Geoff White

And those computers are looking at all the transactions inside and outside and reconciling the two ledgers together. So basically, the hackers realize very, very smartly, that's the pinch point. That's the conduit. That's where the money is going across. If they can control the Ronin Bridge, they can effectively control the flow of money.

And those computers are looking at all the transactions inside and outside and reconciling the two ledgers together. So basically, the hackers realize very, very smartly, that's the pinch point. That's the conduit. That's where the money is going across. If they can control the Ronin Bridge, they can effectively control the flow of money.

And since there's millions and millions of dollars inside Axie Infinity, they can control that money. Now, the thing about this is there were nine computers as part of the bridge. It's effectively nine what they call validators.

And since there's millions and millions of dollars inside Axie Infinity, they can control that money. Now, the thing about this is there were nine computers as part of the bridge. It's effectively nine what they call validators.

And SkyMavis had sort of thought about the possibility of getting hacked to give them credit, and they only controlled four out of those nine, which isn't enough to give you majority control. So you can't just take over SkyMavis, get control of the bridge, and take the money out. The hackers had to find a fifth computer. So they have five out of nine, so they've got majority control.

And SkyMavis had sort of thought about the possibility of getting hacked to give them credit, and they only controlled four out of those nine, which isn't enough to give you majority control. So you can't just take over SkyMavis, get control of the bridge, and take the money out. The hackers had to find a fifth computer. So they have five out of nine, so they've got majority control.

And this is where things go wrong for Sky Mavis. Sky Mavis had outsourced the other five validator computers to external companies, so they weren't in control of them. So Sky Mavis didn't hold all the cards effectively. But one of the companies it outsourced to gave Sky Mavis a temporary access to its validator. And that temporary access was never revoked.

And this is where things go wrong for Sky Mavis. Sky Mavis had outsourced the other five validator computers to external companies, so they weren't in control of them. So Sky Mavis didn't hold all the cards effectively. But one of the companies it outsourced to gave Sky Mavis a temporary access to its validator. And that temporary access was never revoked.

The hackers somehow managed to realize all of this and thought, aha, we've got four computers validating Sky Mavis. We need a fifth to get majority control. There's the fifth one. We've still got access to it via Sky Mavis. We've got five out of the nine computers. And guess what? We control the bridge. We control the money. And it's time to steal it.

The hackers somehow managed to realize all of this and thought, aha, we've got four computers validating Sky Mavis. We need a fifth to get majority control. There's the fifth one. We've still got access to it via Sky Mavis. We've got five out of the nine computers. And guess what? We control the bridge. We control the money. And it's time to steal it.

They stole ETH currency and USDC, which at the time was valued at $625 million. $625 million. Yes. I'm trying to think, is there a single...

They stole ETH currency and USDC, which at the time was valued at $625 million. $625 million. Yes. I'm trying to think, is there a single...

I'll go further than that. I've been a bit circumspect in the book, but I'm being less circumspect the more I go on. I think it's the biggest theft of all time. And I'm going to add a couple of qualifiers to that because that is a big statement to make. I'm talking about one-off theft. Obviously, ransomware as well, you know, has made billions over time, multiple victims.

I'll go further than that. I've been a bit circumspect in the book, but I'm being less circumspect the more I go on. I think it's the biggest theft of all time. And I'm going to add a couple of qualifiers to that because that is a big statement to make. I'm talking about one-off theft. Obviously, ransomware as well, you know, has made billions over time, multiple victims.

I'm talking about one victim, one hit. At the time the theft happened, because obviously there's, you know, the Bitfinex hack, you know, the one that Heather Morgan and Illy Lichtenstein got sentenced for. Well, that was, I mean, that ended up being $3 billion, I think. But at the time of the hack, it was $70 million.

I'm talking about one victim, one hit. At the time the theft happened, because obviously there's, you know, the Bitfinex hack, you know, the one that Heather Morgan and Illy Lichtenstein got sentenced for. Well, that was, I mean, that ended up being $3 billion, I think. But at the time of the hack, it was $70 million.

So I'm talking about valuing a crime at the time the crime was committed, one-off crime, one-victim crime. And so I've been doing, you know, you Google and you Google and you try and find these things. And, you know, there's the Isabella Stewart Garden Museum heist is one of them. So that was, I think, 93, was it? They broke into the museum, they stole artworks.

So I'm talking about valuing a crime at the time the crime was committed, one-off crime, one-victim crime. And so I've been doing, you know, you Google and you Google and you try and find these things. And, you know, there's the Isabella Stewart Garden Museum heist is one of them. So that was, I think, 93, was it? They broke into the museum, they stole artworks.

The artworks were valued at 500 million. Now that's often listed as being one of the most, you know, expensive heists of all time. That's only 500 million. So I know I'm out on a limb here, but I do think it's a serious, if it's not the number one, it's a very serious contender for biggest theft of all time based on one hack, one victim, one crime, one victim valued at the time of the crime.

The artworks were valued at 500 million. Now that's often listed as being one of the most, you know, expensive heists of all time. That's only 500 million. So I know I'm out on a limb here, but I do think it's a serious, if it's not the number one, it's a very serious contender for biggest theft of all time based on one hack, one victim, one crime, one victim valued at the time of the crime.