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0 pointsfreedsoftware3y ago0 comments

Coins should have 2FA themselves. Without it, theft is obviously far easier.

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Huh? That's like saying USD needs 2FA.

Wallets have 2FA, not coins.

Wallets are more like banks, except the user owns their own bank.

The issue with theft over the last year was primarily from rug pulls, bugs in contracts and things like phishing/domain takeover.

rvz3y ago

Don’t forget SIM swapping attacks which there are services, banks and crypto exchanges still accepting phone numbers as a 2FA method, which is ridiculous.

$3.8B in fraud from crypto out of the over 2 trillion worth of crypto transaction volume is nothing compared to the Zelle and FinCEN fraud with the trillions of illicit transactions allowed by the banks.

freedsoftwareOP3y ago

Coins could be made to require two different keys to perform operations.

Social engineering attacks getting people to divulge their private single keys are a huge method of crypto theft.

latchkey3y ago

> Coins could be made to require two different keys to perform operations.

That's a function of the wallet, we call it multisig.

> Social engineering attacks getting people to divulge their private single keys are a huge method of crypto theft.

Correct and 2FA would do nothing to stop that. The same problem exists with Zelle in traditional finance. To the point that banks are no longer accepting Zelle.

https://www.thestreet.com/banking/zelle-scam-wells-fargo

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latchkey3y ago

Huh? That's like saying USD needs 2FA.

Wallets have 2FA, not coins.

Wallets are more like banks, except the user owns their own bank.

The issue with theft over the last year was primarily from rug pulls, bugs in contracts and things like phishing/domain takeover.

rvz3y ago

Don’t forget SIM swapping attacks which there are services, banks and crypto exchanges still accepting phone numbers as a 2FA method, which is ridiculous.

freedsoftwareOP3y ago

Coins could be made to require two different keys to perform operations.

Social engineering attacks getting people to divulge their private single keys are a huge method of crypto theft.

latchkey3y ago

> Coins could be made to require two different keys to perform operations.

That's a function of the wallet, we call it multisig.

> Social engineering attacks getting people to divulge their private single keys are a huge method of crypto theft.

Correct and 2FA would do nothing to stop that. The same problem exists with Zelle in traditional finance. To the point that banks are no longer accepting Zelle.

https://www.thestreet.com/banking/zelle-scam-wells-fargo

1 more reply

j / k navigate · click thread line to collapse