crypto, the more I would not invest in it. You guys are in danger of a positive feedback loop though with that kind of attitude.
I can only imagine the reaction the hacker had when they realized they'd just scored $600 Mil. Also 6 days to move the money? Gawt damn! Unless it was an inside job.
This is what hold me back from trusting digital currency, theres always vulnerabilities on anything digital, add to that the human factor, and you get stuff like this
@Adam yeah except for now there's no standardized policy on digital currency. If this happened in my country, I bet the government would not give a single F on helping.
@@alifnajmi2595 there would never be any regulation for crypto. Its literally "decentralised". Can't regulate something that doesn't happen in the country.
Well if people would trust the OGs that have actually secure systems like bitcoin and would stop supporting these "modern" currencies that are literally just an outright scam it would help. I could be wrong and would be interested in someone sharing some info with me on it, but I am fairly sure that the actual block chain itself for BTC, the only thing you really need to be 100% secure has never actually been hacked or abused. That isn't to say that companies haven't been hacked with wallet information and other things, but the actual primary system that makes BTC work has so far been flawless in its security.
@@AbsentQuack +1 also, it _is_ "safe and secure" due to the fact that it's decentralized because of that, your safety depends on whether or not you have tech common sense and know how to protect yourself ig, sorta as you said.
Im not on favor of NFT's but crypto is safe *if you know what the fuck you are doing* Thing is that many people on the crypto and nft bubble do not undertand how it works
My personal head cannon is that Muta was the one who tried to do this, and he's making this video as a way to cover it up, letting people know why it is so hard so that he can start phase two of his crypto plan.
Any security audit would have caught that. Watch where you put your money folks. If you put your money in a bug ridden wallet, dapp or contract, don't be surprised when you lose your money.
IF this hack was perpetrated by people who also managed to short Ronin in the days after the hack, they don't care about this 600M being unusable, it would just be a red herring for them while they get away with big short money. They would be able to convert those coins into fiat before one can say "insider trading".
This was internal job, probably. The behavior of the company is suspicious, don't they keep track at the back end of the operations? any type of control through the Ethereum blockchain? just like an oracle? This all smell dead rotten.
Fact of the matter is, that if they caught it in time, they could have reverted authorization. Happened on other Blockchains in the past. But can we also just talk about the fact, that cryptocurrency is advertised as "Decentralised" yet all of these big companies build up their own centralised currencies, that entirely defeat the point? And even then they are so sloppy on cybersecurity, that they can't rollback a hack of this size, despite literally being the only ones in charge about that decision. On another note though. The only reason why Crypto is priced as high as it is, is speculation, in effect if someone steals "600m" that usually drives the price so far down, that in the end its only like 50-100m. that they can't even cash Still a lot of money, but nowhere near the numbers cited in such stories. The core reason why those hacks happen in essence isn't to cash out, but just to devalue the target, and these hacks are always successful in that.
@@3dp_edc This is not true. Look up the $60m ethereum hack of 2016 (or the aftermath "ethereum classic"). There is no such thing as decentralization, only the illusion. Any currency is going to mimic the power structure underlying it.
@@3dp_edc there is, and there have been rollbacks. By year one there were entities deemed to large to fail that would get rollbacks. That's the difference between, say, Etherium and Etherium Classic.
I hear the rol back way is trought a "fork", basicly overload the system and get 2 results, so sytem has to roll back to fix it. Tho, to make the Whole system fork requires a BIG % of computer ls being in your posesion, so its like regular markets, the RICH have the say and are protected. Even more as you se Cripto farm getting bigger and bigger, so small Investors have no chance anymore.
@@MrSplosiondude man this happens all the time with no "roll backs" i suggest you go look up all the other massive hacks that have happened. If it were that easy this wouldnt happen buddy. Maybe ETC was able to be rolled back so maybe theres a few coins that can, but most, it doesnt happen. 1 $60m hack was "rolled back". what about all the other $200+M ones that havent? Let me remind you about 2.5b stolen.
The real sad thing is that the thieves had a six day head start and still didn't send the loot straight to Tornado Cash or out an exchange or something.
They probably have hundreds if not thousands of mules moving the crypto around into different addresses till it’ll be hard to trace the original source
@@cyrusthegreat7030 assuming that I am entertaining or not, doesn’t take away from the fact that anyone and everyone has a right to work, in this case, it’s playing video games, which we all know can be a lot of work. + I actually am entertaining, I entertain my family, my kids, and this is just my personal RUclips account, I live in Orlando and have worked as tech in Live Audio Visual Shows, conventions, events, conferences, hotels, New Years, super bowl shows, etc I even own my own LLC for my Talent Agency... but I am just saying, why wouldn’t making money from playing a video game make sense?
Muta, unfortunuately that 600m was mostly taken from the users of Axie. MOst of which are in the phillipines and are using this game to earn money actually. It's gonna be a huge blow to anyone using it, has although they didn't earn much relative to USA and Europe, it was still above the average salary for a college grad over in phillipines. Sad to see. But The guys who made this game basically had 9 validators for their entire project. 5 of those were hacked. For reference, Solana was deemed to have to little, and they had 1600.
Some people in the comments think the users deserve it for trying it out without realizing the potential security issues, but the thing is, it wasn't a scam, nor was it something 'crypto bros' were peddling as ''the future of gaming'' either, in fact people were doing just fine before the hack. So yeah, the fault lies down to the incompetence from the devs part, not prioritizing security, while also moving so much cash from others users was just a recipe for disaster.
@@bamffatboi5526 it's tough because it'll affect the price now, so they'll earn less. It's really sad. Really it's the fault of the owners of the project for not caring about security particularly because of how many people rely on this game to survive in parts of the world that need it most
Same in Venezuela, I wouldn't be surprised this was an insider attack from either part of the animus dispute. I personally don't engage in such tricky and dangerous affair.
