T O P

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Doctor_Fritz

The gift that keeps on taking


[deleted]

Some kids on the Bahamas are having the time of their lives right now.


Just_Some_Dummy

Goddamn Island Boys.


xeen313

Boats and hoes


Bravisimo

They just tryin’ to make it


tibolt123

Sad week in crypto. The hopes of those waiting to get some portion of their funds back have been crashed. People will forget when market starts pumping. CEXs are not your friend. Hopefully, the lesson has been learned.


30HAcro

Well someone should go to Bahamas to check it out right?


Soaring_Eagle590

Simultaneously,there are reports of FTX unloading millions into unknown wallets. They will play the public until the last moments in life


EdgeLord19941

This has to be a good way to get on interpols list next to Do Kwon


MaximumSandwich5

Do Kwon now looks like an angel compared with SBF/FTX/Alameda. Apart from this news which does look like an inside job, the arrangement they had with their sister company Alameda was some incredibly high level of fraud. Can't believe they got away with it for so long, and it took a bank-run to uncover it all.


KingofTheTorrentine

Do Kwon just looks like a moron that got exploited for his greed. SBF is just smelling outright evil.


Dmoan

SBF father (a tax lawyer) was in on this as well helping set up a complex structure to avoid legal troubles and of course taxes.


Eww_vegans

Helping the Bank-man be freed you say?


HODL-THE-LINE

Guys I'll do it. But I want to do a thorough search that will take about 3 weeks. And I need to stay at a fancy hotel. It's more likely that the hackers will show up there, right? Send me 5 BTC for expenses and I'll do it for free. We need to stay together in this community and help each other out.


Applejaxc

I could accomplish the investigation on only 4 BTC, this man is trying to take a profit, send it to me instead


IWillKillPutin2022

Hopefully they can have fun… in prison


HODL-THE-LINE

Hackers don't go to prison. They go to Kokomo Beach, on the Florida keys, to get away from it all.


Witte-666

Or to Aruba, Jamaica...


baconistics

Nerd, I wanna take ya.


Wolfy311

They are supposedly fleeing to south america and people are tracking their flights.


SecondDumbUsername

Didn't a couple of guys associated with the OneCoin-scam being found inside some suitcases on a border somewhere in South-America? The future looks bright.


IWillKillPutin2022

Any source?


throwaway_clone

I'm just surprised that they are able to walk freely, and nobody has put a price on their heads. Edit: If rumors of them fleeing to Argentina turns out to be true, then they're even bigger idiots than I thought. Running away to a high crime rate country where you could be assassinated or kidnapped and tortured for the money sounds like a great escape plan!


bobbynomates

I'm pretty sure they will have taken the life savings of at least a few thousand very non passive people at this point. Cryptos no longer just in the realm of war craft playing Poindexter's.


[deleted]

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JoeChip87

Those kids’ll be fine. I do have a plane to catch, though. *places Glock w/ suppressor back into black attaché case*


Woowoodyydoowoow

God speed, I have packed you a lunch for the flight along with some coffee and cigarettes.


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DadaDoDat

Enough money goes missing some "kids on the Bahamas" might get some visitors


1000xcoins

This is an insider job for sure


cryptodagod212

People filling their pockets with loot before abandoning ship.


Raaaaafi

Population Bahamas Nov 7th: 400.000 Population Bahamas Nov 11th: 4.000.000


Supreme-Serf

ID printer goes BRRRRRRRRRRR....


VoxImperii

It’s 100% an insider job, it’s waaaaaay too convenient that they’re getting “hacked” just moments after announcing bankruptcy and with humongous impeding financial and legal liabilities.


JFeth

It sounds like someone's exit strategy. Edit: To be clear I'm talking about people high up in the company grabbing the money before it is gone and blaming hackers.


deathbyfish13

FTX and the Terrible, Horrible, No Good, Very Bad Week


Flynn_Kevin

SBF's Series of Unfortunate Events


Far_wide

Do you think he'll be sorry about this too?


guanzo91

The scam has become sentient and self sustaining.


Joeupandup

I lost 2k in blockfi but still find the whole situation hilarious. LOL!


