711–720 of 890 posts
Earlier quoted context omitted.
Corporate theft is not a hacking.
When you say "corporate theft" are you referring to theft from corporations or theft by corporations? I'm not sure it's clear which is relevant here.
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 people on HN hate on cryptocurrencies for no good reason.
This isn't a cryptocurrency problem, it's a fractional reserve banking problem. These centralized exchanges are unregulated banks in disguise. It's no surprise to anyone that they exhibit all of the problems of unregulated banks. Problems such as "we used customer deposits to gamble, lost everything and are now insolvent".
To think one of the reasons cryptocurrency was invented was to end the need for such things...
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.
> 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…
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
This 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?
Earlier quoted context omitted.
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.
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…
This 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.
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…
This may be an understatement of their skill level. It seems the individual(s) also used a Kraken account to transfer funds and have been identified per their CSO.
https://twitter.com/c7five/status/1591434844760076290?s=61&t...