Or they dont give a shit and just cash it out in a country who also doesnt give a shit and then walk away clean. Even if that's not the case the money is still gone. Everyone hypes up the blockchain for its traceability but at the end of the day if you lose $300 bones you're still out $300 even if you know the guy got what was coming to him.
@@JohnnyEnrico not really, how that works. Besides 600mil is a few days to a week's worth of funds for a war. It would be entirely pointless and not worth the effort to do that. Besides that they can block the wallet from interacting with the block chain. Making it practically worthless
It depends on which blockchain you’re referring to. Bitcoin’s blockchain for example is extremely secure. If you watched the video you would realize it’s not really a discussion over any particular blockchain’s security but rather the centralized infrastructure surrounding them.
@@KathiCurry if you have to use the exchanges to move money and make transactions, then it really doesn't matter how secure the blockchain is now does it? The weakest link is the only one that matters.
Just to correct some parts. if you have millions in crypto assets (Obtained legally), you are able to use it as collateral for loans to purchase items.
Oh wow I actually liked playing Axies but I liquidated all my stuff half a year ago since I’m a crappy boomer and liked BTFO’ing all the southeast asian people who literally play because it’s their livelyhood. Used the gains I made to buy beer and to build a .375 raptor upper receiver. Shame they got hacked
It is EXTREMELY worrying that it took them 6 days to notice anything happened. Do they even have an IT or security team, or do they just assume because they're "tech savvy" that they wouldn't need to put as much planning or money into their security. The latter is what I am betting on, overconfidence spurred on by their "success" as a game.
@@nanokhuma419you’re goddamn right I’m actively happy watching a bunch of Gullible pyramid scheming JPEG collectors that spam my feed with ads and keep buying out gaming hardware suffer.
honestly i hate most crypto and a big hit to it's reputation because of this makes me have lots of respect for the hacker and anyone who was trying to make a profit off of axie and didnt see how this was coming or how shady it just all was kind of had it coming
i like how your educated in blockchains, i can tell from some of your other content, idk where you're limited but im sure you can wrap your head emerging defi tech
@Lt. JoeAnimatez muta made a video about it iirc Basically they are "contracted" by someone who has assets and get paid to grind. The pay is in crypto or USD, which is a ton of cash after being converted to local money. This is not something new, in a lot of countries there are those who grind games (like WoW and RuneScape gold) in exchange for real money.
lol it happened in the past. Itd not a big deal really. They might get it back, the users will liekly be refunded, and the victims are at fault to a degree if they stored their money on an exchange. Crypto is safe, if you want it to be and follow the rules.
Absolutely crazy to me that in the UK we have the FCA around the corner at every damn point for financial transactions, yet Crypto bros think THIS is acceptable. Their answer would be "SHOULDA HAD A COLD WALLET" jfc.
I am a scholar in axie infinity and I kinda wanna quit, I don't feel like the everyday grind is worth the volatile exchange rate and I haven't earned that much At least I'm not losing money, only my manager is The only thing I'm losing is time, which is honestly a valuable resource itself
@@megsley Yup, at the start it was like any other mid-term project that got famous and paid off to early investors. But at the end it is mostly a pay-to-play game where the play-to-earn is so far away is ridiculous
To be honest I'm happy that NFT's are dying but... Really? there's people celebrating in the comments?? Not all Axie players are crypto bros. Here in South America a lot of people play Axie because the economy is going downhill and it's hard to get a good paying job without getting exploited. The scholarship helped some of my friends and cousins and it really works, it's an income and bring food to the table. As much as I dislike NFTs I am happy that there's people that need the money and they are earning it, and it's sad to see people in the comments celebrating. I would celebrate if the money was stolen from a company or something like NFT artists but normal people??
I mean, the money was stolen from EVERYWHERE, even the company assests. So yeah, mostly celebrating cause its another loss for NFT scams, to be honest, I know of the situation of LATAM, and I'm really sad that it seems to be getting worse, I wish there could be any way to help all of you that involves actual charity.
muta : this is the buggest hack of all time muta the next week: nevermind guys THIS is the biggest hack of all time muta the next week: no guys really the biggest hack of all time ect.
I was browsing some news the other day and there was something interesting about cyber-security: A company got sued to pay a hefty amount for the uncrypted data leak that they suffered. I hope this comes to applied more frequently, and huge crypto thefts like this would have a big incentive to not happen.
I've been playing and studying the Axie market for over a year and IMO this looks like a smoke screen more than an actual hack. Everything about it is way too suspicious for me to believe this happened a week ago and only yesterday did the Skymavis devs noticed this huge robbery.
@@Kionum They have been in debt with their sponsors since 2021. Result of both the huge influx of users they had and development of Origins (their new version of axie). Taking out a big amount of liquidity themselves would turn the users into thinking this is them stealing the money, way more easy to disclose this as a security breach if this was indeed the case. Make no mistake, i don't think these guys are stealing anything, they've been (for the most part) pretty smart on their business choices, but if this was in fact a robbery then it's really weird that there's still enough liquidity for SLP to keep a steady value. I guess only time will tell if this will hurt the userbase or not.
I find it weird but not surprised that they are doing that. The Philippines is fraught with get rich quick scams like Aman Futures and KAPA Ministry. This is the biggest scam (if true) I have heard yet...
Wouldn't make sense as of rn tbh. If they were gonna pull a scam, they would have done so last year or, at the very least, once they release the new axie game (which comes out today). So I wouldn't worry about that...yet
@jelaine sift Commerce requires currency with actual worth, not wishful thinking, happy thoughts and fancy named tokens. All those L's must be heavy to carry around kid.
Hmm I multiplied my net worth over ten fold. ARe you dumb? Scams happen no matter what. Crypto is just another tool for scammers but is a revolutionary tech in and of itself. People use the internet to scam people, you dont want to get rid of the internet right/?