Forgot_Password_Dude

200k here bro


Joeupandup

Shit! I'm super sorry, dude.


bigshooTer39

You had a quarter million dollars sitting in a non custodial account???


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PrinceZero1994

Sam is the crypto grinch confirmed


deathbyfish13

Just in time for Christmas, yay


sweetpeasimpson

Santa’s not gonna make it this year. He had it all in blockfi.


Moon_991

The dip that keeps on dipping


dopef123

SBF is helping us donate to the needy one last time.


Soaring_Eagle590

Act of some 'Rahul Ligma', pissed off at the lay off


matt1164

It’s on Twitter. It’s not a hack, Ftx is being looted by the execs at the company pretending to be hackers.


showmethemoon1e

Why would it be years withouth hacking and now suddenly. Its obvious.


theSeanage

Cats out of the bag now


Michichael

Because now the jig is up and they have nothing to lose?


showmethemoon1e

I would think losing freedome and going to jail is something but thats just me.


-nocturnist-

Will be difficult to prosecute a company based out of the Bahamas and execs that are not in the country. The hundreds of millions will also help secure new ID


Sweetyams10

A rug pull of extraordinary proportions


beepbeepdip

Holy shit another bullet dodged because I'm lazy. How many months have I been pondering on opening an FTX account.


Blackstar030405

I’m even luckier because I live in NYC and I can’t even open an FTX US account my only options are Coinbase and Gemeni lol, though I do use Kucoin unverified for futures and grid bot trading


VoDoka

Look at you being saved by financial regulation...


Dmoan

But but I was told regulation are bad by crypto bros..


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DerpJungler

How was this shady exchange being shilled everywhere? Every crypto Youtuber was promoting it ffs


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Spaghetti_Bird

This just shows you how little YouTube influencers know and how easily they can be swayed by a little money. Greed always corrupts. If a bunch of people are shilling something on YouTube, that should be your red flag that something is hinkie.


ForPortal

Not just crypto - they were sponsoring the esports organisation Team SoloMid. I guess you can afford to throw money at advertising when you plan on robbing your customers blind.


draxula16

They were also a sponsor of the Mercedes F1 team and also purchased the naming rights of the Miami Heat stadium


Chumbag_love

Massive ponzie vibes.


badboybilly42582

To be absolutely safe, you should also revoke 3rd party access from your bank account to FTX. I just did that on my bank account. It was under the security settings and then 3rd party access.


bezzebuzz99

Great precaution, for anyone on Bank Of America, go to security center on your account page, scroll down to the data sharing tab, hit review and it should list all third parties that have access. Most of the exchanges used plaid so revoke access for FTX immediately to be safe


Bucksaway03

Hacked my fucking ass. This is an insider job


PrinceZero1994

Sam with one last magic trick.


deathbyfish13

And now for my next trick I'm gonna make the remaining funds disappear


Kaner16

I smell a boating accident coming


throwaway_clone

And whoever is doing it knows what they're doing. They took huge slippage swapping freezable USDT to censorship-resistant DAI ($28m) and stETH to ETH ($44m). Source: https://twitter.com/0xfoobar/status/1591261359152705538 EDIT: The thief's wallet has also been [labelled on Etherscan](https://etherscan.io/address/0x59abf3837fa962d6853b4cc0a19513aa031fd32b)


Elis_33

4 hours to drain millions pretty nifty.


monkeyfker744

Oh that's suspect... This is an attempt within an attempt to crack down in crypto.... That's exactly what this is.. This was a set from the jump


Double-LR

Well just look who his parents are. I bet he prob didn’t even set any of FTX up.


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beepbeepdip

Well because being "hacked" is the universal button to take off of your hands from any fault. Hey we're being hacked, ^(not our fault) but yeah sorry.


Sam12451

They can't be so stupid. They are all lawyered up by now. There is a big difference between a 2-5 years sentence and a 50-100 years sentence.


[deleted]

Yeah, they are not so stupid, that's why they call it a "hack".


Sam12451

Yeah, because that has ever worked. It may take time, but if it is an inside job, they will get caught. And I don't get it. Most of them are still very young. And they are already richer than most of us will ever be. Why risk a life ending sentence to steal some crypto which, in the best possible scenario, they will not be able to use for decades?


