New on LowEndTalk? Please Register and read our Community Rules.
All new Registrations are manually reviewed and approved, so a short delay after registration may occur before your account becomes active.
All new Registrations are manually reviewed and approved, so a short delay after registration may occur before your account becomes active.
Cryptocurrency exchange FTX claims it has been "hacked" more than $600 million disappears
Failed crypto exchange FTX hacked, reports say
More than $600m left users' wallets on Friday after the exchange filed for bankruptcy
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/thenational/YJUHM73CEXOX3VP3ACCLTLDZHA.jpg)
Cryptocurrency exchange FTX said in its official Telegram channel that it had been hacked and instructed users not to install any new upgrades and to delete all FTX apps, according to a report by Coindesk.
FTX and FTX US’s wallets appear to be hacked, with more than $600 million leaving the exchange late on Friday, the report said.
Thanked by 1lentro
Comments
seems suss
100% an employee
Damm
we may curse all governments but this is what happens without governments
At least $1 billion of client funds missing at FTX
The exchange's founder Sam Bankman-Fried secretly transferred $10 billion of customer funds from FTX to Bankman-Fried's trading company Alameda Research, the people told Reuters.
https://unusualwhales.com/news/at-least-1-billion-of-client-funds-missing-at-ftx
Hope that puts an end to badly executed contributions to "Cryptomania"
Hacked straight to the founders pockets.
It's almost like people didn't know there's been non-stop laws on financial industry for centuries because the money's inevitably going to be stolen or corrupted.
Fucking hell.
@BTC_Archive "BREAKING: FTX had a “backdoor” built into its accounting software by SBF, which he used to move billions without triggering alerts to other staff, auditors etc - Reuters"
Was FTX hacked? Deep dive reveals “backdoor” built into accounting software
https://cryptoslate.com/was-ftx-hacked-deep-dive-reveals-backdoor-built-into-accounting-software/
So is little Sam in Argentina or not?!
Fail. You have to fake your death if you want any chance of getting out of this alive.
I just can't believe what actually happened there. How greedy or stupid.
He had an exchange. Which took a fee with revert transaction. This alone is a money making machine. But they wanted way more. Freaking greedy.
Hope he gets a big jail sentence and always think about rule number one in the crypto game: "Not your keys, not your coins".
All DeFi and staking bros will soon notice that there "locked in" capital which earns them x% apy will be gone.
How to steal amounts like this without tracing? How to withdraw without it?
Looks like local fraud by their employers. Someone becomes rich.
Easy:
1. Code a Exchange software
2. Build your own crypto coin which you can use to "print money"
3. Get enough users to your exchange and coin
4. Search someone who is able to use your coin as collateral. Loan against it.
5. Rinse and repeat
You don't need to. Just print enough of your own coin and purge the liquidity pool with these.
Looks like fraud from high above. SBF and his whole crew will hopefully go to jail for fraud, etc.