[jandrese]

Wait, no, it's totally believable because this is the same story that happens over and over again with blockchains. It turns out that all of those pain in the ass compliance laws on traditional finance are there for a reason, and when you ignore the past you end up repeating it.

[tornato7]

Most hacks are discovered within minutes or hours, not having the systems in place to know within seconds if your wallet is being drained is unbelievably bad for someone custodying half a billion.

[acdha]

> Most hacks are discovered within minutes or hours

Really? The figures I’ve seen have typically put it in days to weeks unless you’re talking only about the most obvious things like DoS attacks or defacing someone’s homepage.

[tornato7]

Sorry, I mean crypto hacks specifically. Most crypto traders/companies/firms have apps and monitoring tools set up to report any suspicious activity on their wallets or contracts. Unfortunately it's sometimes too late at that point, but sometimes not[1].

1. https://ihodl.com/topnews/2021-07-19/white-hacker-helps-meta...

[acdha]

Ah, that makes more sense. I'd be curious how what the timing is like between the compromises which give people access to keys or supporting systems and when the attacker does the noisy part of moving funds around.

[SilasX]

Well, yes and no. True, there are a lot of corners that banks would cut if not for regulation, I think we can all agree. But this one is so appalling and self-destructive that no bank would deliberately cut this kind of corner on purpose; it's just stupidity.