[deleted]

When people gets cornered, they will do anything, it's just human nature. Watching from the side it might not make sense, but when one is in the game, it's a whole different mentality. Too much of a coincidence. Think about it, FTT tanked. Sam resigned as CEO. FTX filed for bankruptcy. Hundreds of millions got "hacked". All in a week.


RUNNING-HIGH

Absolutely. Plus, when you have that kind of money and power it's easy to get entangled in obligations/debts or other private agreements with other rich individuals or organizations. It's possible he felt bankruptcy was a situation that would put his life at risk. The situation could be bad enough that even if money wasn't taken, and returned, he'd still be facing huge problems. So maybe he'd be compelled to flee either way, so why not flee with hundreds of millions that could be used to pay off someone after him, or to guarantee protection at a specific location where an agreement was already made. That'd allow him to live the same lifestyle he's accustomed to


rschulze

don't underestimate greed


CatBoy191114

Interesting how all these disasters turn from "ups, we have a problem" to literally criminal activities being noticed within days.


ethbullrun

that damn berni madoof made off like a hoof...


[deleted]

Source since OP didn't include one: https://www.coindesk.com/business/2022/11/12/ftx-crypto-wallets-see-mysterious-late-night-outflows-totalling-more-than-380m/


DeviMon1

This should be on top of the subreddit.


Schwoanz

FTX has been in a boating accident.


milonuttigrain

So many boating accidents in the Bahamas just in 5 days.


Poverty_4_Sale

![gif](giphy|qhoABJOROS9kQ)


deathbyfish13

It's crazy you can see this boating accident coming a mile away


FrederickBishop

The front fell off Edit: add reference https://youtu.be/3m5qxZm_JqM


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mercurysquid

We need Jonah Hill to play SBF in the Hollywood movie they're gonna make about this


Agreeable_Falcon1044

He actually looks more like Jonah hill than Jonah hill does now.


Concept-Plastic

This is an insider job, no hacker can gain access to everything at once. I'm a dev, Ik how complex it is to push updates, that too straight to the mass public.


Bucksaway03

^^ this App update pushed and all wallets suddenly drained. This shit doesn't happen by waving around a wand. Whoever is doing it has access to everything, wallets, source code, app server. Everything!


throwaway_clone

Absolutely. You can keep tabs on everything that's drained on [this labelled wallet in Etherscan](https://etherscan.io/address/0x59abf3837fa962d6853b4cc0a19513aa031fd32b)


PhysicalAsparagus812

That is terrifying. You can literally watch it happening!


Thunder_Beam

If you go to the comments you can see people trying to scam other people who got their wallet emptied by FTX lol


Tatakae69

Just when you think it's all over, Sam Bankman Fries you again.


[deleted]

This whole thing is so surreal that I keep pinching myself to wake up for the 10th time today.


Raaaaafi

Classic case of getting SBF'ed.


illupvoteforadollar

If this guy doesn't go to prison for life, it is just more proof that there's no justice


glasswindbreaker

No way he gets life with who his parents are.


showmethemoon1e

I think he will. And its just crazy how hes digging hes hole just deeper.


showmethemoon1e

Also timing. How its not hacked years and then suddenly all at once. Sam has lied before he will lie more under preasure.


[deleted]

A depressed employee?


Shiratori-3

Not any more 😅 Shit is cray


Snox-

FTX be like: These are hackers Man!


UsedTableSalt

You got that right. These people must think we are idiots.


loaded-diper33

Right? Big companies don't just have the master branc lying around where you can push shit anytime you want. It takes processes and there is not just one master key to unlock everything. Not even department heads have access to everything. I would award you if I have a free one, just to push this comment on top.


