Re: CRYPTSY stopping withdraw locking accounts without notifying users! Class Action
^^^ So, to put the above in perspective, Paul Vernon nor his ~40 employees noticed millions of dollars worth of cryptocurrency leaving a secure platform while working in their offices on an early Tuesday morning while conducting transactions during the heist, some of which are contained in the same blocks on the blockchain.
It took Paul Vernon a year and half later to learnt from a couple Bitcoiners that five one hundred bitcoin lots were also reduced during the event while they watched it happened in virtually real time.
It took Paul Vernon a year and half later to learnt from a couple Bitcoiners that five one hundred bitcoin lots were also reduced during the event while they watched it happened in virtually real time.
If I ran an exchange, I'd have a script checking for unauthorized coin movements from my cold storage wallet(s). If someone tried to steal my funds, it would instantly make a new tx with slightly higher fee, and double-spend the coin back to myself. Perhaps spend 100% as fee if the intruder were persistent...
That's just me, I'm a wily prick
Question: Why is your pretend COLD WALLET connected to a live network, thus negating the term COLD WALLET?
Prosecutor: Paul Vernon, please explain how a cold wallet is secure.
PV: Sure. Coins are put in a safe then locked, and the key is tossed into a live volcano.
Prosecutor: So, how were Cryptsy's coins stolen?
"Somebody found the key."
"I wonder where that key goes to
and why its hid inside this chicken."