Is this like the people in Lebanon who have taken to robbing their banks to get their own money out?
FTX faces potential hack, sees mysterious outflows totaling more than $600M
501–510 of 890 posts
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#502Regardless of whether you are pro- or anti- crypto, the collapse of FTX, SBF's bubble bursting in a rather extreme fashion, and now this hack are more nails in the coffin for mainstream support. I am no fan of crypto myself, but it's interesting to think what would have to happen for crypto to burnish its image. Would key people have to voluntarily form some sort of coordinating council and self-regulate? Would they…
1. Crypto and web3 is so tarnished in consumer minds, it cannot recover. The next big thing in this space needs stay away from those terms like the plague. 2. Energy has become so valuable these days and Crypto tech has become so WASTEFULLY, UNNECESSARILY energy intensive, that the next iteration needs to be as cost efficient and effective as software. Transaction costs need to begin and remain extremely low to none.…
1. Remember ICOs? Web3, NFTs, and DAOs are going to be this cycles ICOs. The word crypto isn’t going away, but everything else might.
2. Crypto’s (as an industry) energy consumption is negligible when looking at other similar sized industries. POW is still the best method of mining.
3. 100% agree.
> The current financial system took a LOT of guardrails to keep people from tanking the trust in it for their own self gain.
The current financial system took decades to be rigged properly. It rewards politicians and elites. There’s no denying that. The everyday man is left holding the bag 9 times out of 10. This was the very reason Bitcoin was created. Thinking the government is going to save you is an insane idea.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#503Surely it's not a coincidence that on the day FTX announces bankruptcy, this gigantic hack occurs?
Some folks in this thread are speculating this might've been an inside job.
I suspect, it's likelier that hackers had been aware of a vulnerability for some time, had a plan to drain these funds, but decided to hasten the timeline on the basis of the news FTX was going under.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#504Earlier quoted context omitted.
Quoted post unavailable.
Because we're tired of a dumpster fire of scams and fraud being sold as the revolutionary future of all finance and money. We do not want that future. We don't even want the bitcoin present. We think it's bad and will cheer as it implodes. There was a time I thought something like bitcoin had a useful role to play in the world, never as a consumer/retail thing, but more a zero trust alternative to existing clearing h…
I am saddened about the baggage that blockchain technologies hold in less technical circles now. They’re not just for cryptocurrencies.
My grandfather hears “blockchain” and he assumes he is looking at a crypto scam.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#505Earlier quoted context omitted.
Quoted post unavailable.
I can't speak for others, but personally my great dislike for it is the very high rate of scam-like behaviour. Every where you look, it turns out that someone is doing a 'rug pull', using customer funds in ways that don't line up with what they said publicly, or using misleading and deceptive behaviours to con others into giving them money.
You're already doing them a great favor by conceding a possibility the scam rate is not exactly 100.0%.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#506Regardless of whether you are pro- or anti- crypto, the collapse of FTX, SBF's bubble bursting in a rather extreme fashion, and now this hack are more nails in the coffin for mainstream support. I am no fan of crypto myself, but it's interesting to think what would have to happen for crypto to burnish its image. Would key people have to voluntarily form some sort of coordinating council and self-regulate? Would they…
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.
as SBF himself allowed in the Bloomberg interview, this system only works if humans, driven by FOMO and greed, bid up the tokens. that, more than the technology underpinning the system, is a necessary condition for defi or centralized crypto to "work."
defi is rife with hacks theft and rug pulls. but a form of fraud that is built into the entire ecosystem are tokenomics that carve out allocations of tokens to early holders, so they front run every one else.
this cannot be escaped - there is no refuge from the grift built in to the entire ecosystem. decentralized is a lie propagated to support a scam on everyone who got in later than early holders.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#507Surely it's not a coincidence that on the day FTX announces bankruptcy, this gigantic hack occurs? Some folks in this thread are speculating this might've been an inside job. I suspect, it's likelier that hackers had been aware of a vulnerability for some time, had a plan to drain these funds, but decided to hasten the timeline on the basis of the news FTX was going under.
From a technical standpoint, how difficult it is to hack your own company?
What would you do, if you spent years building a Crypto/Ponzi scam and that you were the first to know that it was going to crumble?
Let it go and face the consequences? Or try to save a few bucks knowing that you don't have much more to lose if it fails?
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#508Patrick Boyle breaks down the situation with his usual eloquence and dry humor. Video is worth watching just for the chart of the corporate structure. https://youtu.be/zTFhnpf-IE0
Over 130 companies referenced in the bankruptcy filing, and 'around 77 companies' in that organizational chart! The first thought is that's an optimal structure for a money laundering outfit, as if those companies are constantly transferring funds from one to the other, dirty money can be fed in to that system and then get lost in the mix, coming out as fairly clean on the other end. See Nick Kochan, "The Washing Machine":
https://www.goodreads.com/en/book/show/21230193-the-washing-...
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#509Earlier quoted context omitted.
Because we're tired of a dumpster fire of scams and fraud being sold as the revolutionary future of all finance and money. We do not want that future. We don't even want the bitcoin present. We think it's bad and will cheer as it implodes. There was a time I thought something like bitcoin had a useful role to play in the world, never as a consumer/retail thing, but more a zero trust alternative to existing clearing h…
I am saddened about the baggage that blockchain technologies hold in less technical circles now. They’re not just for cryptocurrencies. My grandfather hears “blockchain” and he assumes he is looking at a crypto scam.
> My grandfather hears “blockchain” and he assumes he is looking at a crypto scam.
As a first approximation he sounds like a wise man.
> They’re not just for cryptocurrencies.
Please tell me about the other use cases.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#510Surely it's not a coincidence that on the day FTX announces bankruptcy, this gigantic hack occurs? Some folks in this thread are speculating this might've been an inside job. I suspect, it's likelier that hackers had been aware of a vulnerability for some time, had a plan to drain these funds, but decided to hasten the timeline on the basis of the news FTX was going under.
A lot of the crypto "mega-hacks" we have seen in the past have involved insiders: either insiders getting phished or insiders doing the theft themselves.
7-8 digit hacks are often legitimate hacking, but suspiciously-timed 9 digit hacks have been inside jobs in the past.
I'm giving more than even odds to the theory that a top executive of FTX wanted a retirement fund. Let's see if one of them disappears.