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Honestly, we should be relieved if thats all that was stolen. A more sophisticated attack would involve OTM puts on TSLA and a tweet along the lines of: "findi
by maxcan 6y ago
Honestly, we should be relieved if thats all that was stolen. A more sophisticated attack would involve OTM puts on TSLA and a tweet along the lines of: "finding major defects in Ys and 3s. shutting down all lines to reconfigure for a week"
That could have netted the attackers millions.
- Tenoke 6y agoEasier to trace, higher monetary investment etc. This they can likely get away with without risk of losing a big investment.
- gruez 6y agoOn TSLA? You can probably blend in with all the YOLOers on /r/WSB.
- deleted 6y ago[deleted]
- intuitionist 6y agoYeah, buying out-of-the-money options is a dumb way of insider trading in general, but on TSLA specifically you might could get away with it. Just don’t make your first trade right before you post to Elon’s account.
- czinck 6y agoNot that it changes your point, but hacking Musk's account to tweet wrong info about TSLA would be fraud, not insider trading, since they're not actually an insider. Either way, OTM options is a dumb way to profit on fraud or insider trading.
- jkhdigital 6y agoProfiting from fraud or insider trading is dumb already. Might as well get the most bang for your buck and leverage your scam to the tits.
- arthurcolle 6y agoOh god. Nightmare fuel
- laluser 6y agoThat's way riskier though. There's a reason they are using BTC.
- viraptor 6y agoIt would be also much easier to track. Significant gains this way would not go unnoticed.
- kogir 6y agoDo you know they haven’t shorted twitter? Lots of ways to play this game.
- amrrs 6y ago"Hacking Elon’s Twitter account and using it for a crypto scam rather than a stock-trading scam shows a complete lack of imagination" - Naval https://twitter.com/naval/status/1283507218294292481?s=19 https://twitter.com/naval/status/1283507218294292481?s=19
- maest 6y agoWho is Naval? Their website doesn't have an "about me" page.
- alextheparrot 6y agoFounded AngelList and made some good investments https://angel.co/p/naval https://angel.co/p/naval
- throw_m239339 6y agoI disagree, a stock-trading scam would be way easier to track than crypto.
- nemothekid 6y ago$20B of TSLA is being held short right now. How in the hell would the SEC discern you from any other Robinhood trader holding TSLA puts?
- fasteddie 6y agoI'd wager the list of folks who: -hold a meaningful enough short position for a potential attack to be worth, say $500k or more (not a rando robinhood trader with a $200 put) -are not an existing bank or long term day trader is already quite small, and could be quickly prioritized based on how anomalous the trade was, other flags (foreign national, software engineering babckground). I suspect the SEC could get to a workable list of 50 prime suspects reasonably easily.
- 6y ago
- shpongled 6y agoOr SPX puts, /ES futures, etc and a tweet from a certain political account...
- richardknop 6y agoThe hacker could have puts on Twitter as well. The Bitcoin scam might be just a cover / distraction so it looks like an unsophisticated hacker while the real money might be made with options contracts.
- maxcan 6y agoYeah.. seeing twitter's drop thats definitely possible and pretty imaginative. but, twitter's drop wasn't that sharp. also, running this after hours means the options markets are closed and putting on a big short position can be super risky since there may not be a huge amount of liquidity to cover your position, then you'd have to sit on it overnight.
- d--b 6y agoWhat makes you think they have not bet on stock as well?
- jacquesm 6y agoIt isn't over yet.
- danabrams 6y agoCouldn't market-traded options be rolled back in the event of a hack, though?
- scottmf 6y agoMy crazy theory: the real attack is on the Twitter stock price and the bitcoin is a distraction.
- gowld 6y agoThen why not go big and hack @realDonaldTrump?
- rsecora 6y agoNobody want a drone over their head. seriously, this hackers are not so imaginative.
- WrtCdEvrydy 6y agoHacking a former president and presidential candidate.... not really that far of a jump.
- scottmf 6y agoI assume each of his tweets have to be approved manually by some employees somewhere considering a hacker could start a war with his account. Would make sense to have something like this for @jack, too — could explain why his bio was changed but he didn't tweet.
- benlumen 6y agoI think his bio always said #bitcoin. He owns the cash app.
- rsecora 6y agoIt make no sense, the market was closed by the time of the attack. And they have started with bitcoin exchanges, not with the high profile accounts.
- zone411 6y agoYou can trade after hours but I really doubt that was the purpose.
- mrep 6y agoThey could have just bought puts on twitter as it is currently down 4% after hours.
- fortran77 6y agoNow _this_ may be the real con! A much better idea.
- fortran77 6y agoIt's not 100% guaranteed though; Tesla stock is odd. And it might be possible to people short selling who timed it exactly right. This "scam", while crude, will probably not result in any loss and it would be much harder to catch them
- deleted 6y ago[deleted]
- closeparen 6y agoThe attack didn't start until after the markets closed.
- xvector 6y agothey could have bought puts expiring tomorrow a few days ago
- xwdv 6y agoThis is the route I would have taken, but not with OTM puts. It’s far easier to let the stock tank, then buy up calls knowing that the reason is bullshit, and wait for the price to recover and sell. You will blend in perfectly because you have an alibi for why you are buying so many TSLA calls. And when you buy an OTM put, it’s hard to predict what a good price would be exactly. How far do you think the stock would drop? With a call you could be fairly more confident it will return to a previous level. That said, this kind of attack requires you to have a good amount of capital on hand, so you need to be a fairly independently wealthy hacker.
- partiallypro 6y agoThe SEC would be able to trace the trades, and the person would be busted. Bitcoin allows them to remain anonymous.
- DSMan195276 6y agoI would argue it's kinda the opposite. With some trades, the SEC knows who you are but there's no direct connection from your transaction to the hacking, so you're free to do whatever with the money and if your trade is this small it'll probably blend right in. With Bitcoin, sure nobody knows who owns this account, but the blockchain will store every transaction this account and future accounts make, so trying to actually use the Bitcoin is a fair amount harder.
- swarnie_ 6y agoSounds like "committing suicide" in a US super max with extra steps. Golden rule is you don't steal money from rich people, only poors.
- dclowd9901 6y agoIt would be ridiculously easy to track down those puts and narrow them to a possible hacker. Authorities would find them in hours.