{"id":94255,"date":"2026-02-13T16:00:00","date_gmt":"2026-02-13T13:00:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=94255"},"modified":"2026-02-13T16:02:31","modified_gmt":"2026-02-13T13:02:31","slug":"dont-get-in-it-will-eat-you-alive","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/dont-get-in-it-will-eat-you-alive\/","title":{"rendered":"Don’t get in\u2014it will eat you alive"},"content":{"rendered":"

A regular ForkLog reader and seasoned participant in the crypto market on how he lost funds\u2014and with them the hope of getting them back.<\/em><\/p>\n

We often repeat as a mantra: \u201cEven the most experienced crypto investors are not immune to mistakes.\u201d That is, of course, true. But is this acceptable for an industry that seeks mass adoption as an alternative to traditional finance?<\/p>\n

A long-time ForkLog reader and contributor, who today asked to remain anonymous, says no.<\/p>\n

\u201cSorry, we can\u2019t help\u201d<\/h2>\n

A substantial sum in stablecoins<\/a> was stolen from my wallets after the Aperture Finance hack. Through that service I provided liquidity on PancakeSwap<\/a>, which required approving unlimited USDT spend. A hacker found a vulnerability in the contracts and, via that approval, drained all tokens from users\u2019 wallets. Here<\/a> and here<\/a> are technical analyses of the incident.<\/p>\n

Trying to find help recovering at least something, I realised the industry still cannot deal with hackers. So long after the creation of bitcoin, Ethereum, 20,000 L2<\/a> solutions and 30,000 smart-contract platforms, developers have yet to master the most important thing: protecting their users.<\/p>\n

Right after the theft I contacted Tether for help, since they are the issuer of USDT. We see daily news about freezing tokens linked to thefts, hacks and illegal activity\u2014apparently not in standard cases like mine. I received this reply:<\/p>\n

\n

\u201cSorry, we can\u2019t help. We do not issue USDT on BNB Chain.\u201d<\/em><\/p>\n<\/blockquote>\n

Fine, I know who does. I turned to the exchange. Surely they have transaction-tracking software, I thought. Surely they use every tool available. You can cluster related addresses, trace where the stolen tokens went, and find a path to a centralised venue with KYC<\/span>. The hacker will have to cash out at some point, right? Then you send the platform a request to freeze the account. I have all the evidence of the theft.<\/p>\n

\n

\u201cSorry, we can\u2019t help. According to our data, the tokens did not reach us,\u201d came the reply.<\/em><\/p>\n<\/blockquote>\n

Of course they didn\u2019t. They are still sitting in the hacker\u2019s wallet. I did not ask them to block USDT at that address\u2014the answer would have been obvious.<\/p>\n

\n

\u201cThe best solution will be to contact law enforcement. They have the resources and legal authority to investigate such complex cases and find those responsible. Provide them with the link to the request page for law enforcement,\u201d the exchange\u2019s representatives wrote, sending a URL to the official request form.<\/em><\/p>\n<\/blockquote>\n

I turned to the authorities, having heard about a cyber-police trained by leading blockchain-security firms to track transactions. They first wrote the hacker\u2019s addresses on a sheet of paper (for some reason they skipped transaction hashes). Then I had to explain to three different people what had happened. In the end they said:<\/p>\n

\n

\u201cYou understand these issues better. Do it yourself, and we are ready to help if anything. We can put some stamp.\u201d<\/em><\/p>\n<\/blockquote>\n

The Aperture Finance developers have been silent for two weeks. They said they were hacked\u2014and then nothing. I assume they lack the funds to compensate victims.<\/p>\n

As a result, after the Aperture Finance hack (if it was a hack, and not a backdoor left by the team followed by theft) and two weeks of silence, everything points to the project having halted its development and existence, several million stolen from various people, and the hacker pleased with himself and untouched.<\/p>\n

Everyone can see the addresses holding the tokens, and no one can do anything. There is no body that would help\u2014and no one is interested.<\/p>\n

Not your keys\u2014not your coins<\/h2>\n

We crypto users tout as our biggest advantage the full control over our funds. But it is also the industry\u2019s biggest scourge. How is mass adoption possible if anyone can find a vulnerability in three lines of code, steal funds straight from wallets and face no consequences?<\/p>\n

This is worse than phone scammers. There, victims have to act\u2014sell a flat, send funds, hand over a CVV code. In crypto, tokens can vanish while you sleep because of three-year-old approvals, as a new vulnerability is found in old contracts.<\/p>\n

Yes, I understand each of us is responsible for our own security. We all know the rules we must follow:<\/p>\n

    \n
  1. Regularly revoke approvals.<\/li>\n
  2. Rotate wallets.<\/li>\n
  3. Do not use unvetted services.<\/li>\n
  4. Do not click links from Google.<\/li>\n
  5. Do not copy an address from transaction history.<\/li>\n
  6. Do not fall for X scams like \u201cElon Musk is giving away 1 BTC, just send 0.1 BTC to this wallet\u201d.<\/li>\n<\/ol>\n

    And so on, and so on. Isn\u2019t that too many? The industry promises decentralised finance in which \u201cyou own your assets\u201d. But does it offer adequate protection?<\/p>\n

    Why not build tools to return funds after a theft? Or to prevent it? Submitted a fraud report to nodes \u2014> provided proofs \u2014> they voted to freeze \u2014> then, by the decision of a decentralised court, the money was returned.<\/p>\n

    In January 2026 alone, hackers hacked<\/a> 16 projects and stole $86.01m.<\/p>\n

    \"image\"
    Source: PeckShieldAlert<\/a>.<\/figcaption><\/figure>\n

    Who will find cryptocurrencies appealing with so many unknowns? Try suggesting your friend park USDT on Aave<\/a> instead of dollars in a bank, and list all the risks:<\/p>\n