Steemit powering down 30M Steem, and still hasn't figured out how to secure their keys

in LeoFinance2 months ago (edited)

About 5 months ago 2M was dumped.

Wonder what they are planning...

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Those transfers with private keys are unrelated, I explained it in different comment here.
When it comes to power down (a.k.a. unstaking) it's full powerdown, i.e. 29526702 SP on steemit account
https://steemd.com/tx/ef2d2020fadae5dfc7af8449f0fe5f8262e20e42

That's over $6.1M with current prices, 1/4 every week.
What they are up to?
Hard to say..
paying debts, court orders, or maybe just (ab)using recently acquired company assets (those who were supposed to be dev fund) to use for shilling like it seemed to happen before:
https://markets.businessinsider.com/currencies/news/warren-buffett-lunch-tron-justin-sun-spat-bram-cohen-bittorrent-2019-7-1028388483
https://cryptonews.com/news/justin-sun-admits-his-lunch-with-buffett-is-not-sponsored-by-4022.htm
Those are just guessed based on past events, but maybe I'm overestimating and it's going to be just usual pump & dump.

Interesting...

lol. What auths do those private keys correspond to?

I wish I knew, but I'm not going down that legal rabbit hole to check.

No, no, keys are unrelated.
It's a common mistake for unsmart people.
The have some tokens on exchange and they want to transfer it to their "steemit wallet", so they put steemit as destination and their memo key (half of disaster if only memo). Why? Because they did similar thing while transferring to exchange account... they put name of the exchange in destination and in memo field they put some "weird code".

Well, I don't like being called unsmart but... when going through exchanges I would often have this kind of conversation with myself:

Ah time to transfer to an exchange, ah.. copy-pate the private active key for the transfer. copy paste the memo value from the exchange to the wallet for transfer. I hope I got that right...

Thank goodness for Hive Keychain, Hive Signer, and Metamask. Why isn't there one for Bitcoin?

And you are right in your inner conversation. Their error was to provide private key material to a third party (exchange) site.
For many, Hive will be their first contact with the cryptocurrency world, we have to do better when it comes to education on our way to mass adoption.

I agree that putting a memo-private key into a field definitely is a mistake and not an accident. It's a kind of mistake I had not heard of before this article.
Putting an active key into a memo field is probably an accident and a worse mistake.

As I recall there is some white-hat bot that scans the blockchain for private-active-keys to put them into a three-day lockup, and a black-hat bot that does the same in order to steal the funds.

When I posted the text of the memo keys in this discussion, @peakd warned against sharing your private keys. So good protection is possible at the interface level.

Good explanation. Seriously how dumb are these Yuchen Sun people?

So you are saying the @steemit account on Steem exposed its private memo key... haha?

No, it's users on Steemit, who tried to send their tokens to "steemit wallet".

PFUCK OFF !

Interesting, when just searching for the Memo used a month ago
...
image.png

Likely the private memo key as many believed that was required years ago. From what I hear, it isn't even from their account which makes it stranger.

https://steemworld.org/transfer-search?login=steemit is a nice tool!

Copying the memo keys in the original screenshot, in case anyone Googles them:

  • 5KGpHoNdsWw5yrReRvTmFNiJE2s7sEmbX43JhTsG1MEsoe9HUHi
  • 5JuaMxM6RVgQ5S22HDTt6hdjy2zYBkVByQ2X5spf9LTjcHREzNF

I guess we don't know for sure who sent those funds (i.e. whose exchange account initiated those transfers). But it would be really embarrassing if the administrators of the @steemit account didn't understand the difference between the transaction memo and a private memo key.

Wouldn't be shocking to me, the admins of the Steemit accounts just copy and pasted a bunch of the code from the hive fork to try to use against us lol

Thanks for the notice. Always interesting to see updates on the Steem saga, although I now exclusively use Hive.

