$30 MILLION CRYPTO STOLEN

"for the rest of the 440 plus bitcoins kind of the same thing happened they put it into a bitcoin tumbler where it mixed and shuffled and it sort of distributes the money over a long period of time micro transactions to as many wallets as they need it's kind of like that scene in two fast too furious where they go inside the garage and the police were waiting for them and then like 50 cars come out and the police was like i don't know who's what where why kind of the same idea except instead of cars coming out imagine they came out in pieces which makes it impossible to tell which cars were which and who they belong to"

"as far as who actually did it and how they were able to do it we don't know yet but my theory is that whoever was able to gain access to the accounts whitelisted their own wallet address which allowed them to take the money from those accounts and deposit it into their own remember white listing basically signals to the account that we trust this wallet address and that's what allows them to bypass the entire two-factor authentication process which is terrifying because that can happen to anyone at any time on any brokerage"

"to prevent this stuff from happening in the future crypto.com will send out a notification to remind you that somebody just whitelisted a wallet now you have 24 hours to cross-reference and make sure that it belongs to you because if it doesn't you need to delete it and report it right away so please turn on all of your notifications and emails"

"when this stuff happens the real downside is that we get new crypto regulations kind of like this one i won't read the whole thing but it basically says that the occ the board and fdic are creating a rule that requires banks to report any kinds of incidents to regulators no later than 36 hours after it happens and if there's an outage that lasts for more than four hours that they have to let their customers know"

"the people stealing these coins are not just hurting everyone they're hurting themselves too because if you read headlines that say that crypto used in illegal activity and money laundering schemes it cements this perception that crypto is only used for illegal activities and that's not true that's been debunked if anything the us dollar is and has always been the number one currency used in money laundering that can lead to bad regulations that say if your ethereum has been through a coin mixer then it's subject to investigation and potentially seizure and that would create a huge fungibility problem which would destroy the value of crypto"

"a better way to do it is to integrate an insurance policy like we insure banks with fdic insurance like we insure securities with sipc insurance and the crypto equivalent of that would be nice because if we're going to be expected to pay taxes on our crypto then there's no reason why we shouldn't be insured so if you have your money on something like crypto.com and if you were to lose it then you should be guaranteed to have your money back up to a certain amount"