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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

#681

Post by kweingar »

hello639 wrote: post #548
lottin wrote: post #400

Earlier quoted context omitted.

Get out, man. Learn investment theory. All you need is a couple of index funds and bonds. Investing isn't supposed to be exciting or make you rich quick.

> 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).

Why not just bet it all on red and get your life-changing generational wealth without all the drama?

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

#682

Post by stephc_int13 »

bogota wrote: post #625
bonestamp2 wrote: post #609

Earlier quoted context omitted.

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.

the fact that it has been executed so poorly to me seems like it is an insider who woke up and thought they could get away with it because they hd access to the keys

I can't wait to watch the Netflix series.

If you think about it, even his name seems to be a troll.

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

#683

Post by hamiltonians »

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?

Dai cannot be censored by

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

#684

Post by selimthegrim »

dan-robertson wrote: post #532
easytiger wrote: post #422

Earlier quoted context omitted.

Agreed. IN particular, William MacAskill[1] is worth particular interest. Closer to abstract low tier cult than serious philosophy. The fact he changed his name (his real name is William Crouch) to sound more like a marketable philosopher should be indicative enough to anyone with an ounce of sense that one should be guarded engaging with this supposed philosophy. That so many people at FTX called themselves "EAers"…

Didn’t he change his name when he was first married (to some more distant family name) instead of only one spouse changing name?

I think it is his ex-wife’s name?

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

#685

Post by landemva »

baq wrote: post #449
Gasp0de wrote: post #427

Earlier quoted context omitted.

And here I sit, thinking those rules were so that the 1% could take all the value the 99% produced.

Nuclear weapons made this a bigger issue since it closes the option of last resort, which is war. See North Korea…

Not sure what you mean. After what was done to Libya after they gave up nukes, North Korea learned it can't disarm without subsequently being invaded and destroyed.

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

#686

Post by cmeacham98 »

hn_throwaway_99 wrote: post #631
xtracto wrote: post #542

Earlier quoted context omitted.

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).

I think this is my biggest problem with cryptocurrency. I thought it was cool technology with potential usecases back when I heard about it in 2013 or so; but it's become clear 99.99% of people involved with crypto only see it as a speculative asset.

Almost nobody cares about optimizing for real world use, just optimizing for "price goes up".

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

#687

Post by jquery »

cuteboy19 wrote: post #250
jl2718 wrote: post #224

Earlier quoted context omitted.

So, did Madoff's victims just end up with normal returns like they would have gotten any other way?

The ended up with 0.9x their original capital

It’s important to note they ended up with .9x after thinking their capital had 2x’d or 3x’d.

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

#688

Post by bboygravity »

api wrote: post #652
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…

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.

"Once again almost everything in cryptocurrency proves to be a scam."

This is like saying "once again almost everything in US dollars proves to be a scam" after Lehman fell.

The sentence makes no sense at all to me.

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

#689

Post by kkielhofner »

dylkil wrote: post #620
kkielhofner wrote: post #544

Earlier quoted context omitted.

“Not your keys, not your crypto” is one of the most out of touch axioms in the crypto space (and that’s really saying something). See: the vast majority of the population (even within crypto) that can’t figure out how to setup a wallet in the first place. Then, if you get that far, you can join the hordes of people that lose access to it, dig through garbage dumps for a laptop, have malware that inspects the clipboar…

smart contract wallets allow users to recover funds in the event they lose their private key - https://www.argent.xyz/learn/what-is-a-smart-contract-wallet...

I'm aware of that[0].

1) With chains that support them...

2) They're ridiculously complicated and convoluted. The fact they're suggested by the crypto community only further demonstrates my point about the crypto ecosystem being completely disconnected from reality.

3) They don't do anything to address the other issues I raised.

[0] - https://vitalik.ca/general/2021/01/11/recovery.html

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

#690

Post by JamesianP »

lamontcg wrote: post #673
JamesianP wrote: post #399

Earlier quoted context omitted.

well you have to draw a line somewhere. Call it something else if you want to criticize it. Like a bunch of fools racing towards a cliff. But if they're honest about something being a scam how can it be a scam? Seems like a paradox.

Literally only a paradox in places like Hacker News by people who are motivated to question calling crypto a Ponzi. I've got bad news. It is still a Ponzi if people are "honest" about it being a Ponzi, it is still a Ponzi if it started out as an investment idea and it went Ponzi as losses added up. Arguing that clear Ponzis aren't really Ponzis due to some kind of semantic rules is a gigantic display of "copium". The…

Do you consider social security, or for that matter all government tax and welfare systems which depend on growth via immigration to be ponzi schemes too?

Why do you believe it is bad news to me? It's just semantics.

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