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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

#121

Post by zeven7 »

readthenotes1 wrote: post #96
smaudet wrote: post #84

Earlier quoted context omitted.

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.

10B didn't go missing, it was stolen and they know stole it and where he put it. One to two billion is missing and probably stolen.

Are you sure? The numbers I saw that were a draft of the balance sheet showed ~$1 billion in liquid assets, and ~$9 billion in very illiquid, mostly very low volume crypto assets, such that it would likely be hard to even get an additional $1 billion out of that "$9 billion".

Source: https://twitter.com/minigrogu/status/1591104167455510529

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#122

Post by iakh »

gasull wrote: post #102

To 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…

Is it really that surprising people would rather keep their money in a bank that has hired professional security guards rather than at home under their mattress?

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#123

Post by graeme »

Aaronstotle wrote: post #44

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.

App not updated in app store. Could popup box be edited in app to be malicious of would such a feature need to already be coded in like Epic’s non app store payments thing?

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#124

Post by notch656a »

1270018080 wrote: post #63
Aaronstotle wrote: post #44

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.

Argentina has an extradition treaty with the US though?

... and extremely porous borders. Doubt anybody would be dumb enough to actually fly directly to their target country.

Also worth noting, due to a quirk in the way Argentina citizenship laws are written once he is in the country he can file immediately for citizenship and he won't be deportable (although he will be extraditable). I'm not an attorney but that may help him in case his passport is revoked.

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#125

Post by bsder »

gasull wrote: post #102

To 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…

The difference is that when a bank gets robbed, I can still go get my money back via the legal system.

When a crypto exchange or a crypto wallet gets robbed, you have nowhere to go to get your money back.

There are good reasons why we don't keep large amounts of cash in our pockets or in our mattresses.

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#126

Post by oneoff786 »

iakh wrote: post #122
gasull wrote: post #102

To 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…

Is it really that surprising people would rather keep their money in a bank that has hired professional security guards rather than at home under their mattress?

It’s a bit surprising if they spend a lot of effort complaining about banks

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#127

Post by readthenotes1 »

iblaine wrote: post #33
zeven7 wrote: post #4

> Investigating abnormalities with wallet movements related to consolidation of ftx balances across exchanges - unclear facts as other movements not clear. Will share more info as soon as we have it. From FTX's general counsel[1], retweeted by FTX_Official. So that indicates it's not being sold off legitimately under some sort of liquidation proceedings. It could be insiders or it could be hackers. [1] https://twitte…

It’s unfortunate that what started out with altruistic motives, a method for decentralized anonymous asset exchange, is being derailed by opportunists. There was a time where a 51% attack was the biggest concern. All that said, I’m not surprised at where we are today.

Most of the rules of civilization are centered around preventing the 20% predators from devouring the 80% normal people.

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#128

Post by from »

0x5345414e wrote: post #64
TedDoesntTalk wrote: post #36

Earlier quoted context omitted.

I don’t think SBF would be dumb enough to steal $400m right now when the whole world is watching his every move.

Well he was dumb enough to post a bunch of lies and nonsense to Twitter the last couple days…

Maybe I'm more cynical than most but those tweets to me feel like they will be used as evidence in the future to argue that he didn't really have the full picture what was going at FTX and that it was really the Alameda people or the devs etc behind everything.

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#129

Post by VagueMag »

echelon wrote: post #112
headsoup wrote: post #41

What 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…

> 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. Entirely speculation, but something fun I've heard repeated occasionally: If this was "just tech", it could find itself regulated easily. (Though this isn't necessarily the case.) If it's a geopolitical weapon or spy…

'Testbed for CBDCs' and 'black budget money laundering' seem like compelling explanations for the stunning regulatory forbearance (so far) to me. I've also seen speculation that FTX/SBF were intentionally allowed to create Ponzi bubbles of epic proportions in order to discredit decentralized digital currency and make it radioactive in most of the public's mind.

Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M

#130

Post by mudrockbestgirl »

According to the latest reports, SBF is potentially on the run on a private jet [0] from the Bahamas to (probably) Argentina. He hasn't been confirmed to be on that plane, but it seems likely. This stuff is straight out of movie.

[0] https://www.flightradar24.com/LVKEB/2e2e7cfd

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