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"Sophisticated hack" in crypto translates roughly to "we decided our customers' money was better off in our bank accounts than theirs".
Exactly.. the "we had hot wallets for all our currency" excuse would have worked 6 years ago, not so much today.
Yikes. This is the reason Im fearful of bitcoin.
Rackets like this happen all the time. What makes Bitcoin different is often a lack of recourse.