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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

#441

Post by notahacker »

irusensei wrote: post #418
me551ah wrote: post #405

Earlier quoted context omitted.

Energy which is used to mindlessly calculate dumb hashes, trillions of which are discarded every second for the winning 'hash'. Proof of Work is basically lottery, but which consumes energy instead of tickets.

Not a miner. I do use a computer to calculate dumb stuff all the time for entertainment purposes. I mean… Cyberpunk 2077 could run acceptably on an integrated 65W APU but instead I chose to crank everything on max with ray tracing through a 4090 just to see some dumb frames on a screen that are discarded at a hundred per second. And I don’t ever remember having to ask permission to use the kW h I’m paying for.

I'm not sure gamers have over-specced their gaming machines to the extent they're using more electricity than a medium-sized European country...

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

#442

Post by Gasp0de »

sgt101 wrote: post #436
Gasp0de wrote: post #429

FTX is just an exchange right? Any sensible person only puts funds into an exchange that they want to trade. Not your keys, not your crypto.

I think that they said they would pay 8% interest on your funds. Which I guess makes it quite attractive. A discord server I was on in the spring had people offering advice on how to get this... I just assumed it was a scam, perhaps other people weren't so cautious.

I mean it should be obvious that anyone who offers 8% interest has to do some high-risk stuff with your funds, right?

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

#443

Post by largepeepee »

zeven7 wrote: post #8
DavidSJ wrote: post #6

Earlier quoted context omitted.

> Reports on crypto Twitter are that this is a hack Is that based on some evidence, or is it speculation?

I reworded things to separate the first hand information (FTX_Official indicating they don't know what's going on) from speculation (app hacker rumors).

Some call this a "hack", others who are brighter noticed that the recent FTX limited account unfreeze before they declared bankruptcy was to mask their own personal outflows as they siphoned money from a sinking ship

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

#444

Post by RandomLensman »

jamesknelson wrote: post #325
bmitc wrote: post #234

Earlier quoted context omitted.

> There's a literal saying, "Not your keys, not your coins". Doesn't that also legitimatize a hack then? If someone hacks or steals your keys, you can't then turn around and say "but wait, those aren't your keys".

Yes, it does, but some of us actually consider this to be a feature. The issue with reversibility is that it’s not just reversibility - it’s also the power for the authorities to take your assets from you. The question isn’t “do you want to be able to get your money back after it was stolen”, it’s really, “do you want the powers that be to be able to decide whose money it is.” We’ve been lucky to live in a world wher…

In what way is crypto an insurance there? Typically, ruthless regimes are good at separating you from your assets. I don't see any of the typical methods not working with crypto. It's really only an insurance against marginally bad situations and there lots of other things work equally well.

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

#445

Post by hiq »

capkutay wrote: post #302
bmitc wrote: post #226

Earlier quoted context omitted.

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…

FTX is a centralized (not DeFi) exchange that used their own coin as collateral and obfuscated their liquidity. This wouldn’t be possible in open decentralized exchanges that many in web3/crypto were advocating for. However SBF made it his mission to lobby regulation on DeFi and a blind eye to CeFi exchanges like his own. https://www.politico.com/newsletters/morning-money/2022/10/2...

You just get a different set of tradeoff on a decentralized exchange. E.g. many users don't have the basic opsec required to protect their private key without losing it.

For a cryptocurrency owner taken at random, I think it's likelier that they make a mistake with their private key than they lose tokens held in a Coinbase (or another CEX among the less dodgy, regulated, etc.) account.

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

#446

Post by lelanthran »

lelanthran wrote: post #139
1270018080 wrote: post #109

Earlier quoted context omitted.

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.

I Dunn if it is fair to include Scientology in that. Other than the amounts of money involved, it clearly is a religion.

I don't understand the modding down. Does someone want to explain why Scientology is different than, say, the major Christian religions? Or Islam?

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

#447

Post by themihai »

headsoup wrote: post #38
ackbar03 wrote: post #22

Earlier quoted context omitted.

I saw an update on coindesk that they confirmed it was a hack on their official telegram channel? What a dumpster fire. But let's be honest, I think retail investors weren't getting anything back anyways. Probably only impacts creditors

Lol, a 'hack.' An unfortunately extremely convenient one that I'll almost guarantee specifically took customer funds, you know, after the bros already took their first cut.

It happens on Wall St as well but more "subtle". Retail investors and tax payers have always been the bag holders.

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

#448

Post by irusensei »

notahacker wrote: post #441
irusensei wrote: post #418

Earlier quoted context omitted.

Not a miner. I do use a computer to calculate dumb stuff all the time for entertainment purposes. I mean… Cyberpunk 2077 could run acceptably on an integrated 65W APU but instead I chose to crank everything on max with ray tracing through a 4090 just to see some dumb frames on a screen that are discarded at a hundred per second. And I don’t ever remember having to ask permission to use the kW h I’m paying for.

I'm not sure gamers have over-specced their gaming machines to the extent they're using more electricity than a medium-sized European country...

Are you suggesting the combined power usage of gamers specing their machines above average recommended system requirements is less than the power used by mining industry? I’m skeptical about that.

And its beside the point because again its none of your business.

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

#449

Post by baq »

Gasp0de wrote: post #427
readthenotes1 wrote: post #127

Earlier quoted context omitted.

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

And here I sit, thinking those rules were so that the 1% could take all the value the 99% produced.

Nuclear weapons made this a bigger issue since it closes the option of last resort, which is war. See North Korea…
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