[2020-04-09] Hacker Exploits Flaw in Decentralized Exchange Bisq

[hv_]

@Lucius. I did not quote my own post. It was hv_. I quoted him with my post quoted, however. Edited hehehe.

@stompix. Bisq is closer to the definition of decentralized than the scam decentralized exchanges created on Ethereum. It was mentioned one of them would begin asking for KYC hehehe.

I love anyone who tries to implement a DEX and anyone who knows Bisq or has spoken to them know that they've never claimed to be fully decentralised, but they endeavour to be more and more, as much as possible. I also have a special dislike for DEXs that aren't anything but non-custodial functions but the reality is, there is no such way right now to have a "purely decentralised" exchange, at least not in the beginning. Bisq is as close as it gets for me, without getting too far out of reach for non teccies.

DEX , DeFi, ICO, Mixers, all to scam average Joes. It only helps whales, manipulators, scammers, criminals

Reminds me on the pets.coms from dot com bubble

[Vishnu.Reang]

I was checking the previous posts. A lot have been posted on dirty coins ending up at the decentralized exchanges and mixers. But we all ignore the fact that the majority of these dirty coins end up in mainstream exchanges such as ZB and Gate.io, which are operating 100% legally. Let me take the example of the coins from the PlusToken scam. An unbelievable 50% of the coins laundered so far from this scam ended up at Huobi, with smaller amounts being diverted to exchanges such as Upbit and OkEx.

[NotATether]

An unbelievable 50% of the coins laundered so far from this scam ended up at Huobi, with smaller amounts being diverted to exchanges such as Upbit and OkEx.

If a big exchange like Huobi knows there is laundered cryptocurrency stored in one of their accounts, then why aren't they freezing it?

[Vishnu.Reang]

An unbelievable 50% of the coins laundered so far from this scam ended up at Huobi, with smaller amounts being diverted to exchanges such as Upbit and OkEx.

If a big exchange like Huobi knows there is laundered cryptocurrency stored in one of their accounts, then why aren't they freezing it?

I am not sure whether I have the answer. I guess it is the same case as what happened with the other scams. The scammers probably withdrew the funds (USDT or BTC) as soon as they were able to trade them, while the exchange admins found out later that these funds came from the scam. I don't think that they would allow the scammers to launder the funds, if the origin was known earlier. 

The point I am making here is that, it is not correct to blame the DEX sites for laundering the funds from hacks and scams.

[hv_]

I was checking the previous posts. A lot have been posted on dirty coins ending up at the decentralized exchanges and mixers. But we all ignore the fact that the majority of these dirty coins end up in mainstream exchanges such as ZB and Gate.io, which are operating 100% legally. Let me take the example of the coins from the PlusToken scam. An unbelievable 50% of the coins laundered so far from this scam ended up at Huobi, with smaller amounts being diverted to exchanges such as Upbit and OkEx.

No Huobi must delist Monero scam coin

Stop that shit

[Harlot]

Is there any possibility that this could be an inside job? Like it is one of their devs who found the exploit or is even the one who have created the exploit to steal some crypto out of their users? I know this things could be a big possibility since its a its easier for them to get off a "hack" since they are decentralized but if we are talking about normal exchanges here like Binance or Cryptopia the government will be all over them.