I believe the transaction this post refers to is https://steemd.com/tx/ef2d2020fadae5dfc7af8449f0fe5f8262e20e42. Currently steemd doesn't load that link, but the account page for @steemit shows:

image.png

@themarkymark it would be great if you can link to the screenshot sources and include transaction hashes in the future. This helps interested readers verify the information and retrieve the source in the future!

u can use steemworld to check the activity of the steemit account: https://steemworld.org/block/45583504/ef2d2020fadae5dfc7af8449f0fe5f8262e20e42

Steemit account has very little activity, easy to find on Steemd.

I don't know so much about the steemit drama but i feel Steemit is dead. This is the product of wrong management.

I hope hive sees this mistakes and are able to prevent such a thing in the nearest future . Although hive is doing great already and i believe in hive so much already

Whatever happened to the 23M that were sent to bittrex?

Posted using Dapplr

Oh yes, I'd also be interested in the end of that saga!

Still on Bitrex. Afaik

Probably going to murder that 20 cent buy wall and turn it into a penny token

nano-pennies....

Fraction of a penny token lol. It's definitely going to be a pump and dump!

For a dead body Steem is still walking almost as fast as Hive. In other words, I would not underestimate them. Hive is unfortunately not able to uncouple from Steem in terms of number of posts, number of users (src), so any predictions like Sun dumping Steem may be just wishful thinking. He might take it and spread among his fangroup to evoke some activitiy.

exactly.

People have been saying they expect Steem will tank in price, yet it hasn't happened. People are surprised by how they were able to dump lots of Steem and not effect the price. Thats because they were selling the bottom of a well supported asset. Im not a Justin fanboy by any means but i do suspect Steem will surprise everyone, and i highly doubt this power down will be dumped, but we shall see.

We shall see indeed but you can only have so many bag holders before it falls apart.

Yeah I saw that deepcrypto8 account making huge hive transfers.

Same stats as when I powered up my 850 hive I bought.

Some odd moves. Let's see how long it takes to tank.

deepcrypto is binance, in case that's not clear

Thanks I was confused.

Hehe... Sure would be a shame if anything happened to those funds... Hehe. That would be quite an investment for hive...

I would not be shocked if JS had to raid funds from somewhere to keep up his massive buying of depressed assets that hold more value in the crypto they hold than what they are selling for. Not to mention paying people is not cheap to do ones bidding.

The guy seemed so depressed right away to get his money back days after his purchase lol.

He could've just cooperated with the community. But I guess that simply isn't in his proverbial DNA.

Allegedly hes a racist so it doesnt surprise me much.

Most likekly they are siliently bailing out. And theny just dump responsability on the community... at this point from the business perspective i don't see why they would wish to continue investing.

Just transferred the last of my Steem and converted it to Hive. Looks like I got it done just in time.

Yeah, me too...

I Joined after all that shit went down and don’t know all the ins and outs, but from what I do know all i can is God Damn! This shit is like from a movie and I would even donated money to see it put on the big screen!

🤣😂

All I can say is that it's a good thing I'm completely out of steem now. The last bit of power down and transfer from steem was a couple of weeks ago. It's all converted to hive now.

Only 4 weeks needed to dump that Steem. I hope it causes the price to drop as it is sickening to see the milking that goes on over there these days. It's all about self-interest now and nobody seems to care.

Why even go there?

Maybe justin sun and TRX fans go there?

Which extends the why of the question even further :D

Well I don't :)

Justin Sun cashing out?

Thanks for this info. I've powered down the last of my Steem. Looks like a right time for the jump.

Re-sell? Take the profits and re-sell if able to take more profit. I am sure Bill Gates might want it, after all he bought the number one open source repository, (Git-Hub), has entered into talks to buy tic-tok, perhaps He might be interested in one of the anti Mass Media sites. I am sure he would prefer Medium, but I doubt that would be for sale, I could be wrong, people do a lot of strange things when it comes to money, morals and principles are one of the first things to go by the wayside.

Crazy....I am curious as well...

Steemit, who is steemit ? ;)

Posted Using LeoFinance

Excuse me @themarkymark
but too much has been paid on this contribution.

No worries.

I'm not worried about me. I care about you.

More withdrawing... to Binance
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