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FTX faces potential hack, sees mysterious outflows totaling more than $600M
131–140 of 890 posts
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#132Regardless of whether you are pro- or anti- crypto, the collapse of FTX, SBF's bubble bursting in a rather extreme fashion, and now this hack are more nails in the coffin for mainstream support. I am no fan of crypto myself, but it's interesting to think what would have to happen for crypto to burnish its image. Would key people have to voluntarily form some sort of coordinating council and self-regulate? Would they…
Is it?
Maybe this is part of the hardening of these systems? Part of the evolution which grows a thicker skin?
What about all the trials of traditional currencies we all know and love?
Not really a crypto fanboy, but I'm not sure this means the end of anything.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#133Regardless of whether you are pro- or anti- crypto, the collapse of FTX, SBF's bubble bursting in a rather extreme fashion, and now this hack are more nails in the coffin for mainstream support. I am no fan of crypto myself, but it's interesting to think what would have to happen for crypto to burnish its image. Would key people have to voluntarily form some sort of coordinating council and self-regulate? Would they…
This isn't a crypto failure. Crypto works.
This is a human failure. FTX didn't collapse because of the technology. It collapsed because of human error.
The fix is rather simple. If an organization looks like a bank and quacks like a bank; it should be regulated like a bank.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#134Cryptocurrencies are speedrunning the history of the financial system and why it is the way it is.
A real good takeaway here is how even a single gap in compliance controls can lead to unbounded failures, here I think largely access controls and tracking.
If an exec can just go and cook the books, or like sbf did, "secretly transfer 4bn to alameda", it doesn't matter if you have strict auditors. It doesn't matter if you have compliance and control rules around comingling. This will literally never be visible to anyone in your exchange since their data source is fundamentally wrong.
Nothing they did was proper or legal in the first place! It's already quite regulated in that regard. But they were able to do so in the first place since the required compliance frameworks weren't completely in place.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#135Earlier quoted context omitted.
It’s unfortunate that what started out with altruistic motives, a method for decentralized anonymous asset exchange, is being derailed by opportunists. There was a time where a 51% attack was the biggest concern. All that said, I’m not surprised at where we are today.
Most of the rules of civilization are centered around preventing the 20% predators from devouring the 80% normal people.
Most? That's an understatement.
The rules that aren't are so few they may as well be rounding errors lost in noise.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#136It gets worse: somebody has pushed what appears to be a malicious update to the FTX app, and the official FTX telegram channel is warning people not to even browse to the website! https://twitter.com/zachxbt/status/1591293813519253504
I’ve been trying to figure out the technicalities there. Neither the ios nor android apps have updates since the crash. The update box is clearly based on their pre existing popup used for things like 2FA. Could this popup have been modified with new text and linked to a new malicious site without an app update on ios or android? Or, could the popup only function if it was already coded into the app waiting to be act…
It’s pretty common for apps to load some external content from a server to show to the user. This is useful in part because it allows you to update the content without going through the slow app review process. Potentially, if your backend got hacked, the hackers could change this content.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#137According to the latest reports, SBF is potentially on the run on a private jet [0] from the Bahamas to (probably) Argentina. He hasn't been confirmed to be on that plane, but it seems likely. This stuff is straight out of movie. [0] https://www.flightradar24.com/LVKEB/2e2e7cfd
If he is in fact on the run... Does this dude really think the CIA and FBI won't find him? He's likely not safe anywhere but Russia, China, North Korea or Israel.... maybe Pakistan.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#138So it's turned into a rug pull?
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#139What I don't get (well I do, lobbying and inside deals), is why these guys have run so long (especially Tether). Just because crypto is a 'decentralised' wild west opposed to government shouldn't mean they sit outside of the laws around fraud, laundering and deception, especially if they're registered companies. The lack of legal focus, given the obvious illegitimacy of it all is disgraceful and I can't even imagine…
Scientology, herbalife, and other obvious scams have persisted. I think crypto people love getting defrauded, and as long as they enjoy it there won't be much pressure to prosecute.
I Dunn if it is fair to include Scientology in that.
Other than the amounts of money involved, it clearly is a religion.
Re: FTX faces potential hack, sees mysterious outflows totaling more than $600M
#140According to the latest reports, SBF is potentially on the run on a private jet [0] from the Bahamas to (probably) Argentina. He hasn't been confirmed to be on that plane, but it seems likely. This stuff is straight out of movie. [0] https://www.flightradar24.com/LVKEB/2e2e7cfd
If he is in fact on the run... Does this dude really think the CIA and FBI won't find him? He's likely not safe anywhere but Russia, China, North Korea or Israel.... maybe Pakistan.
Why Israel? I’d assume they’d hand him over given their close background no?