One of the few ways I think he could get some of it into anything useful is by giving a large majority away to multiple random people around the world to obscure who exactly the actual hacker is. If he programmed some kind of giveaway where people could register their wallets and they get a chance to get 1 to 100 ether or something in some kind of raffle, I'm sure a LOT of people would sign up (which would include me).
Thanks for the informative video Muta, I've been part of the Ronin ecosystem for a few months now. Made some money playing it by buying the cheapest "NFT" there is and using the profit to buy actual games. It is like you said. The crypto stolen by the hacker cant be withdrawn. It is stuck in the centralized exchange and have been frozen. The bridge should be up and running again soon and hopefully the dev will start "prioritizing security". The community isn't really worried about it because any hacks in crypto like this is useless because everyone can see the trail of the money and they can never withdraw it anyway.
Isn't the money lost coming from the community that isn't worried? I don't see how that makes any sense, though the whole crypto thing is a bit over my head, to be honest.
@@--_DJ_-- The hackers cant do anything with the money. Unlike normal banks, we can actually see where the money is going ( i can literally grab a popcorn and watch the hacker move the money he stole every second as it happens) and once the account is flagged they cant change the crypto into actual currency. The only time where crypto theft can work is when it is an inside job.
Still here, still making more money than your entire family from Axie Infinity. Difference between a crypto bro and a non crypto bro is the crypto bro knows everything about crypto and everything about the non crypto bros industry...the non crypto bros only know their own shit and in turn always get made to look like fucking idiots
There is a 0% chance, that this dude has not been requested as a consultant for a federal agency. Being fluent in these fields *and* capable of presenting/relating to “normal” people, is a trait that school can’t give you. That said, I imagine the move for this hacker is going to be finding someone who doesn’t know any better, that they can trick into assuming responsibility for this wallet, at a discount, or something along those lines.
So in theory you could "steal" your own product (of questionable value) and put a lose value on it and that would make your remaining product worth a valid amount of currency...?
@@paticusmaximus12 lol you can say the same thing for math and business or any other electives learning French and Spanish will teach you how to use the enemies language so it’s better to ease drop to get info to commit terrorism
@@ChinesePeter445 yes and human anatomy class could lead to cannibalism! In all seriousness schools should teach finance and economics and start early. Edit: start early age wise with the teaching and start later in the morning with the classes but that's another topic
@@paticusmaximus12 well its unregulated fraud, which good luck getting your money back for basic rug pulls in crypto. However in this scenario, this is big boi money, governments, agencies will have a field day.
Damn Axie was the highest growing currency last year I believe. This is crazy. The game seems fun, just costs as much as a Nintendo Switch to get started lol
LOL I saw the news article and KNEW I'd get to see you breaking this down. I think the article said it was worth 540M when stolen and 620M at time of writing. That's probably going to get changed into rubles or yuan.
Use code "SOG" to save money at www.gfuel.com
Check out our newest podcast episode!: ruclips.net/video/uhCGY-QfKso/видео.html
L
Soggy
@@snoopdoggthecertifiedg6777 beat me to it
hi muta
ok
For such a "secure" system, massive hacks like this sure do happen a lot.
Problem lies in the human element unfortunately. In my opinion, there should be regulation on the security side and force companies to have a certain standard, these guys just half arsed security and their users paid for it
@@tommymaher4166 That was a risk the users took for being early adopters. Sometimes you win, and other times you lose. Please stop being a cuck for the government.
Revocation of user access is something that is forgotten more times than would think could, in your wildest of wild dreams.
The system is secure. The human admins in this case, clearly, are not.
I have known people in the past who were given temporary (several week) elevated access to government systems, who have had to remind the sys admins to revoke them over 12 months later. The problem is FAR FAR worse in the corporate sector.
Its almost as if when you split something up to make it ‘decentralized’ you exponentially increase the systems attack surface and cripple its security
@Graveyard Spliff people are dumb and lazy. These guys clearly let the money and ego cloud them and didn't think about security.
the fact that he can speak on end in one take about a topic as involved as this, is truly impressive to say the least.
Well he is Indian
Muta is a smart mf
@@JustSomeKittenwithaGun wut?
@@inferno9132 you didn't knew?
All that spicy Masalah. Gotta keep your tongue moving so fast, it makes you talk real good.. Plus the new haircut is aerodynamic, making it easy to think about all this.
Take note people: I'm an IT Tech in a company that works (among other things) with doing security solutions for our customers. We had a poll recently among us backend folks. We're a team of just shy of 120 people. 86% *do not have facebook*. 100% *do not engage in crypto of any sorts*. 100% have their own Linux based router behind what their ISP provided.
So when Muta makes "funny jokes" about not sticking your digital dooda *anywhere* with rubber.... it's not a joke.
Internet victimisation is growing 10-15x faster than internet adoption. All internet victimisation relies on information gathering. Lesson learned: DO NOT GIVE OUT INFORMATION. End of story.
Cool bro
among us
A Linux based router? I've never personally heard of that. Is there a good video I can watch about it?
Didn't invest in crypto? Oof down bad, cope
@@Cammotto Search for OpenWrt or DD-WRT. I don't know about any good video.
Inside job, rug pull, social engineering, in huge breaches like these one of these are usually one of the root issues. Whole issue is shady
rug pull probally, its common NFTs actually being rugpulls
This large will almost necessarily have either social engineering or a massive backstabbing
This NFT game is really sus, if you go to the ronin wallet and read reviews you will see people saying they never replied to any emails asking for information and were super secure with their info and still their money got stolen from the ronin wallet and they never got answers, IMO the company making this game is involved because even though this game is huge it still has not implemented security as simple as SMS codes and google authenticator codes. I think they are involved in this because you can read on the internet about people who are very safe with their internet usage saying their ronin wallet funds got stolen , and the fact such a huge company doesn't implement simple security is a red flag.
