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Yet FTX wasn’t hacked. Their own irresponsible bets lost it all instead.
by berkle4455 4y ago
Yet FTX wasn’t hacked. Their own irresponsible bets lost it all instead.
- danielvf 4y agoI mean FTX had over 300 million dollars moved out of company funds, without company authorization, by parties unknown, and with insufficient monitoring to even know it happened until third parties let them know. So kind of depends on your definition of hacked, I guess.
- tough 4y agoSounds like really nice plausible deniability for whomever came up with such a blatant wrong way of storing secrets/value
- notfed 4y agoNov. 11 — Friday: SBF resigns, FTX goes bankrupt Nov. 12 — Saturday: FTX hacked for most of its remaining crypto Y'all be the judge.
- tough 4y agoLet's hope he doesn't buy the judge with the stolen funds...
- HDThoreaun 4y agoThey may have already been hacked and the hackers were laying low. Seems more likely that insiders stole it though yea.
- panarky 4y agoWhy not both? https://www.bbc.com/news/business-64313624 https://www.bbc.com/news/business-64313624
- matthewdgreen 4y agoMy 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.
- AlexandrB 4y agoOne way to look at FTX is as a horse race between multiple catastrophic failure modes. In this case the financial malfeasance "won". Maybe in another universe where interest rates stayed low for another year we'd see FTX go down to a hack instead.