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Hello this is Matt on the moon Lambo Channel 3.1 million xrp have been stolen Today and so let this be a lesson and I Just want to provide this as a public Service announcement please be careful Out there and look there are pros and Cons to uh to custody methods for Cryptocurrency and a lot of times uh People don't like to acknowledge that Like even when it comes to self- custody There are risks but it's my opinion and I think most people's opinion in crypto That it still is safer to engage in Self- custody rather than keeping your Cryptocurrency on an exchange I think That's pretty fair to say you know I Just don't like it when people state That but they they pretend like there's No risks to doing it the other way there Certainly are I mean there are all sorts Of people that will never want to engage In self- custody just because what Happens if you know you've got your Private key that's the one and only and It's on paper and your House burn down Burns down or you lose it or there's you Know your dog eats it there there are a Number of things that could go wrong and There's a different level of risk Whereas if an institution has it uh Depending on the nature of the setup There could be certain assurances um and There there aren't always I'm just Saying there are a lot of moving parts
To this and a lot of Dynamics um but in The end for me this the the safest way To go about custody is to hold your Crypto yourself despite the risks that Come with doing so but here we have a Situation where millions of xrp stolen And actually wasn't just xrp you'll see This is a major Major hack that just happened on a major Exchange but uh before going further I Do want to be clear I do not have a Financial background of any kind I am Not offering Financial advice and you Definitely should not buy or sell Anything because of anything I say or Right I'm just an Enthusiast who enjoys Making YouTube videos about crypto Related topics but just as a hobby and Just for fun all right so this happened Today although technically I'm recording A little bit after midnight so Technically yesterday but I counted as Today because I haven't gone to sleep Yet damn it and it's not tomorrow until Until I go to sleep and wake up but take A look here's a headline from the crypto Basic poniac hacked over $120 million in Bitcoin eth xrp and Shiva enu reportedly Gone The cryptocurrency Exchange uh Industry rather is licking the wounds of Another high-profile security breach on Friday palonia confirmed that hackers Gained authorized access to funds on the Platform on onchain data show reveals
Rather that the hacker has already Siphoned over $120 Million worth of Cryptocurrencies from Ponia and here you can see the post from Pon ponic exchange this morning 6:35 A.m. Central Time which is my time zone We are investigating the hack incident Poon X maintains healthy financial Position and will fully reimburse the Effed Funds we are extending 5% white hat Bounty to poniac hacker and exchange for The return of the funds to the following Ethr Bitcoin wallets and the piece Continues while investigations continue Early indications are that the security Breach resulted from a compromised Private key the hackers have accessed Funds across different networks Including Bitcoin ethereum xrp and Tron At the time of writing the Hacker's loot Is worth an Estimated 127 Million so folks this look the good news Is ultimately so they're going to They're going to cover this which they'd Have to do because if your customer's Funds get stolen and you don't make your Customers whole your exchange will cease To exist all all confidence will be lost And it's over like this is already going To harm their brand the fact that this Even happened is going to make people
Question uh what the hell did you do Wrong ponic so this is very material Harm to their actual business model so It's good that they're making their Customers whole but this is actually a Gigantic deal Um and so $127 million that's crazy Millions of Xrp anyway piece continues though at the Time of writing the hackers lud is worth An estimated $127 Million ited by a Green Day across the crypto Market uh Ether Tron and Bitcoin make up over 80% Of the stolen amount according to data From Aram Intelligence and now as far as that uh That Bounty that they put out let's talk A little bit about this and I'd love to Hear what you guys think about this tell Me please tell me in the comments Section what your perspective is on this But uh I'm kind of I understand why They're doing it on an intellectual Level but I question whether or not this Is a good approach so check this Out owned by popular crypto entrepreneur Justin sun poniax has taken measures to Calm affected customers in the aftermath Of today's incident according to an Update by Justin Sun subsequently shared On the official poniac handles The Exchange will reimburse affected users Additionally ponx is offering a 5% Bounty to the hacker if they agree to
