A private plane departed from the Bahamas yesterday with an unknown destination. Ultimately it landed in Argentina.
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
#582Earlier quoted context omitted.
If you use non-privacy chains, which are the common ones, you can get found out as soon as you try to do anything meaningful with it. Eg you move to some country, you want to buy a place, you find a seller willing to take crypto, ding-ding-ding, authorities will ask them where they got the coins from and there you are in your pool.
So, what you're saying is that some hackers are siphoning all the "funds" for no reason at all? Or maybe, if they are hackers they can use/launder those in some way or another, but if this is SBF behind a mask then he can't? I am far from an expert about money laundering techniques, but I find it hard to believe that it is impossible to launder, given the context.
There's probably something these guys know that ordinary HN people don't know about how to extract the money.
Perhaps there's a jurisdiction where it's made a lot easier.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#583This last week has been a rollercoaster. I've been in crypto since a long time ago and have seen quite a bit, but this FTX implosion takes the crown. And to be honest, I don't think its over.
If you believe there is more to come and this isn’t over, are you still holding crypto?
Personally I liquidated all remaining crypto. I think these are the end of days for crypto and before the end of this year anyone still holding crypto assets will find them significantly less valued. There is no path to increasing value.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#584Corporate theft is not a hack.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#585The hacker has spent the last 11 hours slowky and incrementally converting all the various tokens they got to ETH. They've been using a variety of different defi exchange and have eaten large slippage fees, at least once over 5M lost in slippage. We're not seeing any else, e.g. laundering through another exchange, splitting into different accounts, automating the liquidation of tokens to ETH, off loading ETH into a c…
Corporate theft is not a hacking.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#586Earlier quoted context omitted.
“Any sensible person”. I think this is an unfair characterization of people that keep large sums on exchanges. It’s not unreasonable to trust a company worth billions to hold your funds. Some might even argue an exchange is safer than a hardware wallet in the sense that if you physically lose the wallet, or completely forget the password, you’re SOL. No one expects a multi-billion dollar exchange to vaporize over nig…
> No one expects a multi-billion dollar exchange to vaporize over night. Except for everyone who has? We don't expect banks to vaporize because they're FDIC-insured with extreme regulations on their lending/investing, highly regulated. But crypto exchanges are the wild west. Totally vulnerable to both hacking and ponzi scheme fraud. Essentially zero regulation or customer insurance. And "vaporizing over night" is how…
I should have said most people, not no one.
The reality is most people outside of the HN bubble trust billion dollar companies. Crypto or otherwise. And when I say trust, I don’t mean in the sense that they think the company is doing any moral good, but that they expect a product or service in return for payment.
You don’t question that the gas you purchase at a gas station is in fact gas, and not water. Why would a sensible person expect a billion dollar exchange to suddenly halt withdrawals?
The point of my comment was that most sensible people would expect a billion dollar company to hold up some aspect of the bargain.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#587The hacker has spent the last 11 hours slowky and incrementally converting all the various tokens they got to ETH. They've been using a variety of different defi exchange and have eaten large slippage fees, at least once over 5M lost in slippage. We're not seeing any else, e.g. laundering through another exchange, splitting into different accounts, automating the liquidation of tokens to ETH, off loading ETH into a c…
> The on chain activity makes this look like an individual who did not prepare extensively before doing this or doesn't have the skills to use automation/operational best practices
How common is the knowledge of these best practices?
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#588Surely 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.
> 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. This make no sense to me. Thieves in the crypto currency world seize the opportunities before other thieves do: what more do "hackers" need than 600m? 700m? 900m? Why let a vulnerability unexploited, risking someone e…
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Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#589A private plane departed from the Bahamas yesterday with an unknown destination. Ultimately it landed in Argentina.
Do you have a link with more information?
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#590Earlier 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
I mean, the "inside job" theory seems to have more evidence, because as was pointed out hackers don't normally wait months to execute their attacks. And are more likely to use automation.