Topic: FTX has been hacked, delete the app, don't go to website (Read 946 times)

In a new episode of this crazy FTX drama, the hacker was "ordered by the Bahamian government".


So the government hacked and confiscate exchange funds. Well, it is strange to see a government doing something illegal. On the other hand, funds are safer in anyone's hand but FTX.

Certainly, the blockchain is decentralized and Bitcoin is decentralized as well, but unfortunately there is no complete independence, meaning we need third-party services necessary to exchange bitcoins for dollars, how can you convert bitcoins to dollars without third-party services? From here comes centralization and control by exchanges and governments.
Unless there is a real independence of Bitcoin as a payment method i.e. 1BTC=1BTC not 1BTC=×××××$ there will be no complete decentralization and we will remain subject to the terms of the third party.

Centralization is not about the price, or even the control of the coins neither, it’s about control over the blockchain. It means that we shouldn't be really considering this as a threat since that won't happen. Sure there could be some situations where we let our coins be controlled by these exchanges, or we let the price be moving up or down based on what Elon says etc etc.

But at the end of the day, blockchain itself is decentralized and that’s all that matters for the safety, security and the future of bitcoin. This is why I believe that there are not that many people going against the idea of decentralization and if all understands the true decentralization, they wouldn't worry about FTX situation.

The most coincidental case is that I just watched a movie that was documented last year about a big fintech that pretended to have been hacked and the account balances of its customers were set to zero. But to my dismay, the purported monies stolen were actually stolen by the company's CEO himself. It was all a well-planned job by the CEO's hacker daughter that was just used by her father without knowing the intention of the father.

In light of this, Sam Bankman-Fried can't be exonerated in this case. But he would also be so dumb to engage in such acts. The trust would surely be revealed over time.

Always remember that if you trust someone else with your crypto and hope to earn an interest on your holdings, you are always going to be taking a risk on the potential of an interest earned. Nothing is for free in this world and that is what most staking is all about and that is what real physical banks are all about. The difference is that the latter is regulated and have gone through many decades of stress test vs crypto.

A much better idea to hold BTC (only btc) in your own private wallet and wait/pray/hope that it appreciates in value as the number iin circulation drops.

I just heard from the best friend of a member of my family that they were affected by FTX too. These were people employed in Malaysia (had no idea). Actually met them in the summer when they told me they were working in crypto too, very good company, very good job, somehow slipped my consciousness if they actually mentioned FTX.

Spectacular fallout with the staff is what I'm hearing. Losing their jobs overnight is one thing, but most of them actually kept their money/crypto savings with FTX and can't touch it now. I almost regret now not advising them when we met about "not your keys" but I did mention not to trust companies to take care of you (crypto or otherwise), but I'd long ago stopped trying to tell people they didn't really have BTC if they bought it and it lives in some app.

They're younger than me, and new to crypto, this is a hard lesson to swallow for anyone, really feel bad for people who got in like this.

Something tells me when they uproot this whole mess, there will be plenty of other unforeseen exposures.

im surprised no ones yet using the name
'scam bankman fraud'
to explain the guy that owned FTX.. seems a obvious moniker for him

its coming to light now that although FTX was well advertised (US football stadiums) shilled youtube influencers and the likes. FTX was not popular in regards to numbers of customers

what is being found out is FTX was not widely used by the same customer numbers as coinbase/binance customer account numbers.. but instead that it was large institutional whales invested in FTX
big Names not big numbers

though even at say $15billion loss. a total of 1.2m users is not that much in average value per user, its just $12.5k each
or the more plausible amount of 100k whales is $150k each

...
as for "the hack". i see more of a "lets retire and say someone else stole the funds"
the "dont use our website or app" i see as more of a 'stop doing a bank run" scare tactic for those trying to access their accounts to withdraw
and account access denied as "it was the hack not us"

...
well the future now is 'scam bankman fraud' may have escaped the bankruptcy legal liability when he resigned(bureaucracy of write offs of fiat liability). but it seems he has not escaped the unlawful criminal fraud his business is being investigated for

news of a "hack" is just the sideshow. 'scam bankman fraud' has alot of questions to answer to about HIS activities prior to resignation

The latest news is that around 15.49 trillion customer funds have disappeared on the FTX exchange. On the other hand, we need to be aware of this case of losing money. Personally, I'm not really sure this happened without insider involvement, as their connections have been quite large since FTX started being acquired by Binance.

Even US regulators are starting to investigate FTX regarding cases of misuse of customer funds, it is almost certain that FTX will go bankrupt if this problem starts to develop. Don't go to FTX website anymore and uninstall all FTX apps, it's much better and keeps us all safe.

