4 ms·

What is amazing is that nobody infiltrated their structure and ran off with the money. There are sophisticated criminal organisations out there that go to much,

What is amazing is that nobody infiltrated their structure and ran off with the money. There are sophisticated criminal organisations out there that go to much, much more effort to obtain funding. Just to take Hezbollah since it's all over the news recently: https://en.wikipedia.org/wiki/Funding_of_Hezbollah#Latin_America https://en.wikipedia.org/wiki/Funding_of_Hezbollah#Latin_Ame...

renewiltord 3y ago
I posted something shortly before the crash https://news.ycombinator.com/item?id=32077583 https://news.ycombinator.com/item?id=32077583 Security exploitations are oversold in the tech community. Probably out of a desire to be cool and hacker-like. If you wanted hundreds of millions it was there for the taking.
csomar 3y ago
You need knowledge for such a penetration. This kind of internal knowledge is usually only available to people working close to the execs.
- WillAdams 3y ago
  All it took to get almost a million dollars from a customer of a previous employer was to penetrate the e-mail server, collect a list of high-value accounts and a sample billing statement, then to send an e-mail with "updated" banking credentials for a large payment which was coming due.
  - denimnerd42 3y ago
    that happens all the time
- H8crilA 3y ago
  You also need knowledge and craft to get people in other countries' militaries to spy for you against their home country, yet this is done every day around the world. Compared to that (or compared to pretty much anything) FTX was a joke of an organization.
otabdeveloper4 3y ago
Pretty sure FTX was a sophisticated criminal organisation themselves. Probably didn't want a turf war.
- jowea 3y ago
  I've only followed the situation casually but I really didn't get this impression. Enormous mess of corporate structure and accounting and no exit plan?
dragonwriter 3y ago
> What is amazing is that nobody infiltrated their structure and ran off with the money. How do you know that, on top of whatever SBF, etc., ran off with, embezzled, misdirected, and stole, someone else didn't? AFAIK, there is clear accounting of misuse of some amount of the funds, but it there's no complete balanced accounting overall, and the whole structure of the FTX network of conpanies was designed to make that impossible.
jowea 3y ago
Wasn't there a still unexplained last-day hack of a fortune there?

renewiltord 3y ago

I posted something shortly before the crash https://news.ycombinator.com/item?id=32077583 https://news.ycombinator.com/item?id=32077583 Security exploitations are oversold in the tech community. Probably out of a desire to be cool and hacker-like. If you wanted hundreds of millions it was there for the taking.

csomar 3y ago

You need knowledge for such a penetration. This kind of internal knowledge is usually only available to people working close to the execs.

WillAdams 3y ago
All it took to get almost a million dollars from a customer of a previous employer was to penetrate the e-mail server, collect a list of high-value accounts and a sample billing statement, then to send an e-mail with "updated" banking credentials for a large payment which was coming due.
- denimnerd42 3y ago
  that happens all the time
H8crilA 3y ago
You also need knowledge and craft to get people in other countries' militaries to spy for you against their home country, yet this is done every day around the world. Compared to that (or compared to pretty much anything) FTX was a joke of an organization.

otabdeveloper4 3y ago

Pretty sure FTX was a sophisticated criminal organisation themselves. Probably didn't want a turf war.

jowea 3y ago
I've only followed the situation casually but I really didn't get this impression. Enormous mess of corporate structure and accounting and no exit plan?

dragonwriter 3y ago

> What is amazing is that nobody infiltrated their structure and ran off with the money. How do you know that, on top of whatever SBF, etc., ran off with, embezzled, misdirected, and stole, someone else didn't? AFAIK, there is clear accounting of misuse of some amount of the funds, but it there's no complete balanced accounting overall, and the whole structure of the FTX network of conpanies was designed to make that impossible.

jowea 3y ago

Wasn't there a still unexplained last-day hack of a fortune there?