@@382u3uuej Not to mention that this game is mostly about gambling, the creator of Sky Mavis is actually an ex-patriate from Vietnam cause he was fleeing from actual criminal debts and other shady businesses involving crypto and drugs.
Social engineering? What the heck does that have to do with thos?
Crypto Bros can't stop taking Ls
Exactly bro
If at least they could repackage and resell those as NFTs they would surely recoup their margins >
Crypto Bros are walking talking Ls
They be going down the entire alphabet
An l for a crypto bro Is a w for me
These hackers are legends and are probably laughing their asses off from watching the crypto bros cry
Its hard not to get on their side it's just too funny
Tbf I won't be surprised if they are CB themselves
@THE MATURE GERMAN GRAFF BARK DOMINATRIX BARK SQUAD u
"100% SECURE SAFE GUARANTEED PROFIT. NEXT BITCOIN"
They will never get to use the loot so could go either way.
They went from rich to broke faster than the speed of light that's a whole new Guinness world record right there
The 1920's Wall Street experience
They are a multi billion company. It hurt them but they are far from broke 🤣🤣🤣
People get there money back in situations like this. They already announced it.
RUclips asked me how I liked this comment with a sad face to happy face rating. Wtf youtube.
the fact that a shitty pokemon ripoff made hundreds of millions is still mind-blowing to me.
Ah yes. When people think that Crypto is the future. Not for the investors, but for the thieves.
I mean the first time people use crypto, they use it for crime right?
this reply section ain't right
It's sadly fascinating to look at isn't it
Yep. I didn't lost that mucho money because it was profit. But I was rob of 3000 $. It didn't hurt my wallet because I just lost 120$. But my trust in play to earn games was lost. And I was not the only one
Happy to see crypto bros taking Ls
Just be careful y'all, taking a risk investing in an unregulated market that's all on you, no one is to blame but yourself when it hits the fan.
How could the blame be on me when "it" is the one that hits the fan.
@@neunleben1358 because most of these nft things are scams. they’re pictures with no comparable or ”real” value. if you invest in some dumb shit like nfts you’re basically putting yourself at gunpoint.
@@neunleben1358 you are to blame because you’re the one literally playing with fire, nfts are 98% shags
@@neunleben1358 either way your money is gone
@@neunleben1358 Same difference. Either way you're poor and they're rich after.
Alternate title: Hackers steal $0 worth of NFTs said to be worth 600 million
+Macho
THIS! The only comment that actually watched the Video before commenting on the Video because they didn't really steal solid 600 Million
@@chartreux1532 they did stole 600 mil, its just more like burning the money after stealing
yeah the nfts are gonna get blacklisted and gonna be worth nothing
I think that is their objective, steal lots of NFTs and make their value worth nothing.
It's like they robbed a bank, and the bank is surrounded by cops, but once they got out of the safe they declared that they stole all the money.
Imagine playing Pokémon but you have to empty your wallet for each Pokémon
Don't give them ideas!
@@red__guy I mean, thats axie infinity...
Only for the first three if I believe. After that you earn the Axies (Pokémon in your example) by playing the game. That said I still think it's a shit game, but given that it was literally the first crypto game I think it's more an accident than anything it's gotten so popular.
@@CockatooDude No, its basically trading stocks, but it just pngs of generic blobs.
This shows the incompetency of the Sky Mavis Team, 6 days without discovering this hack and not someone from their team discovered it too! I've joined their discord months ago and trust me, it's devs is kinda arrogant along with a lack of transparency of their game about updates.
How is there not a bot that tracks big transfers and flags anything over a certain amount??
Very confusing … if not inside job lots of incompetence
@@jjcoola998 IDK but it surely showed that they're incompetent af!
@@jjcoola998 it's probably an inside job... i saw a dev's tweet assuring people saying that the funds will be recovered and also said that hopefully the same mistake won't happen again... (????)
I like that you read aloud the address number for visually impaired people, maybe a good compromise to avoid the lengthy amount of characters you could start assigning citation numbers that correspond to a list of details in the description, and you can speak aloud "this is citation 4"
Just wish he'd linked it in so we could all go and chase
Is it me or was it off a couple characters?
Cross-blockchain shenanigans, the finest
"Get P'owned!" I may have laughed at this at first, hacks like this are scary and sad. And hacks like this are definitely why I'll never get into crypto.
I love your content, Muta and thanks for keeping us informed on all these things.
So what are you into?
no risk, no reward
not your keys, not your crypto
I am my own bank
@@jjjj-x9g Property
@@HDReMaster wow
@@jjjj-x9g Land
Idk why you would ever trust your money/crypto with a sus game
Among Us
Muta: "Your DNA is filled with the blockchain!"
Crypto Scammers: "Write that down!!!!"
Shoutout to all those hypemen who always said “invest money your willing to lose”
Shoutout to all those Nazi's of Grammar who shout out "YOU'RE"
your're
@@Knowbody42 you’r’r’e
@@Knowbody42 how you gonna correct somebody and then misspell the word yourself lol
@@Uncharted8907 Thats the joke dawg
Finally someone popular covered this trash game/company. These devs have been doing a lot of suspicious activities the past year. Like randomly banning people just because they're saying that the coin is low. Doing nerfs to axies just to control their population. Inside info trading so some people know when it will pump or what new nerf will arrive. Those devs have a God complex as they don't take any criticisms or suggestions by the community. Like what you see in that message in the video from he founder. The discord or what's left in there are basically a cult. If you're looking at investing in the game, stay far away.
Or, hear me out, don't invest in play-to-earns?
@@Allustar If I wanted to do "play-to-earn", I would just become a streamer
So basically your average crypto/NFT community?
