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

coindesk.com

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

#351

Post by kevinak »

systemvoltage wrote: post #327
grumpyprole wrote: post #288

Earlier quoted context omitted.

> BTC (on chain) is still working as intended, after all these years. It's certainly working on destroying the planet with its obscene energy requirements.

I am not a fan of "destroying the planet" arguments mainly because anything goes, super ambiguious and not very precise. Buy our razors because cartridge razors are destroying the planet! https://bandisposablerazors.org/ Destroying the planet = Can't question it, can't argue about it, it is the end all of all arguments. How could you ever oppose something that destroys the planet? They all sound the same: https://en.…

On top of being hard to argue against, it just isn't true. It's a net positive for the environment, at least it will be in a couple of years: https://batcoinz.com/50-landfills-mining-bitcoin-a-zero-emis...

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

#352

Post by googlryas »

binarynate wrote: post #246

Larry David was right: https://youtu.be/Ut3m9OK1c7Y?t=46

I wonder how much Larry got paid for this? Very approximately he has a net worth of $500M and makes $50M/yr on Seinfeld royalties alone. How much do you have to pay someone like that to do a commercial for you?

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

#353

Post by Nursie »

bmitc wrote: post #226
douglaswlance wrote: post #133

Earlier quoted context omitted.

This isn't a crypto failure. Crypto works. This is a human failure. FTX didn't collapse because of the technology. It collapsed because of human error. The fix is rather simple. If an organization looks like a bank and quacks like a bank; it should be regulated like a bank.

People keep saying this, but I don't follow. FTT was a token manufactured out of thin air. Crypto works as a concept, I suppose, but people saying crypto works is like the people that say Agile works. How long do we have to wait to see crypto working? Where are the success stories of crypto? There's a long laundry list of hacks, scams, company failures, "tokenomics", NFTs, on blockchain, etc. Saying crypto works as a…

This is what the entire cryptosphere always seems to miss - society. People have pitched cryptocurrency/blockchain/NFTs for all sorts of things, and every one is a pure tech solution that misses the social aspect.

I had someone try to tell me blockchain voting would fix Russian democracy, because it would ensure transparent, accountable elections. OK, so how are you getting it in there? Just going to stroll into the Kremlin and make the current leadership implement it? You’ll be laughed at shortly before your arrest. No, fixing Russian politics is primarily a social issue. Transparent, accountable voting could be part of a possible future effort at reform, but first you need to somehow gain the power to implement reform at all.

Coming up with a software solution alone does nothing. And this is what is often missed.

“I can imagine a better future in which my amazing software solution plays a pivotal role, therefore if I create that software, things are sure to turn out that way”

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

#354

Post by paulpauper »

There have been so many hacks over the past 3 years. What happens to this money and the people behind it? Does it get mixed or stay dormant in the wallets forever? Few arrests, AFIK despite so much $ stolen. Except Bifinex 2016 hacker and Silk Road 2012 hacker.

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

#355

Post by lottin »

miguelmota wrote: post #209
foogazi wrote: post #148

Earlier quoted context omitted.

> This is a human failure Is there any crypto out there without humans ? Is there an undo button to reverse the transaction? All financial systems involve humans

> Is there any crypto out there without humans ? What OP is referring to is that you don't need to trust people if the dex is on-chain and verifiable. FTX was a non-transparent and insolvent centralized exchange which wouldn't be possible if it was on-chain because anyone can see the funds that are available and the protocol would not allow leverage backed by non-existing collateral. > Is there an undo button to reve…

Removing the possibility for human intervention doesn't make things more resilient quite the contrary. Removing human control of public policies, such as those involving the management of public resources, is downright anti-democratic and dumb. If you people intend to build a monetary system, you need to educate yourselves about monetary systems. The money supply must be managed (i.e. inflated and deflated in your unconventional parlance) in order to keep prices stable. An currency in which prices are not stable will never be used as currency by businesses because it would put them in danger of going out business due to price swings. Restricting the issuance of currency doesn't make the supply of such currency fixed. Look up how money is created by the banking system. Only a small part of the money supply is money created by central banks.

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

#356

Post by [deleted] »

paulpauper wrote: post #354

There have been so many hacks over the past 3 years. What happens to this money and the people behind it? Does it get mixed or stay dormant in the wallets forever? Few arrests, AFIK despite so much $ stolen. Except Bifinex 2016 hacker and Silk Road 2012 hacker.

[deleted]

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

#357

Post by duckmysick »

ajb wrote: post #349
duckmysick wrote: post #252

Earlier quoted context omitted.

How do we know the crypto owners were held there? > 5. That may explain why Russian army and the military equipment are so archaic btw. In order to create something new, e.g. drones you normally need non-violent entrepreneurs who would actually create stuff. In Russia they're being wiped out by the violent ones. Hence, no drones Iran has drones. Does that mean Iran is an example of "an artificial, abnormal environmen…

The evidence is circumstantial, which is why I said "appears to be designed for" not "we know crypto owners were held there". The more well attested point is that crypto owners in Russia don't advertise the fact, for fear of something like this.

What makes it appear designed specifically for crypto owners and not other people?

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

#358

Post by paulpauper »

Gatsky wrote: post #23

If this is real, most likely an inside job. I mean FTX staff probably had a lot of their own crypto on the exchange, so now that it appears Bankman stole it from them, why not steal it back.

I am skeptical because if insiders have access to the keys, they would not do it in such a obvious manner. They would instead drain crypto accounts that are pooled or reserved, not associated with the app directly. They would have drained these pooled assets discretely instead of a malicious app update , which draws too much attention. Of course, it's possible that said insiders had access to the app update but not the keys.

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

#359

Post by 127 »

paulpauper wrote: post #354

There have been so many hacks over the past 3 years. What happens to this money and the people behind it? Does it get mixed or stay dormant in the wallets forever? Few arrests, AFIK despite so much $ stolen. Except Bifinex 2016 hacker and Silk Road 2012 hacker.

Orders of magnitude more compared to 2008. Only one person went to prison after that farce. At least with crypto there's some form of public ledger.
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