Also, they advertised on fortune cookies at my local Chinese takeout place, which I think told me all I needed to know.
FTX stored private keys to crypto assets in plaintext, without access controls
21–30 of 222 posts
Re: FTX stored private keys to crypto assets in plaintext, without access controls
#22When reading crypto clownworld stories like this, it is easy and fun to observe that cryptocurrency is a satire of the real (or "fiat", if you prefer) financial system. Less fun, but far more important, is to note how incredibly (infinitely?) subtle this satire is: https://news.ycombinator.com/item?id=22352840
One thinks about crypto as a clownworld only until one had to work with or inside the real financial system.
Techincally, it is in no way better than crypto. The only difference is that in real financial system there is a strong legal cover for all the technical and security fuckups. Like, stealing from bank by exploiting their 10-years old Windows XP ATM connected to the internet is 10-years-in-jail offence, while stealing crypto may be hard or impossible to prosecute in many jurisdictions.
Re: FTX stored private keys to crypto assets in plaintext, without access controls
#23Wait, what ? Private keys were stored in unprotected plaintext files regularly opened by multiple people at the company? WTF? That crosses the line and goes deep into "willful negligence" territory, in my view. The physical equivalent would be stacking customer assets like dollar bills and gold bars in big piles inside a heavily trafficked room that has no lock. The term "irresponsible" doesn't quite do justice to it…
> That crosses the line and goes deep into "willful negligence" territory, in my view.
A lot of people are making the assumption that gross incompetence reigned supreme with FTX, and that does seem like the likeliest explanation, but another potential explanation is deeply devious criminal activity.
They could have preplanned this behavior. If they were ever caught doing anything really bad, they had "plausible deniability" by being so loosy-goosy with security and best practices. Everybody from a rogue employee to hackers could be blamed by them if the shit ever hit the fan and they could have some kind of defense that they were so disorganized that they didn't really know what happened.
You might be able to distinguish this by looking at how SBF's own personal crypto funds were managed. If he knew enough to manage his own crypto in a saner way, then you could probably make a case that dysfunction in FTX was by design because he knew better and didn't do it.
Re: FTX stored private keys to crypto assets in plaintext, without access controls
#24Wait, what ? Private keys were stored in unprotected plaintext files regularly opened by multiple people at the company? WTF? That crosses the line and goes deep into "willful negligence" territory, in my view. The physical equivalent would be stacking customer assets like dollar bills and gold bars in big piles inside a heavily trafficked room that has no lock. The term "irresponsible" doesn't quite do justice to it…
Personally I believe there's a strong correlation between how crazy you act on social media and how competent your internal security is.
That does not bode well for Twitter....
Re: FTX stored private keys to crypto assets in plaintext, without access controls
#25Wait, what ? Private keys were stored in unprotected plaintext files regularly opened by multiple people at the company? WTF? That crosses the line and goes deep into "willful negligence" territory, in my view. The physical equivalent would be stacking customer assets like dollar bills and gold bars in big piles inside a heavily trafficked room that has no lock. The term "irresponsible" doesn't quite do justice to it…
Personally I believe there's a strong correlation between how crazy you act on social media and how competent your internal security is.
man, then look out for elon's companies
Re: FTX stored private keys to crypto assets in plaintext, without access controls
#26Wait, what ? Private keys were stored in unprotected plaintext files regularly opened by multiple people at the company? WTF? That crosses the line and goes deep into "willful negligence" territory, in my view. The physical equivalent would be stacking customer assets like dollar bills and gold bars in big piles inside a heavily trafficked room that has no lock. The term "irresponsible" doesn't quite do justice to it…
Yet FTX wasn’t hacked. Their own irresponsible bets lost it all instead.
My understanding from that document is that the bankruptcy managers are just beginning to piece together an accounting of what happened to the money at FTX, and even that accounting is incomplete because personal laptops belonging to executives are being held back by Bahamian authorities. So “FTX wasn’t hacked” is just a hypothesis at this point. Hacking probably wasn’t the major contributing factor to the exchange’s financial problems would probably be a more accurate statement.
Re: FTX stored private keys to crypto assets in plaintext, without access controls
#27Wait, what ? Private keys were stored in unprotected plaintext files regularly opened by multiple people at the company? WTF? That crosses the line and goes deep into "willful negligence" territory, in my view. The physical equivalent would be stacking customer assets like dollar bills and gold bars in big piles inside a heavily trafficked room that has no lock. The term "irresponsible" doesn't quite do justice to it…
Personally I believe there's a strong correlation between how crazy you act on social media and how competent your internal security is.
True competent professionals tend to keep quiet
Re: FTX stored private keys to crypto assets in plaintext, without access controls
#28Wait, what ? Private keys were stored in unprotected plaintext files regularly opened by multiple people at the company? WTF? That crosses the line and goes deep into "willful negligence" territory, in my view. The physical equivalent would be stacking customer assets like dollar bills and gold bars in big piles inside a heavily trafficked room that has no lock. The term "irresponsible" doesn't quite do justice to it…
The fact that you're surprised by this is the most alarming thing in all of this.
Re: FTX stored private keys to crypto assets in plaintext, without access controls
#29I was confused, since this is kind of old news, but it looks to be news because it's part of a new report, which you can see if you scroll wayyyy up to the beginning of White's twitter thread and the link to the court document filed by John J. Ray's team at FTX:
https://twitter.com/molly0xFFF/status/1645197258873270276
https://www.courtlistener.com/docket/65748821/1242/1/ftx-tra...
Re: FTX stored private keys to crypto assets in plaintext, without access controls
#30Wait, what ? Private keys were stored in unprotected plaintext files regularly opened by multiple people at the company? WTF? That crosses the line and goes deep into "willful negligence" territory, in my view. The physical equivalent would be stacking customer assets like dollar bills and gold bars in big piles inside a heavily trafficked room that has no lock. The term "irresponsible" doesn't quite do justice to it…
> That crosses the line and goes deep into "willful negligence" territory, in my view. Er, that's the thing that pushed you over the line? Not all the fraud and crime?
i was okay with the fraud and the crime. it was the hierarchical polyamory that pushed me over the line.