Honest question. How is it that the traditional banks stay comparatively secure from hacks and the crypto scene is an endlessly reporting the next big breach?
Maybe the crypto exchanges should hire some bank security experts or at least adopt their best practices
FTX faces potential hack, sees mysterious outflows totaling more than $600M
651–660 of 890 posts
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#652The 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…
Is it a coincidence that the founder of FTX seems to be fleeing to Argentina?
Of course one would assume he or his conspirators would do a better job, but maybe not if this busting out was initiated under time pressure.
Once again almost everything in cryptocurrency proves to be a scam.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#653Earlier 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…
Can you point me in the direction of how to reliably setup a cold wallet for ETH? Apparently much harder to find a guide for than BTC. A wallet generator I can run on a tails USB would be ideal.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#654Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#655Earlier 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.
All of crypto is speculation. Nobody pays for anything with crypto and most of the time the price movement of Bitcoin seems pretty close to the movement of NASDAQ.
ETH provides value but it’s moved to an unproven model.
The who crypto ecosystem is filled with charlatans and crooks who want to rob you and your only other alternative is to be your own bank and store in a cold wallet. Not something normal people are interested in.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#656Earlier quoted context omitted.
What is the difference between this, terraluna earlier this year or MTGox?
I think MTGox was actually worse just due to the small size of the market then and how much of a joke their security was. FTX just seems like a fleecing job that tons of crypto exchanges and businesses have pulled off. MTGox was sheer incompetence.
I would consider the moral failure of SBF to be worse than the incompetence of Karpeles.
Also, SBF was a billionaire hobnobbing with politicians and celebrated by Forbes. Karpeles was some confused dev on his computer who loved his cat and wanted to build a coffee shop.
SBF's failure is going to have larger consequences outside the crypto sphere.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#657Honest question. How is it that the traditional banks stay comparatively secure from hacks and the crypto scene is an endlessly reporting the next big breach? Maybe the crypto exchanges should hire some bank security experts or at least adopt their best practices
Because the crypto firms are a handful of 20 something kids with 0 security background
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#658Earlier quoted context omitted.
> Is there any crypto out there without humans ? What OP is referring to is that you don't need to trust people if the dex is on-chain and verifiable. FTX was a non-transparent and insolvent centralized exchange which wouldn't be possible if it was on-chain because anyone can see the funds that are available and the protocol would not allow leverage backed by non-existing collateral. > Is there an undo button to reve…
What foogazi was perhaps suggesting is that no financial system can work if it doesn't account for fundamental human behavior - we make mistakes and we are greedy if not held accountable "off chain". The blockchain is perfect when everyone acts in good faith and makes no mistakes. In the real world, that's not the case. Unfortunately, you need centralized institutions to regulate financial transactions, control the s…
Then what is the future? Certainly not the government going haywire with the printer. It’s impossible to trustlessly verify the exact number of US dollars in circulation, but it’s trivial to do with cryptocurrencies.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#659Earlier quoted context omitted.
> All you need is a couple of index funds and bonds. Ah, spoken like a true middle class Boglehead. VTI/VOO will not change your life, even after 30 years. Broad market ETFs are not worth the risk. You’re better off doing bonds (little to no risk) or crypto (high risk, more likely for life-changing generational wealth compared, even compared to FAANG SWE TC).
> life-changing generational wealth By that measure, the people who had their life savings in FTX (and Celsius and Luna before that) have certainly succeeded. Investing in total-market index funds is the single best strategy for the average investor. (In fact it's so good there's a proof! [1]) If you invested $10000 in the total US market in 1992 (30 years ago) and never touched it again, your inflation-adjusted bala…
Does that study account for stocks that have dropped out of the index? Re-balancing fees? What about LIRP/ZIRP?
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#660How is $ftt still at $2? What will happen to it in bankruptcy proceedings? $2 is still higher than it was in 2019.
The fact that it’s not 0 is kind of amazing. Demonstrates the vast ignorance of most in the crypto space