Nice to know a multimillion dollar company tracks it's finances less closely than I track my own credit card.
Good thing we haven't invested in Axie Infinity. But I imagine a lot of my fellow Filipinos that are active in the game must be losing their mind right now.
Or worst they couldnt cash out
Actually, nothing has changed. The treasury wasnt hacked, the Eth Bridge was hacked. Im invested and still making money with minimal losses from the bridge. Non crypto folk shouldnt comment on shit they dont understrand, Muta included
@@davidcarlson4441 why dont you try to cash it out then....
@@davidcarlson4441 advice taken, since I don't understand anything about Crypto, the more I would not invest in it.
You guys are in danger of a positive feedback loop though with that kind of attitude.
@@davidcarlson4441 You’re mad because the blockchain isn’t susceptible to problems 💀
Yeah, I still have no clue as to what Muta talks about Crypto most of the time. I just smile and nod along.
I can only imagine the reaction the hacker had when they realized they'd just scored $600 Mil.
Also 6 days to move the money? Gawt damn!
Unless it was an inside job.
This is what hold me back from trusting digital currency, theres always vulnerabilities on anything digital, add to that the human factor, and you get stuff like this
the same thing would be happening to banks if they were just in their infancy as well.
Misinformation is the problem, not the technology, this is exactly like betting in trading.
@Adam yeah except for now there's no standardized policy on digital currency. If this happened in my country, I bet the government would not give a single F on helping.
@@alifnajmi2595 there would never be any regulation for crypto. Its literally "decentralised". Can't regulate something that doesn't happen in the country.
Well if people would trust the OGs that have actually secure systems like bitcoin and would stop supporting these "modern" currencies that are literally just an outright scam it would help.
I could be wrong and would be interested in someone sharing some info with me on it, but I am fairly sure that the actual block chain itself for BTC, the only thing you really need to be 100% secure has never actually been hacked or abused. That isn't to say that companies haven't been hacked with wallet information and other things, but the actual primary system that makes BTC work has so far been flawless in its security.
“Crypto is safe and secure.”
*600 million stolen in crypto.*
Bridge Networks and Exchanges are a vulnerability point, but if you hold your shit in a cold wallet it is genuinely safe and secure.
@@AbsentQuack +1
also, it _is_ "safe and secure" due to the fact that it's decentralized
because of that, your safety depends on whether or not you have tech common sense and know how to protect yourself ig, sorta as you said.
$2000 if you can get into my trezor wallet
Im not on favor of NFT's but crypto is safe *if you know what the fuck you are doing*
Thing is that many people on the crypto and nft bubble do not undertand how it works
And as soon as it's gone you've got no options. No bank, no government, you're screwed. Good luck, chumps!
Crypto bros are all mega suckers
My personal head cannon is that Muta was the one who tried to do this, and he's making this video as a way to cover it up, letting people know why it is so hard so that he can start phase two of his crypto plan.
I never imagined the day I would be happy that hackers stole millions of dollars, but in this case they are legends.
yes; who doesn't love screwing over the crypto bros hiking the prices of GPU's so much because they like fake money for real money
Let me guess you all are mad because you didnt bought bitcoin back in 2013
@@marciaquispe4472 i kinda just think it’s a shitty concept run rampant with scammers is all
@@marciaquispe4472 dogecoin has 0 utility. it blew up cuz a meme lmao
@@marciaquispe4472 i wish i could go back in time and buy more for just 100$ :/
nice work, Muta! I love the gaming and cybersecurity topics
Any security audit would have caught that. Watch where you put your money folks. If you put your money in a bug ridden wallet, dapp or contract, don't be surprised when you lose your money.
IF this hack was perpetrated by people who also managed to short Ronin in the days after the hack, they don't care about this 600M being unusable, it would just be a red herring for them while they get away with big short money. They would be able to convert those coins into fiat before one can say "insider trading".
This is the big brain play people are ignoring
When you are in the fine line between hating thieves and hating crypto
PayPal: "we're proud to be partnered with Crypto" / Paypal now *the sweating guy meme*
This was internal job, probably. The behavior of the company is suspicious, don't they keep track at the back end of the operations? any type of control through the Ethereum blockchain? just like an oracle? This all smell dead rotten.
Fact of the matter is, that if they caught it in time, they could have reverted authorization. Happened on other Blockchains in the past.
But can we also just talk about the fact, that cryptocurrency is advertised as "Decentralised" yet all of these big companies build up their own centralised currencies, that entirely defeat the point? And even then they are so sloppy on cybersecurity, that they can't rollback a hack of this size, despite literally being the only ones in charge about that decision.
On another note though. The only reason why Crypto is priced as high as it is, is speculation, in effect if someone steals "600m" that usually drives the price so far down, that in the end its only like 50-100m. that they can't even cash Still a lot of money, but nowhere near the numbers cited in such stories.
The core reason why those hacks happen in essence isn't to cash out, but just to devalue the target, and these hacks are always successful in that.
crypto cant just be "rolled back" not the way it works sad to say, once its sent there is no undo button. creator of the coin or not.
@@3dp_edc This is not true. Look up the $60m ethereum hack of 2016 (or the aftermath "ethereum classic"). There is no such thing as decentralization, only the illusion. Any currency is going to mimic the power structure underlying it.
@@3dp_edc there is, and there have been rollbacks. By year one there were entities deemed to large to fail that would get rollbacks. That's the difference between, say, Etherium and Etherium Classic.
I hear the rol back way is trought a "fork", basicly overload the system and get 2 results, so sytem has to roll back to fix it.
Tho, to make the Whole system fork requires a BIG % of computer ls being in your posesion, so its like regular markets, the RICH have the say and are protected.
Even more as you se Cripto farm getting bigger and bigger, so small Investors have no chance anymore.
