Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

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

coindesk.com

Post reply on HN
Print view View original

511–520 of 890 posts

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

#511

Post by stephc_int13 »

TheNewsIsHere wrote: post #504
jasonwatkinspdx wrote: post #472

Earlier 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.

Your grandfather is not that dumb.

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

#512

Post by michaericalribo »

stephc_int13 wrote: post #507
fumblebee wrote: post #503

Surely 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?

There’s as much evidence for your theory as there is for GP’s

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

#513

Post by socialismisok »

From what I understand, SBF described the product as a Ponzi scheme in so many words 6 months ago, yet somehow attracted more money than Enron. Now he's fled to Argentina, and people are are missing billions.

Apparently he even had a custom client built that wouldn't trigger auditing.

It never ceases to amaze that this story happens again and again.

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

#514

Post by me551ah »

rabite wrote: post #402
me551ah wrote: post #262

Earlier quoted context omitted.

Crypto works for what use case exactly? Crypto payments take much longer time than traditional credit card ones , are barely supported by most websites and in many cases cost more in transaction fees than credit cards. And with a lot of people storing their money in these major crypto banks , what we now have is a fairly centralised structure which kind of defeats the purpose of crypto. Worse, these banks also hold e…

Perhaps for the use case of the underbanked, which is the majority of the world. That I need to wait for confirmation on the blockchain for a crypto payment is orders of magnitude faster than my other option, which is wait for someone to manually bring in foreign currencies by train. My country is not on SWIFT. My passport will not allow me to get a bank account in any country that would let me process credit cards.…

I'm from India, one of the most populous countries in the world. And we have instant online transfers with no transaction fee and it's called UPI.

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

#515

Post by oliv__ »

paulpauper wrote: post #308
alasdair_ wrote: post #199

Earlier quoted context omitted.

Agreed. It's by far the simplest answer. They already have the keys and have the code.

I don't think it was insider job. If insiders wanted to steal people's assets why do it in such a public manner? If they have the keys they can just move funds discretely from the larger pooled assets without draining individual accounts. A malicious app update draws way too much undue attention.

If I were an insider, I'd want to steal the funds out in the open and add decoys such as the app update to make it look like a hack.

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

#516

Post by irusensei »

notahacker wrote: post #479
irusensei wrote: post #448

Earlier quoted context omitted.

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.

> 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. Yes, of course, I am absolutely suggesting that overspecced gaming PCs played by a minority of gamers in their spare time don't use more electricity than a medium sized developed country (or indeed the 24/7 running of ind…

Still skeptical and like I said I would not care if they do because it’s none of my business how they use the energy they pay for.

Why don’t you go for power companies instead and demand clean energy investments? Might be a better use of your activism instead of just going for people using their own stuff in a way you don’t like. It’s not going to end well. I’m pretty sure the insane degrowth narrative will target gaming or other power intensive recreative uses sooner or later but that’s another discussion.

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

#517

Post by hestefisk »

himinlomax wrote: post #468
dzink wrote: post #287

Earlier quoted context omitted.

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.…

"Web3" was never mainstream, despite the obvious manipulations to try to make it so.

It was headline on Singapore FinTech Festival in 2021. I hope the organisers have warm ears now.

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

#518

Post by bo1024 »

YossarianFrPrez wrote: post #116

Regardless 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…

Blockchain tech should distance itself from finance and cryptocurrency. The most interesting and promising thing about blockchains is decentralized coordination of group decision making.

Based on your comment and the rest of HN, many people think blockchain = finance with cryptocurrency and NFTs. That’s what FTX was. Boring. DeFi is only slightly more interesting.

Blockchains like ethereum do run on a cryptocurrency, but the currency is not the most interesting part, it’s just lubrication for interesting applications.

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

#519

Post by stephc_int13 »

michaericalribo wrote: post #512
stephc_int13 wrote: post #507

Earlier quoted context omitted.

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?

There’s as much evidence for your theory as there is for GP’s

Sure.

But what would you do, in this context?

Post reply on HN