Hackers steal NFTs worth millions. In other news, NFTs worth millions.
The way I read the article, the “worth millions” is the sum of the ransom demand. The funny part is that the exploit is in the “smart” contract, ya know the thing that the blockchain keeps secure by forbidding any updates or patches?
The transparency is the feature that makes it great. I can buy drugs or whatever, and exchange you buy an NFT from me of equal value. Now when the bank comes and says “where did this >$15k transaction come from?” I can point to the blockchain and say that I sold my fancy monkey pic.
This has been a thing in the physical art world for a while, complyadvantage.com/…/art-money-laundering/, this just made it easier.
Because sometimes even criminals need to buy things that aren’t illegal, I guess. And the legitimate people who have those things don’t want to play games dealing with fake internet money.
If I want to buy a jetski, the place I buy it from isn’t going to take crypto because the people that sell the parts for it don’t take crypto and the people who build it can’t pay for food in crypto.
No matter how you personally feel about it, crypto is only useful for rug pull scams, money laundering, and black-market transactions. It’s real innovation is undoing centuries of banking regulations so that people can learn the hard way why all those regulations exist.
The exchanges are basically cryptos banks. They hold your money, not you.
And they are much more prone to scamming you than any bank ever could.
yesman
🐑🇸 🇭 🇪 🇪 🇵 🇱 🇪🐑