@@MrSplosiondude man this happens all the time with no "roll backs" i suggest you go look up all the other massive hacks that have happened. If it were that easy this wouldnt happen buddy. Maybe ETC was able to be rolled back so maybe theres a few coins that can, but most, it doesnt happen. 1 $60m hack was "rolled back". what about all the other $200+M ones that havent? Let me remind you about 2.5b stolen.
The real sad thing is that the thieves had a six day head start and still didn't send the loot straight to Tornado Cash or out an exchange or something.
they can still do it anytime they want
@@nizarama587 crypto doesn't have any real liquidity because it's just a giant scam, you can't cash out that kind of money
@@DanielQRT scam or not, there's enought liquidity on the crypto market. He could tornado cash bit by bit and trade the crypto to big exchanges.
@@DanielQRT There is liquidity! But only if you're doing a legal transaction. (i.e. not one with stolen funds)
They probably have hundreds if not thousands of mules moving the crypto around into different addresses till it’ll be hard to trace the original source
"It's not about money. It's about sending a message."
I'm laughing at whoever wasn't expecting this.
Play to earn really is a loathesome concept, so I consider this a W for gaming.
How? People like streamers are earn money by playing, I would love the same for me
@@gepvpr one is entertaining the other is you…
@@cyrusthegreat7030 assuming that I am entertaining or not, doesn’t take away from the fact that anyone and everyone has a right to work, in this case, it’s playing video games, which we all know can be a lot of work. + I actually am entertaining, I entertain my family, my kids, and this is just my personal RUclips account, I live in Orlando and have worked as tech in Live Audio Visual Shows, conventions, events, conferences, hotels, New Years, super bowl shows, etc I even own my own LLC for my Talent Agency... but I am just saying, why wouldn’t making money from playing a video game make sense?
In game currency seller in WoW and other online games have been earning way long before cryptocurrency exist
@@gepvpr my man you didn't need to write your entire life accomplishments because of a youtube comment
As someone who's been looking for a GPU for over a year, fuck em!
Muta, unfortunuately that 600m was mostly taken from the users of Axie. MOst of which are in the phillipines and are using this game to earn money actually. It's gonna be a huge blow to anyone using it, has although they didn't earn much relative to USA and Europe, it was still above the average salary for a college grad over in phillipines.
Sad to see. But The guys who made this game basically had 9 validators for their entire project. 5 of those were hacked. For reference, Solana was deemed to have to little, and they had 1600.
Some people in the comments think the users deserve it for trying it out without realizing the potential security issues, but the thing is, it wasn't a scam, nor was it something 'crypto bros' were peddling as ''the future of gaming'' either, in fact people were doing just fine before the hack.
So yeah, the fault lies down to the incompetence from the devs part, not prioritizing security, while also moving so much cash from others users was just a recipe for disaster.
Damn that's actually sad. Hope they get reimbursed
@@bamffatboi5526 it's tough because it'll affect the price now, so they'll earn less. It's really sad.
Really it's the fault of the owners of the project for not caring about security particularly because of how many people rely on this game to survive in parts of the world that need it most
What happened is bad for everyone but they weren't earning money. They were participating in a ponzi scheme that would fall soon or later.
Same in Venezuela, I wouldn't be surprised this was an insider attack from either part of the animus dispute. I personally don't engage in such tricky and dangerous affair.
Thank you for making me smile muta, I really appreciate what you do on RUclips.
we all do
Cant be spent or even moved without seeing. Hundreds will be watching the wallet .
Unless you can make backdoor and copies to the wallet and money runs
they cant tornado-cash that?
edit: yup, they cant
Or they dont give a shit and just cash it out in a country who also doesnt give a shit and then walk away clean.
Even if that's not the case the money is still gone. Everyone hypes up the blockchain for its traceability but at the end of the day if you lose $300 bones you're still out $300 even if you know the guy got what was coming to him.
@@teteteteta2548 not possible. All transactions exist on the block chain. That's why crypto isn't very cryptic.
@@JohnnyEnrico not really, how that works. Besides 600mil is a few days to a week's worth of funds for a war. It would be entirely pointless and not worth the effort to do that. Besides that they can block the wallet from interacting with the block chain. Making it practically worthless
600 million dollars stolen like that?-
Damn.
@@barrackhussein464 have you heard of gas siphoning
@@ARC51bowtie that shit only happens in 3rd world countries, including Mexico
My question is where do they keep that
600m
@@barrackhussein464 trust me, it’s way harder than « a couple dozen clicks »
if only it was real money 😭😭
The creator of the game only knows how to practice "toxic positivity"
Of course they won't notice it until they look at their wallet lmao
This shows how “secure” the Blockchain really is.
90% of all blockchains are probably more secure than your youtube account
Most Exchanges and bridges are not
Decentralized = good
Centralized = bad
@@KathiCurry Apparently it's still not secure if this fucking happened
It depends on which blockchain you’re referring to. Bitcoin’s blockchain for example is extremely secure. If you watched the video you would realize it’s not really a discussion over any particular blockchain’s security but rather the centralized infrastructure surrounding them.
@@KathiCurry if you have to use the exchanges to move money and make transactions, then it really doesn't matter how secure the blockchain is now does it? The weakest link is the only one that matters.
😂😂😂 all crypto is bullshit
This is the best thing to happen in 2022 so far
Just to correct some parts.
if you have millions in crypto assets (Obtained legally), you are able to use it as collateral for loans to purchase items.
Oh wow I actually liked playing Axies but I liquidated all my stuff half a year ago since I’m a crappy boomer and liked BTFO’ing all the southeast asian people who literally play because it’s their livelyhood. Used the gains I made to buy beer and to build a .375 raptor upper receiver. Shame they got hacked
Found the one guy in this comments section who actually knows what this hack means for the real players of this game.
