4 ms·

Wouldn’t an insider be an expert on crypto markets? They literally ran one

matai_kolila 4y ago
Not well!
dmurdoch 4y ago
No. Not all insiders would necessarily be professionals as covering their tracks post crypto hack. They could just be someone who knew they had access to the keys and said "screw it my life is already horrible lets try this". Another option is honestly an insider who got screwed (a lot of employees had a TONNE of money on FTX) selling the keys they knew of to someone else.
- vkou 4y ago
  The latter immediately occured to me. It is a lot easier to claim ignorance if your key gets used by someone else to drain the vault, than it is to drain the vault yourself.
- lordnacho 4y ago
  Or they got screwed and thought about how to screw the higher ups even more. They never need to cash out the money to do this. Nobody will ever not be suspicious of SBF and his inner circle again after this hack. If it were just a big collapse and it went like an ordinary bankruptcy with the creditors getting a haircut, he'd just be considered an idiot. Money mysteriously vanished? Now he's malicious as well, and any court is going to ask SBF where it went, and even if he didn't know nobody would believe it.
hnews_account_1 4y ago
1) this is not the market. It’s just blockchain txns. 2) trust me when I say, no one in crypto except some very very select exchanges actually know how to make a market trading software. They think they can compete with NYSE which is large and employs such incredible talent that it still survives in a really tough industry. They’re likely closer to my grad school project, which even I can tell you, sucked absolute balls.
- hfjcic7 4y ago
  You're making a lot of assumptions about people you know nothing about. You're also making an assumption emcumbants are where they are because of their current merits and not the mere fact they're standing where someone stood before them.
X6S1x6Okd1st 4y ago
They may not have been involved in the operations of how to run the software/make the trades/interface, who knows they could just be a physical security person that realized there was an opportunity in the chaos. I haven't seen any public information that tells us who it might be, this is all guess work, but it really doesn't look like a professional operation like Lazarus Group
bombcar 4y ago
1. Not all the insiders are very skilled, as we can see from these things blowing up in expected ways. 2. Even if you ARE a skilled insider, you may have no experience with laundering coin. 3. The biggest/best coin launderer was killed (tornado?) recently, so you may have to learn everything again. 4. You may be an expert with a gun to your head in some basement in God knows where, and trying to not be shot.
- hoytschermerhrn 4y ago
  Source on this tornado comment? This entire story is just so wild that it’s hard to keep up.
  - bombcar 4y ago
    https://en.m.wikipedia.org/wiki/Tornado_Cash https://en.m.wikipedia.org/wiki/Tornado_Cash

Not well!

No. Not all insiders would necessarily be professionals as covering their tracks post crypto hack. They could just be someone who knew they had access to the keys and said "screw it my life is already horrible lets try this". Another option is honestly an insider who got screwed (a lot of employees had a TONNE of money on FTX) selling the keys they knew of to someone else.

vkou 4y ago
The latter immediately occured to me. It is a lot easier to claim ignorance if your key gets used by someone else to drain the vault, than it is to drain the vault yourself.
lordnacho 4y ago
Or they got screwed and thought about how to screw the higher ups even more. They never need to cash out the money to do this. Nobody will ever not be suspicious of SBF and his inner circle again after this hack. If it were just a big collapse and it went like an ordinary bankruptcy with the creditors getting a haircut, he'd just be considered an idiot. Money mysteriously vanished? Now he's malicious as well, and any court is going to ask SBF where it went, and even if he didn't know nobody would believe it.

hnews_account_1 4y ago

1) this is not the market. It’s just blockchain txns. 2) trust me when I say, no one in crypto except some very very select exchanges actually know how to make a market trading software. They think they can compete with NYSE which is large and employs such incredible talent that it still survives in a really tough industry. They’re likely closer to my grad school project, which even I can tell you, sucked absolute balls.

hfjcic7 4y ago
You're making a lot of assumptions about people you know nothing about. You're also making an assumption emcumbants are where they are because of their current merits and not the mere fact they're standing where someone stood before them.

X6S1x6Okd1st 4y ago

They may not have been involved in the operations of how to run the software/make the trades/interface, who knows they could just be a physical security person that realized there was an opportunity in the chaos. I haven't seen any public information that tells us who it might be, this is all guess work, but it really doesn't look like a professional operation like Lazarus Group

bombcar 4y ago

1. Not all the insiders are very skilled, as we can see from these things blowing up in expected ways. 2. Even if you ARE a skilled insider, you may have no experience with laundering coin. 3. The biggest/best coin launderer was killed (tornado?) recently, so you may have to learn everything again. 4. You may be an expert with a gun to your head in some basement in God knows where, and trying to not be shot.

hoytschermerhrn 4y ago
Source on this tornado comment? This entire story is just so wild that it’s hard to keep up.
- bombcar 4y ago
  https://en.m.wikipedia.org/wiki/Tornado_Cash https://en.m.wikipedia.org/wiki/Tornado_Cash