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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

#631

Post by hn_throwaway_99 »

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…

But again, despite lots of people "believing in the core technology", nearly everyone who holds crypto is doing so for speculation - they want to get rich by greater fool theory.

Even people/groups using it for putatively useful purposes, those purposes often tend to be 10x more complicated or risky than standard financial mechanisms (or, they are using crypto specifically for various forms of money laundering).

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

#632

Post by stephc_int13 »

lordnacho wrote: post #550
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?

> From a technical standpoint, how difficult it is to hack your own company? It would be easy. If you're the founder might have special access to the keys, in fact you probably need to for emergency purposes. Whether that's a "hack" I don't know, it seems to just be theft. The real question is what do you do with the fact that you have the keys? If you are tempted to nick all the money, you might end up in a bad plac…

Some more infos, it seems:

https://twitter.com/gurgavin/status/1591434645295730689

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

#633

Post by drewmol »

xeromal wrote: post #553
jnwatson wrote: post #540

Earlier quoted context omitted.

I have direct knowledge of several bank hacks. Most of the time they don’t publish it.

Isn't the difference that banks have insurance for those hacks?

Yes banks have fidelity bonds called bankers blanket bonds (BBB) which cover losses from fraud, theft, etc. The FDIC doesn’t ensure against robbery, identity theft(banking fraud), etc. so this is an important protection for banks to provide.

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

#634

Post by [deleted] »

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…

[deleted]

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

#635

Post by wklm »

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 best practices for dumping a significant amount of illiquid shitcoins under time pressure?

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

#637

Post by kgwgk »

rchaud wrote: post #481
kgwgk wrote: post #410

Earlier quoted context omitted.

> There is a history of people committing crimes or being suspected of doing so in US and running away to Israel and avoiding extradition due to their laws. Did you maybe forgot to mention that those people were Israeli citizens?

can SBF apply for citizenship once he lands there?

He could apply. It would be denied, of course.

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

#638

Post by [deleted] »

VagueMag wrote: post #618
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…

Why would the attacker move the funds to any remotely censorable coin like DAI?

[deleted]

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

#639

Post by themihai »

VagueMag wrote: post #618
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…

Why would the attacker move the funds to any remotely censorable coin like DAI?

I think he tries any avenue available. Even if 50% is lost it's still a good trade.

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

#640

Post by xeromal »

drewmol wrote: post #633
xeromal wrote: post #553

Earlier quoted context omitted.

Isn't the difference that banks have insurance for those hacks?

Yes banks have fidelity bonds called bankers blanket bonds (BBB) which cover losses from fraud, theft, etc. The FDIC doesn’t ensure against robbery, identity theft(banking fraud), etc. so this is an important protection for banks to provide.

Ah! I had no idea FDIC didn't cover robbery. Thanks for clarifying!
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