Rubic Exchange hacked For $1.4 million
In today's edition of YIYL, (You Invest, You Lose), we head back to a project that keeps on stumbling at the worst of times. In a bear market, where liquidity is at a premium and fear is at an all-time high and growing, you don't want to give users a reason to pull their capital.
Those hardcore dumbasses you are currently bleeding away through inflation keep your project alive and if you give them a reason to leave your project is dead in the water. Both you and your pre-sale investors need those retail idiots to keep believing your coin will pump.
They need to keep buying, holding, and staking while you dump into any demand that comes your way while you try to wash trade fake volumes, to provide an illusion of a market.
About a month ago I roasted a so-called decentralised exchange after it lost $2 million in funds, normally after that they tighten up and look after the rest of their shrinking treasury with lightning not striking the same shitcoin twice in a short space of time, but Rubic and Bitkeep are looking to make exceptions.
Rubic at it again
A month after that scandal, users of the exchange and holders of their native token were in for a festive surprise. Once again, the Rubic cross-chain exchange suffered an exploit in which attackers were able to siphon a total of around $1.4 million in user funds from their wallets.
The exploit was enabled by an error by the project team, who erroneously added the USDC stablecoin address as a router, which allowed attackers to arbitrarily withdraw USDC held by Rubic users.
Lol, how is that for code review?
I keep telling people that DEXs and DEFI are not different from centralised exchanges, yes they provide a service, but it doesn't mean its a riskless service or any safer. You decide how much risk you take, if you're simply trying to swap a stablecoin to get some bitcoin and then move that bitcoin to a on-chain address fine, but anything else is gambling.
The only difference is with traditional casinos the house always wins, in shitcoin land sometimes the house loses by getting hacked.
Your funds are now mine
The hacker then transferred the stolen funds through the Tornado Cash cryptocurrency mixer. The masterminds managed to transfer 1,100 ETH and now they can walk away without a care in the world.
Securing a milly for a days work, sure is a decent living don't you think? Anyone leaving their funds with Rubic clearly didn't want or need it.
Lol as things go in decentralised land where code is law Rubic paused their project to limit further thefts and stated they would pursue audits before coming back online. They also stated that they would "strive to compensate for the losses".
Lol this definitely doesn't sound like a centralised tech company that fucked up big time at all, I mean it's clearly an autonomous piece of source code that's just taking action all by itself through AI right?
LOL fuck you shitcoiners are a proper bunch of tards.
Talk about the price
As you can imagine upon draining the funds and news of the hack, the price of the token took a considerable hit, for the past month it was trading around 0.03 cents US but has tanked blow 0.005 while there has been a slight recovery since, perhaps those who bought in on that bad news could have unrolled a small profit but I would imagine most RBC holders are providing liquidity or holding to sell at a higher price and boy did they get rekt.
The little shitcoin that couldn't is down -98.4% from its all-time high of 80 cents and continues to bleed out. I know this last cycle has all been about exchange tokens and defi exchange tokens, but boy did that prove to be just another rug pull.
I sure do enjoy the level of copium from shitcoiners, about how their smart contract is different and how they ignore the short comings of an EVM in the first place, but go ahead, keep repeating the same mistakes and getting destroyed.
I am happy for you to risk your capital trying to prove me wrong.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
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