The FTX App has allegedly been hacked as well. This reeks of an inside job/coordinated attack. Edit: It is rumored that SBF is en-route to Argentina Second Edit: This is a Twitter rumor, with no verification, could be fake news. I was going to paste the Tweet, but the Tweet has been removed because it was seen as unlikely.
What is the source of rumor please?
FTX faces potential hack, sees mysterious outflows totaling more than $600M
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Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#102To all the people replying that crypto isn't regulated: that's a myth. Exchanges are regulated and keep KYC info of their customers.
If the FTX hack is true, then all that KYC info will be sold in the black market.
Regulation didn't prevent the hack (or rug-pull?). Self-custody with DeFi does prevent it.
It's shocking how some people are for tinkering hardware/software and self-hosting services like Nextcloud, but it comes to money they would rather leave their life savings with a third party (a bank or a custodial exchange) and renounce to all financial privacy.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#103And the giant scam that is crypto marches on. I feel like such a schmuck for not working on ICOs when that’s as all going on. Was sure that this was all fraudulent, but you can walk off with a billion dollars now and nothing will happen.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#104Elon posted about this on twitter: https://twitter.com/elonmusk/status/1591313397362352130
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#105What I don't get (well I do, lobbying and inside deals), is why these guys have run so long (especially Tether). Just because crypto is a 'decentralised' wild west opposed to government shouldn't mean they sit outside of the laws around fraud, laundering and deception, especially if they're registered companies. The lack of legal focus, given the obvious illegitimacy of it all is disgraceful and I can't even imagine…
Popular appeal?
All sorts of scams, from dietary supplements to homeopathy pyramid schemes are permitted to carry on because fighting them is too unpopular.
Edit: take a look at Twitter. Crypto folks are busy worried that the Us gov will overreact and regulate crypto over this.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#106to what extent can my pc/phone be compromised simply by going to a website? how would i know if malicious software is downloaded/active?
iirc someone on hn said the going rate for zero-days is just $1-2 million. there were at least 3 RCE on chrome just this year: https://www.theregister.com/2022/04/15/google-third-fix-chro... the math works out for someone to spend it here given the amount of panicky crypto whales trying to get their money out of ftx. (OTOH, the math also suggest that these exchanges should've been hacked long long ago if these cheap…
Could be as simple as the defenders walked off the job at FTX.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#107It'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.
Apologies if my comment sounded like wishing for someone's death. I promise that was not my intent.
I'm aghast at the magnitude of his disastrous actions and wondering how could someone cope with the situation he put himself in, from a psychological point of view.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#1081. Who is transferring the funds? a. Bankman-Fried and associates b. insiders (disgruntled) c. outsiders (hackers) 2. Is it plausible that the transferred funds be laundered? 3. Can this altruism get any more effective? This story is utterly fascinating. It keeps getting better and better. I remember thinking Mt. Gox was wild. This fraud is second only to Ponzi.
The simplest explanation I have (occam’s razor) is a tie between 1.a and 1.b I’ve also heard rumors that inside bad actors pushed out a forced FTX app update to gain access to accounts. So the advisory is to uninstall FTX and not go anywhere near that website. Any money one has is unfortunately gone, wait for the bankruptcy proceedings to recoup it, if at all.
> I’ve also heard rumors that inside bad actors pushed out a forced FTX app update to gain access to accounts.
If it's an inside job with this capability you'd likely already have such access?
Only way is that somebody has access to push this, doesn't have access to the keys, and rewrites the app to send them assets or something. But the mass withdrawals imply the keys are compromised, and pushing the app would very unquestionably imply you?
It's quite strange that a bad update was pushed at all since it implies that the bad actor doesn't have key access, but everything else they do does.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#109What I don't get (well I do, lobbying and inside deals), is why these guys have run so long (especially Tether). Just because crypto is a 'decentralised' wild west opposed to government shouldn't mean they sit outside of the laws around fraud, laundering and deception, especially if they're registered companies. The lack of legal focus, given the obvious illegitimacy of it all is disgraceful and I can't even imagine…
Scientology, herbalife, and other obvious scams have persisted. I think crypto people love getting defrauded, and as long as they enjoy it there won't be much pressure to prosecute.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#110Where are the regulators and enforcers when we actually need them? How is any high up in this institution not arrested yet? What the hell are they doing?
Like is this a psyop to destroy crypto? Is this preferential treatment of SBF due to his donations/regulatory capture? Imagine if there was a mass shooter in a crowd of people and they just let him continue firing until he ran out of ammo, that's analogous to what's happening right now. Absolutely insane.