Pretty much this.  Although there are limits to my optimism when it comes to human greed and laziness.  No matter how bad exchanges get, I'm sure some determined idiots will continue to put themselves at risk by relinquishing ownership of their BTC.  People seem to have little to no concept that "deposit" means "hand over to a total stranger and you may never see it again".  I wonder how many people would still do it if it was worded in such a way.

It's a shame to really let "once" a good app like that go. I checked mine as soon as I made that post to see what's gwan with the app. It didn't load and I let it be. Now that I read your post I had to force myself to reality and then delete it. As for the allegation of FTX assessing customers funds linked with their bank accounts, that will really be the height of criminality.

These incidents have become really disgusting, we are moving towards centralization little by little because we moved towards third-party services and lost decentralization and the goal of inventing Bitcoin (creating a peer-to-peer payment method without a third party), our money will not be safe anymore because it is not in our hands, our money in The truth is in the hands of a third party who can simply delete, block or freeze our balance.
This is another big lesson that should make us not trust any third party services and hold Bitcoin in our secure wallets whose keys we own, because it has been proven that there is no secure central exchange and not even a secure coin except Bitcoin.

This is just a simple step to take care of your money because these guys if they are hit with a huge blow such as this one, won't really care about their users anymore and they simply just turn away from them without even giving any serious remedy about it. I'm sure they are behind this hack and whatever plan they have right now, I'm sure their users are prone to lose more money. This is a serious matter for the FTX users, they should really get their funds and move them to the safest personal wallets they have or else they might gonna lose for they will be the next target.

What a collosal mess. I find it strange that this stuff happened when the market was rallying recently after a decent amount of time. FTX screwed themselves and the crypto market along with them.

Personally, I never used FTX(Thankfully) since I usually use Binance and LBC. These incidents chase away investors and cast dark shadows on the entire crypto market sadly.

These incidents prove the fact that it's always better to store your crypto in reliable wallets when compared to storing them in exchanges.

Fine. Let them be regulated. Let regulators shut down as many as possible and let the ones which still exist stop printing fake tokens out of thin air and running fractional reserve scams. Centralized exchanges have leeched off of bitcoin for long enough. I don't care if every single one of them ends up being regulated in to oblivion at this point. I've never used one anyway.

The worse centralized exchanges become, the more users who will start to use bitcoin as it was intended - peer to peer, without trusting any third parties.

No, but I'll tell you what I can verify - the bitcoin in my own wallets. Impossible to verify anything with a centralized exchange. If people had bothered to verify that they actually own bitcoin and not a worthless IOU from a centralized exchange, then they wouldn't be worried about verifying the source of information about exchanges being hacked.

This seems to be the open scam by the self management. I am sure about it as FTX has been hacked and chat is open indicate their dual personality i cant trust any Centralized exchange for trading now. Dear friends make sure to never hold your funds on any Centralized exchange for a long time period.

They’re not reliable anymore, that’s the point. You can only cross-check many different sources to make a good guess, with uncertainty remaining.

I did.

Not in this context. The exchange was already exposed for scamming, getting bankrupt and then being drained either trough hackers/ or the people in charge. Then also illegitimately accessing users' bank accounts. This isn’t proper working of an exchange, there’s no point in trying to use it again. This isn’t the same situation as a bridge being hacked for example, it’s a completely different case that affects the whole exchange.

What the OP was referring to was originally from an FTX admin in their official telegram group, not some social media heresy. OP did everything right to spread this news fast, even if we can’t exactly know what’s really the case yet. But time matters in this context.

Countless people have lost a lot of money because of it, but I'd say it's going to happen, it's unavoidable. The next one may be WON or QNP. We can only be careful. Watch for their changes. Some may gain, but most lose.

You're right, but we can't challenge the fact that we plebs who trade with small account sizes, and them whales who trade with large account sizes need centralized exchanges, AND trust is obviously VERY important. What kind of sector would cryptocurrencies be in the financial world if none of these exchanges are trustworthy? It will be bad for growth, and it will also be very bad for adoption.

Plus tin-foil hats on. Is FTX itself spreading FUD/misinformation to make all of their ex-users delete the app = delete evidence?

A very likely possibility they are trying to cover their footsteps with this hack kind of thing that they spread the word hack and get funds themselves with all this whole distrubance in the market about FTX.But for your safety don't install the app as along with losing funds you might be prone to data breach as well so be on safer side to uninstall and don't get involved with FTX at all.

Can you verify everything yourself? Definitely no, you might need third-party news to ascertain some things in certain situations, which was the reason for my reliable news outlets note. Also, make sure you know the full context of the subject you are replying to before doing so. Even the most hacked exchange still works properly when money is being stolen from it. Besides, did you not read the warnings from the OP that one should not open it for now to avoid trojan?