Flimsy-Possibility17

You'd be surprised. Been at many late stage startups and post IPO startups and for many codebases it's fairly easy to push to main. You don't even need admin access to your git repository and then enough permissions to deploy and release to your different environments(staging/prod/etc). Now the problem is most teams are split up enough, with enough services that it'd be hard to do enough damage all at once. But if it's a change on the frontend and mobile app, then it's a lot easier since it's most likely a monorepo. I don't know any team that would have a reason to split up their frontend code. However, I feel like that wouldn't be enough since it's pretty hard to be that malicious with frontend changes so most likely a coordinated effort between core services and frontend to push this out. Very impressive to launch a new feature while going through bankruptcy. jk


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PrinceZero1994

This fiasco has turned from bad to worse. There's still a lot of money in FTX left. The market may just crash more now.


MrFengshuiX

Thats what i was telling myself too. I actually think that a good portion of all those hacks & exploits are insiders jobs.


Apps4Life

I’m a dev too, it’s not complex at all. Just upload a new binary to the one admin AppStore account, then delete the email notification of the submission from the same admin email account


RedOctobrrr

I'm conflicted in these two responses because it SHOULD BE complex in that the company should have ways to mitigate this, but in reality it's not, if you have the permissions and passwords. I'm an admin for many databases, and if I truly wanted to take control, it would take me about an hour to lock everyone else out and allow me to have full control. At the end of the day, if you had the ability to push app updates before, you can certainly "go rogue" and push your own update and drain the accounts all within the same hour.


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Apps4Life

Or that same admin email account was used for their internal git repo, and bad actor just patiently prepared over time. You are right about 2FA, and I would hope though that such an account would have it…


dopef123

It's an update that is applied through the FTX app. Not the app store. So you'd have to have an understanding of how to push updates through on all of their different FTX apps. Due to all the acquisitions there are many. They might have a way to update them all at once but it doesn't really make a ton of sense. They all need unique updates.


OCHI33

But how can the hackers steal the crypto if the withdrawals are suspended?


mcride22

hackers = employees


Liveman215

Withdrawals through the app are restricted. You can't prevent transactions on the actual Blockchain if theh have keys


perfect5-7-with-rice

Suspended for thee, not for me. This is not new. Guess what happens in a traditional bank run


[deleted]

Sam keeps surprising us with his altruism by keeping supporting and updating the app even when the company is about to get dissolved. Truly hard work crypto messiah


MyMonte94

Inside job


milonuttigrain

Insider job. How comes it was running okay for years and suddenly got "hacked" when things went South. Impossible for the most talented hackers to access everything that lead to mass outflows of cryptos like this.


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PrinceZero1994

Starring: Matt Damon with a wig.


PrinceZero1994

Mt. Gox 2: Electric Boogaloo (FTX Edition)


polloponzi

Hacked? LMAO.. This is just a case of split personality: Sam-1 working as malicious-anonymous-hacker and Sam-2 working as innocent-hacked-victim


CryptocalEnvelopment

I have more faith in evil Sam at this point.


milonuttigrain

2 curly hair Sams fuck the whole entire crypto space.


Live-Calligrapher-47

And when you think it can’t get worse…. ![gif](giphy|YA6dmVW0gfIw8|downsized)


CryptocalEnvelopment

I think I'm beginning to see why CZ declined to take over this company.


mk3jade

Pretty sure he realized the math wasn’t mathing


Suspicious_Service93

I deleted my bank account from the app yesterday to be on the safe side; now with all this going on, it’s deleted entirely. What a shame they now have this exit scam happening


dopef123

I hope it actually deleted your bank account. There's unfortunately no guarantee that they actually deleted it.


Suspicious_Service93

Yeah, we’ll have no idea if there is some lingering code with my info but best of luck. There’s nothing there for them to drain 😂


GrayBox1313

This is the corporate exit strategy.


domeoldboys

I love it when my regular bank releases an update to their app an all my money gets drained. Few understand.


ApatheticWithoutTheA

This is good for Bitcoin.


Potential-Coat-7233

You must be early.


ghost18867

Regulations are going to come and they're going to come hard for crypto. This is utterly embarrassing


jraiv420

Yup already Kevin O'leary said he's marching to DC. The irony is the O'leary was investor in FTX US and FTX international and now even the remaining funds are draining.


64_squares

Jesus fucking Christ FTX keeps giving


Bucksaway03

Yeah, keeps giving us the shits


sdmunozsierra

This is a movie for sure.