It is EXTREMELY worrying that it took them 6 days to notice anything happened. Do they even have an IT or security team, or do they just assume because they're "tech savvy" that they wouldn't need to put as much planning or money into their security. The latter is what I am betting on, overconfidence spurred on by their "success" as a game.
Warms my heart to see cryptobros continuously take Ls
Also heartwarming to be able to buy a graphics card again.
Imagine being actively happy over someone else's suffering because you think they are keeping you from practicing brain-dead consumerism.
@@nanokhuma419 they had it comming
@@nanokhuma419 bruh fr, people cheer for blood nowadays
@@nanokhuma419 lol ur internet coin is useless bud.
@@nanokhuma419you’re goddamn right I’m actively happy watching a bunch of Gullible pyramid scheming JPEG collectors that spam my feed with ads and keep buying out gaming hardware suffer.
honestly i hate most crypto and a big hit to it's reputation because of this makes me have lots of respect for the hacker and anyone who was trying to make a profit off of axie and didnt see how this was coming or how shady it just all was kind of had it coming
i like how your educated in blockchains, i can tell from some of your other content, idk where you're limited but im sure you can wrap your head emerging defi tech
Yet another reason I'll never put money into crypto.
Isn't this the game that got a bunch of Phillipines out of debt? In countries where the currency isnt strong, this game is very profitable
Yep. I remember hearing that PH is part of Axie's majority of active players.
Didnt something similar happen before? In runescape gold was being used for day to day payments or something
Source
@Lt. JoeAnimatez I mean it didn't get the country out of debt but look it up and look at first comment. Helped a lot of people there
@Lt. JoeAnimatez muta made a video about it iirc
Basically they are "contracted" by someone who has assets and get paid to grind. The pay is in crypto or USD, which is a ton of cash after being converted to local money.
This is not something new, in a lot of countries there are those who grind games (like WoW and RuneScape gold) in exchange for real money.
Well, this is definitely another reason why I don't touch crypto.
Videos about Crypto Bros losing all their money is one of my favourite genres.
I love seeing crypto bros taking fat Ls.
the floods, the siezure of illegal farms, people hacking them.
it’s beautiful
This is something we would have joked about happening in the future , yet it's happened already.
lol it happened in the past. Itd not a big deal really. They might get it back, the users will liekly be refunded, and the victims are at fault to a degree if they stored their money on an exchange. Crypto is safe, if you want it to be and follow the rules.
I would steal the $600 million just to steal it so that nobody can use it 😈
Absolutely crazy to me that in the UK we have the FCA around the corner at every damn point for financial transactions, yet Crypto bros think THIS is acceptable. Their answer would be "SHOULDA HAD A COLD WALLET"
jfc.
I am a scholar in axie infinity and I kinda wanna quit, I don't feel like the everyday grind is worth the volatile exchange rate and I haven't earned that much
At least I'm not losing money, only my manager is
The only thing I'm losing is time, which is honestly a valuable resource itself
this is what axie was always going to be for the majority of players
@@megsley Yup, at the start it was like any other mid-term project that got famous and paid off to early investors. But at the end it is mostly a pay-to-play game where the play-to-earn is so far away is ridiculous
To be honest I'm happy that NFT's are dying but... Really? there's people celebrating in the comments?? Not all Axie players are crypto bros. Here in South America a lot of people play Axie because the economy is going downhill and it's hard to get a good paying job without getting exploited. The scholarship helped some of my friends and cousins and it really works, it's an income and bring food to the table. As much as I dislike NFTs I am happy that there's people that need the money and they are earning it, and it's sad to see people in the comments celebrating. I would celebrate if the money was stolen from a company or something like NFT artists but normal people??
I mean, the money was stolen from EVERYWHERE, even the company assests. So yeah, mostly celebrating cause its another loss for NFT scams, to be honest, I know of the situation of LATAM, and I'm really sad that it seems to be getting worse, I wish there could be any way to help all of you that involves actual charity.
muta : this is the buggest hack of all time
muta the next week: nevermind guys THIS is the biggest hack of all time
muta the next week: no guys really the biggest hack of all time
ect.
it's etc btw
Finally you put this into a spot light, I've commented it twice in your past videos. I thought you're not planning on investigating it.
I love how the blurred background in the "Part 2: The Hack" segment at 5:06 is the Final Fantasy 6 intro.
Why can’t hackers pay off my student loans
because you cant land a job using that degree which will take 30 years to pay off like a mortgage but it doesnt appreciate with value over time
I was browsing some news the other day and there was something interesting about cyber-security: A company got sued to pay a hefty amount for the uncrypted data leak that they suffered. I hope this comes to applied more frequently, and huge crypto thefts like this would have a big incentive to not happen.
I've been playing and studying the Axie market for over a year and IMO this looks like a smoke screen more than an actual hack. Everything about it is way too suspicious for me to believe this happened a week ago and only yesterday did the Skymavis devs noticed this huge robbery.
Is there a reason why they would want a smokescreen right now?
@@Kionum a way to mask a massive rug pull is my guess.
@@Kionum They have been in debt with their sponsors since 2021. Result of both the huge influx of users they had and development of Origins (their new version of axie). Taking out a big amount of liquidity themselves would turn the users into thinking this is them stealing the money, way more easy to disclose this as a security breach if this was indeed the case.
Make no mistake, i don't think these guys are stealing anything, they've been (for the most part) pretty smart on their business choices, but if this was in fact a robbery then it's really weird that there's still enough liquidity for SLP to keep a steady value. I guess only time will tell if this will hurt the userbase or not.
I find it weird but not surprised that they are doing that. The Philippines is fraught with get rich quick scams like Aman Futures and KAPA Ministry. This is the biggest scam (if true) I have heard yet...