Return the stolen funds accepting such a Bounty will mean that the hacker gets to Keep 6.35 million of the total amount and Return the balance uh to wallet Addresses already made public by poniac And so here's the actual post this is From Justin sun he said we are offering A 5% white hat bounty to the ponx hacker Please return the funds to the following Ethon Bitcoin wallets we will give you 7 Days to consider this offer before we Engage law Enforcement then he uh shares the the Addresses uh okay So if if this a couple things so if the Hacker actually did this what are the Odds that Justin sun and the executives At poniac actually don't engage with law Enforcement they would still right I Mean they kind of have to I mean even if They say they're not going to they they They would though right because that Would be the right thing to do but then On the flip side here like even if this Guy gave back you know 95% of the funds And gets to keep 5% isn't he just incentivizing this type Of behavior aren't more hackers going to Be looking for vulnerabilities thinking They're going to get the same sweetheart Deal and uh and in theory the law won't Come after them if they get you know Just return 95% and they get that ass
They're going to get the same offer Again I I just I I the idea of this Being a good approach I'm just highly Skeptical I just I just I I think when It comes to people doing bad Things you know if if you if you Participate in Behavior that's going to Incentivize more of it you're making a Huge mistake and so yeah you'd be happy To get your 95% back now but what about The Future and still I'd love to hear more Specifics about how they made this album How how was how was how was ponx Compromised in this fashion it's just It's absolutely Wild and so it's good that they say They're well capitalized they're going To make customers whole regardless here But uh you know withdrawals were halted On the exchange that's probably not Going to surprise Anybody and you know I'm skeptical I Like there have been wild stories where Um hackers do give back funds like there Was one in particular I covered it on my Channel where this U this hacker stole Funds from a an xrp holder actually and And basically the xrp holder ended up Guilting the hacker by talking about how It was basically life saves in the Terrible position that this woman was in And the hacker felt bad and actually Gave it back so that's an outlier in I'm
Very glad that happened there's a happy Ending there but man usually the funds Don't come back you need to engage law Enforcement and and a lot of times you Actually can track down these hackers I Mean yay public blockchains right so There is That um and then there was also this From xrp forensics account right Here they wrote a poniac hot wallet was Emptied for 3.1 million xrp about 30 Minutes ago this happened at the same Time as the incident on other chains Including eth Bitcoin and Tron we have Flag the accounts involved and are Following the money and so xrp for Forensics is always tracking this type Of stuff and um I wanted to share one Thing to wrap up this video because There's like there's always crazy stuff Happening and it's not because it's Crypto just because there are bad people That'll take take advantage of people in Various situations having to do with Various asset classes whether Traditional Finance or crypto but this Morning CZ of binance shared the Following story and the way he wrote This makes me think that this is Something that basically just happened And this is truly Buck Wild he writes Executives from a client were lured on a Business trip and he Ed quotes or Business trip to Montenegro where they
Were abducted and forced to empty their Wallets total lost $12.5 million well Folks think about that so these these uh These clients of of bances were on a Business trip they were lured there by Somebody to Montenegro and apparently They had private keys and access to all All the These funds and it was stolen From them uh perhaps under you know I Mean obviously they're under duress Right there uh might mean Firearms Involved So you know that's that's one of the Risk too it's like if somebody wants to Steal you know hundreds of thousands of Dollars or millions of dollars from you If it's in a bank they'd have to steal The bank but if if they know that you Have it they can come after you so That's why I'm saying like there's There's pros and cons to any method that You have for for storage I still think That self custody is the best and then I Mean you guys do whatever you want I Just i' set things up so that even if Somebody put a gun to my head I could Not provide the code I literally Couldn't my my fun cannot be Stolen good luck I I don't have access To my own private Keys now like I I Literally don't I'm not going to expand Upon that for security reasons I'm just Saying that there are ways to do things That even if somebody came at you like
This they can't do anything because you Literally don't have access to it uh but Here I mean it was this is obviously a Setup trap like this is quite the Trap And then Cy wrote We investigated the Onchain activities and reached out to Our partners earlier today to have the Wallet Frozen As all of the funds were taken in usdt And transferred to a Tron wallet we Managed to freeze about $1.8 million of The 122.5 million stolen so there you go So it went from one wallet to another And then that wallet because they were In touch uh ended up getting Frozen so Most of it's actually going to be safe And getting back we'll see what happens With the rest of it but isn't that Freaking crazy just be safe out there And that's why it's best to not share Publicly the quantity of any crypto that You have because it makes you a Target Maybe don't do that just Saying I'm not a financial adviser you Should not buy yourself anything because Of anything I say or right that would be A very very very bad idea until next Time to the Moon Lambo
