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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

#601

Post by rchaud »

groffee wrote: post #34
mudrockbestgirl wrote: post #9

Earlier quoted context omitted.

> Reports on crypto Twitter are that this is a hack It's really unfortunate to get "hacked" with such bad timing. You steal customer money and file for bankruptcy but now the bad hackers, probably from the Bahamas as well, take whatever is left and cash out. Oh no! /s But it's alright, SBF said he's sorry.

SBF takes "full responsibility".

Perhaps he will take some time to clear his head. Is there a monastery in South America where he can repent? Preferably one with no extradition treaty?

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

#602

Post by Crosseye_Jack »

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.

People can be sensible and misinformed at the same time. Personally I don't feel that the flashy tv ads put out by exchanges are targeted at the crypto savvy. For Example https://www.youtube.com/watch?v=noekVG8XLQI & https://www.youtube.com/watch?v=eVdTjxkM1TY

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

#603

Post by [deleted] »

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.

[deleted]

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

#604

Post by oldgradstudent »

xtracto wrote: post #542
cycrutchfield wrote: post #521

Earlier quoted context omitted.

If you believe there is more to come and this isn’t over, are you still holding crypto?

I've been in cryptocurrencies/blockchain since 2012. I "missed" the BTC boat and got into ETH early. I'm of the thought that CeFi services like Ftx, Nexo, Coinbase and similar are stupid. The only thing that should exist is simple Exchanges between Fiat and cryptocurrency. But everything else is just a scam IMHO. Why would you do a CeFi in crypto , when theres more TAM in doing it normal FIAT? Because you want to Avo…

> I think the right price is around $600,

Why $600 and not $351, $17, or $15,000?

What fundamental reason is there for any specific price?

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

#605

Post by swalsh »

lvl102 wrote: post #466
rvba wrote: post #431

Earlier quoted context omitted.

What is the difference between this, terraluna earlier this year or MTGox?

SBF was hailed as a crypto savior just a few weeks ago after the Luna fallout. He was viewed as Warren Buffett during the financial crisis. Perhaps Coinbase will be the ultimate winner here if crypto somehow survives. I imagine more than 75-80% of the assets tied to crypto will liquidate in coming weeks. I don’t think this will be “just another” crypto blow up. It’s end game time.

I trust Coinbase as a public company, but not more than I'd be willing to lose on a trip to Vegas.

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

#606

Post by oldgradstudent »

pinkfairy10 wrote: post #591
xwdv wrote: post #583

Earlier quoted context omitted.

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.

Losing faith just because a CEX goes down means you were never interested in it beyond speculation to begin with it.

It's not a CEX. It's quite a lot of CEXs, one after the other.

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

#607

Post by netheril96 »

grumpyprole wrote: post #288
netheril96 wrote: post #264

Earlier quoted context omitted.

Lumping diagonally opposed things (centralized coins like FTT or decentralized coins like BTC) under the same category (crypto) is quite misleading. > How long do we have to wait to see crypto working? BTC (on chain) is still working as intended, after all these years.

> 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.

Well, maybe I should raise the example of ETH instead. It is still working as intended, decentralized, and consuming little energy.

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

#608

Post by dragonwriter »

rsj_hn wrote: post #416
dragonwriter wrote: post #378

Earlier quoted context omitted.

> E.g. no depositor lost a penny in the financial crisis of 2008 No depositor has lost a penny in an FDIC insured account (even with total balances above the insurance limit) ever since the FDIC has existed.

Do you have an example of a depositor losing money they stored in excess of this? Even a single example would do.

No, I’m saying even with excess balances, no one has lost money in accounts subject to FDIC insurance; there are no examples, it hasn't happened.

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

#609

Post by bonestamp2 »

X6S1x6Okd1st wrote: post #541

The 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…

What are the chances that this is an insider and not an outsider? I ask because the timing of this "hack" is obviously a little suspicious.

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

#610

Post by AirStreamer27 »

X6S1x6Okd1st wrote: post #541

The 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…

How can USDC or USDT be frozen?
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