Wouldn't make sense as of rn tbh. If they were gonna pull a scam, they would have done so last year or, at the very least, once they release the new axie game (which comes out today). So I wouldn't worry about that...yet
hey we appreciate you saying things verbally. i usually watch your vids in the background while i game
This is why everyone who praises crypto should be categorized as sub-human.
It literally is the precursor to China's social credit score.
BuT tHe BaNkS aRe EvIl aNd InFlAtIoN iS iNnEvItAbLe
People who buy crypto are idiots who want easy money when there isn't such a thing
If this doesn’t prove how worthless crypto is as actual currency I have no idea what will.
@jelaine sift Commerce requires currency with actual worth, not wishful thinking, happy thoughts and fancy named tokens.
All those L's must be heavy to carry around kid.
If you store it in a sidechain, then yeah i agree
@@voidstrider801 which currency has worth?
Hmm I multiplied my net worth over ten fold. ARe you dumb? Scams happen no matter what. Crypto is just another tool for scammers but is a revolutionary tech in and of itself. People use the internet to scam people, you dont want to get rid of the internet right/?
We gotta stop NFTs from RUINING OUR FUTURE GAME.
One of the few ways I think he could get some of it into anything useful is by giving a large majority away to multiple random people around the world to obscure who exactly the actual hacker is. If he programmed some kind of giveaway where people could register their wallets and they get a chance to get 1 to 100 ether or something in some kind of raffle, I'm sure a LOT of people would sign up (which would include me).
lets never forgot the biggest heist of 2.3 trillion that was "lost" the day before 9/11
I love seeing cryptobros taking continuous L’s
I love how I work at home and make more than I ever have in my life by far, simply trading crypto. Yeah total loss. Shutup, lady.
Lmao
Alright boys, lets aim for 1 billion next time.
to the moon!!11!1!1!1
@@koukilfs7814aye don't forget to save the kids.
i got you fam :)
Thanks for reading ids out loud. I love listening to your channel during my work day.
i love when "play to earn" stuff gets pwnd
Honestly deserved, after all those art and identity thefts some of these crypto bros do
The only actual instance where the immensurable theft of 600 million
Is a fucking good thing
Pog
And nothing of value (the NFTs) was lost.
Thanks for the informative video Muta, I've been part of the Ronin ecosystem for a few months now. Made some money playing it by buying the cheapest "NFT" there is and using the profit to buy actual games. It is like you said. The crypto stolen by the hacker cant be withdrawn. It is stuck in the centralized exchange and have been frozen. The bridge should be up and running again soon and hopefully the dev will start "prioritizing security". The community isn't really worried about it because any hacks in crypto like this is useless because everyone can see the trail of the money and they can never withdraw it anyway.
Isn't the money lost coming from the community that isn't worried? I don't see how that makes any sense, though the whole crypto thing is a bit over my head, to be honest.
@@--_DJ_-- The hackers cant do anything with the money. Unlike normal banks, we can actually see where the money is going ( i can literally grab a popcorn and watch the hacker move the money he stole every second as it happens) and once the account is flagged they cant change the crypto into actual currency. The only time where crypto theft can work is when it is an inside job.
People who invest in NFTs or any crypto shit in general are clearly not mentally fit enough to manage their own finances.
"It's not a scam!" The crypto bros shouted, neck beardedly. Until they noticed that they indeed have been scammed.
I hereby nominate "neck beardedly" for adverb of the year.
Still here, still making more money than your entire family from Axie Infinity. Difference between a crypto bro and a non crypto bro is the crypto bro knows everything about crypto and everything about the non crypto bros industry...the non crypto bros only know their own shit and in turn always get made to look like fucking idiots
And here I thought buying land in Second Life was completely stupid.
i have stolen 1,230 NFTS
worth about 350M....
By right clicking and saving the image
Based
There is a 0% chance, that this dude has not been requested as a consultant for a federal agency.
Being fluent in these fields *and* capable of presenting/relating to “normal” people, is a trait that school can’t give you.
That said, I imagine the move for this hacker is going to be finding someone who doesn’t know any better, that they can trick into assuming responsibility for this wallet, at a discount, or something along those lines.
So in theory you could "steal" your own product (of questionable value) and put a lose value on it and that would make your remaining product worth a valid amount of currency...?
This is why schools need to implement financial education it’s called fraud
@@ChinesePeter445 so kids can start scamming early?
Ahahahaha
@@paticusmaximus12 lol you can say the same thing for math and business or any other electives learning French and Spanish will teach you how to use the enemies language so it’s better to ease drop to get info to commit terrorism
@@ChinesePeter445 yes and human anatomy class could lead to cannibalism!
In all seriousness schools should teach finance and economics and start early.
Edit: start early age wise with the teaching and start later in the morning with the classes but that's another topic
@@paticusmaximus12 well its unregulated fraud, which good luck getting your money back for basic rug pulls in crypto. However in this scenario, this is big boi money, governments, agencies will have a field day.
This is why you don't deal with sidechains, ever.
They wanted a completely unregulated digital currency, they should have been prepared for this.
I always beleive on a dialog I've heard from Command and Conquer Generals from a hacker unit. And that is:
"No system is safe"
Damn Axie was the highest growing currency last year I believe. This is crazy. The game seems fun, just costs as much as a Nintendo Switch to get started lol
Really? It just looks like a basic gacha style game with an NFT utility built into it.
I really like the game style but I stopped playing a while back.
LOL I saw the news article and KNEW I'd get to see you breaking this down.
I think the article said it was worth 540M when stolen and 620M at time of writing.
That's probably going to get changed into rubles or yuan.
i think we can all agree we love Muta
Would love to sit down and talk to muda about how he goes about the research and time spent just in preparation.
I stole 100 Billion by using the secret weapon screenshot.
It's not stolen. It's decentralised from their wallets.
I love it! Makes me laugh so hard at all the crypto bros.
Always love watching your videos, informative ash and I like that.