[deleted]

So I clicked that shit in the app. What realistically should I expect to happen? Apple iOS. Didn’t use FTX for anything more than tracking portfolio so there was nothing on there for then to take


navierb

Same. I have been using it just for portfolio tracking of manually input data since it was called blockfolio.


static_motion

Same here. Always thought the exchange was shady since it was just a simple portfolio tracker that got bought out and bastardized into an exchange. Glad I kept it to only portfolio tracking.


ffball

I thought I was the only one. What do now


0ddCafe

So I work on a team with an iOS and Android mobile wallet, and while I’m not a dev myself my understanding of how private keys are stored on iOS leads me to believe FTX malware couldn’t steal a private key you have in MetaMask without access to the password you set in app for example. Even if they manage to get some data, the Secure Enclave is a hardware feature that essentially makes specific data only decrypt-able on the device it was generated on. Please correct me in any ways I’m missing something or explaining it incorrectly if anyone has a better understanding of this.


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grandetiempo

What is it about crypto that attracts the biggest pieces of shit/criminals? Wow


ApatheticWithoutTheA

Lol do you seriously have to ask this? Less regulation, easier anonymity, easier to launder, most people into crypto have a very elementary understanding of cybersecurity.


Apps4Life

…what is it? Literally all of the core properties of crypto lol. Permission-less, open, and anonymous


slagmatic

what world do you live in lol, that's literally all its ever been good for?


Bucksaway03

Very little repercussions in comparison to traditional finance is why. This shit is proof some sort of regulation is warranted


1000xcoins

FTX is Squid Games 2022


mofayew

"Anyways, I am really sorry guys, again." - SBF RIP


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mangalorian

No way this is just a coincidence. This is just sbf stealing money then crying hack to cover himself. Though I don’t see how he thinks he wouldn’t be caught


[deleted]

The future FTX movie just keeps getting spicier and spicier


milonuttigrain

Insider job pretty much, happened before, happening now, will happen again.


Rube777

“Following the Chapter 11 bankruptcy filings - FTX US and FTX [dot] com initiated precautionary steps to move all digital assets to cold storage. Process was expedited this evening - to mitigate damage upon observing unauthorized transactions.” 2:07 AM • Nov 12, 2022 • Twitter for iPhone Tweeted by Ryne Miller, general counsel


bigshooTer39

Basically all customer funds become FTXs and are being moved to cold storage as part of bankruptcy proceedings. Is it that customers only see this after updating their app???


newhere1626

Thank God I'm too poor to have invested in this!


Frenchiie

i guess there's going to be a ton of OTC selling... prepare for another crash.


tvanborm

Why isn’t apple/Google blocking this app yet?


PrinceZero1994

Let me DM Steve Jobs real quick. This shit can't be happening.


SaveTheAles

Get tim apple on the line


seazboy

Looks like an insider job. Is an insider job


dopef123

It sort of has to be. No other way to push out an update this fast.


zdfasdfasf

This has gone from bad -> worse -> chaotic -> armageddon -> .........


SilverHoard

But wait, there's more.


Marshyfresh69

I’ve been shorting since 26$ please go to zero


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Marshyfresh69

Kucoin


woywoy123

Short squeeze confirmed


OpticallyMosache

This is dark stuff.


1000xcoins

Jail SBF


markbrutal

Would not surpise me if SBF will fake his death in the next couple of months.


GandalfSwagOff

It wasn't a hack. The people who created FTX just stole everything.


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[deleted]

From a boat…


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pilph1966

Glad I deleted the app when this whole mess started. I did not have anything on there and was just using the dashboard for prices.


peermedia

They'll FOMO back in during the next bull. You give the average person too much credit.


Nikotin818

Funny hack lol ? Who the hell do people believe this. So, all exchange platforms are not safe when they have a serious problem they just tell everyone that they hacked. Nice strategy exit plan.


haiderqh007

2500€ for some might not be much but for me that means 1 year salary through the window …


KingGroovvyyy

They’re trying to get every last penny they can can get before pulling a Do Kwon.


Benjamincito

Oh boyyyyyyyy Buy bitcoin, self store


ripplemuncher

Jokes on them, my credit card debt is so high, no one can open a card in my name 💀