201–210 of 243 posts
There was definitely a hack (perhaps in addition to government action). The FTX holdings database was wiped, and malware was hosted on their website and mobile apps: https://www.coindesk.com/business/2022/11/12/ftx-crypto-wall...
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> $5 wrench attack, here's my real password: take the 50 millions. Oops. Decoy. I don't understand how this defeats the wrench attack. Presumably you aren't released until the actual tokens are in hand, so decoys just make the attacker angrier.
"You can beat me all day, but it's impossible for me to fulfill your demands, you'd also need to beat these other four people, and they're located all over the globe." Someone might be quite happy to engage squads in lots of countries to kidnap and beat everyone if the payout is billions of dollars, but it's a very different problem and e.g. the Bahamas government or some local thug won't be able to do it. I have no…
Perhaps one or two if the multisig holders are already on board and will "reassure" the others that everything is fine.
Or one government (like the US) coordinates with others to get it done.
Any thoughts on why SBF lied to the Vox reporter about it being a hack? https://www.vox.com/future-perfect/23462333/sam-bankman-frie... Maybe he just didn't want to have to explain some breaking news to her.
I find some of the takes on this sub really amazing. The real question you should ask yourself is why did Vox never disclose in previous hype pieces they did on this person that they received a grant from his "philanthropic" 'Building a Stronger Future' foundation. Only after the implosion of FTX and Alameda have they added a disclaimer to relevant articles.
How naive is HN?
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Strong words. You should read the latest filling from FTXs new CEO with Delaware courts. FTXs financial and corporate structure is such a mess, that nobody knows who owns and controlls what. Heck, they even don't know who worked when at which FTX company. So, for the Bahamas, freezing and confiscating assets is prudent thing to do. The crypto will be held in custody until courts, including the Delaware ones, figure o…
I would agree if the Bahamas government didn't first deny that they ordered SBF to surrender those assets and then only after they were caught by us in the community through tracking the transactions did they formally announce the seizure. Do you not find that a bit coincidental? Why the conversion to ETH? Who authorised it? There was and is no judiciary evidence supporting the Bahamas government's position and the D…
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Used? Sure. You don’t need to use it when everyone knows what will happen. The presence is enough 99% of the time. Or are you saying cops don’t have real pistols in their holsters, and agents just pretend to be armed on those raids?
A white collar raid doesn't need to bring guns.
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I would agree if the Bahamas government didn't first deny that they ordered SBF to surrender those assets and then only after they were caught by us in the community through tracking the transactions did they formally announce the seizure. Do you not find that a bit coincidental? Why the conversion to ETH? Who authorised it? There was and is no judiciary evidence supporting the Bahamas government's position and the D…
The Bahamas are a sovereign jurisdiction, not a US state. So if they decide to have jurisdiction over people and legal entities residing and registered in the Bahamas, no additional court decision is needed.
Even within the FT article it is clear: https://www.ft.com/content/ecc6f488-f17d-4e0d-ab38-984d3e3ef...
"FTX wrote in a court filing earlier this week that there was “credible evidence that the Bahamian government is responsible for directing unauthorised access to the debtors’ systems for the purpose of obtaining digital assets of the debtors — that took place after the commencement of these [bankruptcy] cases”."
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It matters a lot. Bahamas seizing existing crypto makes sense. Printing more and diluting holders is just bizarre. That would basically be the Bahamas doing a rugpull.
Why are you assuming the Bahamas did the minting?
Why did FTX publicly announce it as a hack then?
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SBF publicly lied about this and called it a hack. If it was all aboveboard why would he have done that?
Did SBF ever say it was a hack? I only saw admins on telegram call it a hack and ftx's US general counsel say it was a hack[1]. [1] second paragraph here: https://www.wired.com/story/ftx-hack-theft-crypto-tracing/
Any thoughts on why SBF lied to the Vox reporter about it being a hack? https://www.vox.com/future-perfect/23462333/sam-bankman-frie... Maybe he just didn't want to have to explain some breaking news to her.
SBF hands over the keys to the Bahamas govt. and tries to publicly claim it as a hack, and then the Bahamas government decides to become one of the largest holders in the world of Ethereum.
There are still a lot of questions to this story that will be interesting to see filled in.