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Crypto exchange Bybit says a hacker took control of one of its cold Ethereum wallets, resulting in what analysts estimate was the loss of ~$1.5B worth of tokens (www.bloomberg.com)
submitted 1 year ago by to c/technology@lemmy.world
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[+] -14 points 1 year ago (3 children)

how is $1.5 billion in worth calculated because no way bitcoin tokens are worth more than $20.

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  • [–] 7 points 1 year ago*

    I'm not sure I understand the question... Do you think the market value of these coins is made up (as in not directly related to demand), and you can't actually go onto an exchange and trade it for actual USD? Because of course you can.

    1 Bitcoin (not a token) is currently worth over $95,000

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  • [–] 7 points 1 year ago (1 child)

    401,347 ETH

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  • [–] -5 points 1 year ago (1 child)

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  • [–] 3 points 1 year ago (2 children)

    You wanted to know how it's calculated.

    That was the supposed amount of ETH that was stolen. 1 ETH is currently around $2800. The value it has is because people are buying ETH for that price. So you take $2800 and multiply it by 400000. Carry the 5, etc. That's $1 120 000 000.

    There was some other stuff stolen too I think. I haven't really looked into it.

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  • [–] 1 point 1 year ago (1 child)

    That someone can just make off with that amount of digital "currency" sure inspires trust in that system, so the $2800 price tag might be a bit optimistic.

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  • [–] 1 point 1 year ago

    Well it does show that you really do own your own coins. You have to own something before you can lose it.

    With government created currencies this is not really the case, banks can stop any transactions and even close your account, the government can freeze it if they desire, and all that kind of stuff.

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