Fraud. This is why banking regulation is important, almost all banking laws on the books exists because someone got screwed.
Because someone screwed over too many other people
FTX faces potential hack, sees mysterious outflows totaling more than $600M
81–90 of 890 posts
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#82Why has this to be hack? Wouldn't it be much easier an inside job?
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#83It's wild to me that he hasn't simply had a heart attack and died from the insanity of his actions and the consequences of it all. Imagine throwing a life like that and he's barely turned 30. Hubris and foolishness can lead to one's own grave. edit: I'm not wishing for his death. That's not what my comment was about. More on the psychological impact of deception at this magnitude and could any person cope with that.
Well, that's one way to look at it. The other way to look at it is that he's still insanely rich even though he's lost the vast majority of his fortune, and he probably has it locked away in a place that the Feds can't get it... so as long as he gets to a non-extradition country, he will probably be better off than 99.99999% of the people currently residing on this planet. I'd rather not travel because authorities ar…
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Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#84Cryptocurrencies are speedrunning the history of the financial system and why it is the way it is.
After 10 billion USD goes missing you can bet it won't stay unregulated for long.
But yeah it became apparent a while back that some very bad actors, speculators, had become involved in crypto, so I became inactive.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#85[deleted]
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#86It's been stated that FTX can access the wallets of their customers [1], I wonder if employees or other bad actors knowing the ship is sinking have decided to - forgive me for the quip - plunder any remaining assets. 1: https://www.coindesk.com/policy/2022/11/10/ftx-violated-its-...
That was my first thought. Not FTX related, but I just got another email from Coinbase reassuring me that they’re not gonna use customer funds without permission. I have in the past moved my shit out of Coinbase wallets because of doubts about that. Honestly though I just want to GTFO of crypto at this point…
"at some point, you are the greater fool"
"If you look around the table and can't see the chump, you are the chump"
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#87It's been stated that FTX can access the wallets of their customers [1], I wonder if employees or other bad actors knowing the ship is sinking have decided to - forgive me for the quip - plunder any remaining assets. 1: https://www.coindesk.com/policy/2022/11/10/ftx-violated-its-...
Not to argue, but just to point out, banks can also do this. It's called "bailing-in".
Banks in the US can do it, but only with the excess of accounts containing more than $250k.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#88Why has this to be hack? Wouldn't it be much easier an inside job?
If something, this really smells like inside job. They are just draining everything out of the connected wallets. This is fucking shame.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#89It's wild to me that he hasn't simply had a heart attack and died from the insanity of his actions and the consequences of it all. Imagine throwing a life like that and he's barely turned 30. Hubris and foolishness can lead to one's own grave. edit: I'm not wishing for his death. That's not what my comment was about. More on the psychological impact of deception at this magnitude and could any person cope with that.
He said the whole thing was a calculated risk. He only spent five years on crypto so he has plenty of time to try again. He probably wasn't counting on prison time though.
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Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#90It's wild to me that he hasn't simply had a heart attack and died from the insanity of his actions and the consequences of it all. Imagine throwing a life like that and he's barely turned 30. Hubris and foolishness can lead to one's own grave. edit: I'm not wishing for his death. That's not what my comment was about. More on the psychological impact of deception at this magnitude and could any person cope with that.
Fancifully entertaining someone's death is definitely over the line in HN comments. Please don't post like that.
https://news.ycombinator.com/newsguidelines.html
Edit: I'm surprised at how many people are eager to go there:
https://news.ycombinator.com/item?id=33570385
https://news.ycombinator.com/item?id=33570266
https://news.ycombinator.com/item?id=33570205
That is not what HN is for, so please don't.