Topic: FTX has been hacked, delete the app, don't go to website - page 5. (Read 946 times)

Dont trust. Self-custody correctly and youre safe. Saves time, money and nerves in the long run. Using a middlemen involves trust, which always has the possibility to be abused. Theres no way around it.

Both FTX and FTX.us were hacked. My understanding is that these are two entirely separate companies. FTX.us was continuing to server its users, was not involved in the Binance deal, had not had liquidity problems, and so on. They were an entirely separate company with separate wallets, separate databases, a separate back end, etc.

And so what is the likelihood of a random attacker breaking in to two entirely separate exchanges at the exact same time? Almost zero. And what is the likelihood of an attacker simultaneously gaining access to the accounts needed to push malicious app updates as well as the accounts needed to put malware on their website as well as both exchanges' wallets and private keys? Even closer to zero. This is almost certainly an inside job, the way I see it. And with that, any shred of hope that FTX users had of recovering even a portion of their assets is gone.

I don't know how FTX works (and I suppose it depends on the specifics of your bank/jurisdiction), but it is possible that FTX has permission to pull funds from users' linked bank accounts or cards to execute buy orders. Users need to make sure they revoke all access, if they haven't already when they went bankrupt. I'd also be concerned about the security of my other private keys and sensitive data which is present on any device which has since accessed/used/downloaded FTX software.

Don't trust exchanges. FTFY.

Exactly this. FTX was the 2nd(?) biggest exchange. If they can simultaneously go bankrupt and also scam all their users, then any other exchange (Binance included) can do that too. Any coin not in your own wallet is not yours.

Here's a simple way to find out: Is the exchange centralized/custodial? If yes, then it isn't safe.

The sad thing is; this is almost predictable. Seems to happen every time something like this happens. This isn't going to help the short term price either, and further reduces consumers confidence. Fortunately, in terms of price it's hitting us at a time where investment would've been low anyhow.

Unfortunately, a ton of people have yet again lost money. I just wish we could change the status quo, and eradicate exchanges which have wallets completely. There shouldn't be the option of storing money on an exchange, since that introduces bad practices, and even encourages them. That way, things like this wouldn't happen, and consumer confidence wouldn't be damaged, and ultimately people wouldn't lose their Bitcoin.

It's not unlikely a "hack", it's VERY VERY UNLIKELY a hack. They're going to run, then hide after what they did, and they're taking their users' money with them! Hahaha!

It's currently harder to trust which exchanges are safe for us plebs. I'm seeing some users in Twitter who tweet that "Binance is the safest" exchange, but how do we prove that unless everyone withdraws their coins to test if they have enough in their vaults/reserves to pay all their users.

Hackers are always online phishing and looking for what to hack FTX is a victim I just hope that all the people that has funds in their custody will be able to bear the lost  and learn that you shouldn't put your trust and funds on these centralized system because for funds is not save with them.

I suspect the FTX personnel contributed to the hack or FTX are bankrupt and coming up with fishery stories. Banks are also the same you can loose your funds anytime the bank crashes, security is the major challenge the centralized system is passing through. Save your funds in Bitcoin and be your own security because you will secure it best than anybody when you have the knowledge. Thank you OP I have deleted their app as I got this information.

I definitely won't believe this story, they've definitely gone bankrupt and can't liquidate their users, this is the perfect escape plan.

This is not the first time an exchange has crashed, we have had Mt.gox crashes before and the drop is said to be as severe as FTX but eventually people will quickly forget it and will still use centralized exchanges as their utility is essential.

The way a centralized exchange and a bank work is quite similar, but it's pretty lame when you compare how secure a bank is to a small exchange like FTX. Banks are backed by the government and banks bankrupt only when the government collapses but better be your own bank.

Thank You for the heads up what's more funny right now is seeing user's of Binance making mockery of FTX user's forgetting they are all in this together. If they are thinking they be safe with Binance then they are messing about. Get of Crypto that are Centralized and also Banks that are fully regulated. The cycle continues, MT. GOX FTX who's next ? Bring it coming.

here is the thing. crypto doesnt just vanish, (true crypto that uses blockchains.)
i do not believe it to be a hack.

much the same like other exchanges where CEOS retire claiming "hack" as the reason they move on

i feel its the management of ftx that syphoned funds out (taking the good assets out) and left ftx as a brand in a negative paper loss position in legal tax/debt law framework. where by just like all liquidation companies that company is left in a debt position that gets write off in a fiat world bankruptcy

knowing DCG is a large partner/stake holder of FTX i wouldnt be shocked if all the good assets turn up in their portfolio sooner or later

anyway i do find it funny how SBF resigned. .. put someone else in CEO status. and hen filed for bankruptcy and now news of a hack.. leaving the new guy with al the legal trouble and SBF able to carry on business as usual with his other projects.

SBF did not go down with the ship. he jumped off ship and in a lifeboat days before the ship hit the rocks

That competitor was down already, the likely scenario is that it was an inside job
as o_e_l_e_o suggested. It makes perfect sense, why hasn't FTX been hacked
before this, I mean I'm sure there were attacks of the platform in the past.

I have deleted the app as directed, luckily I have no funds on FTX  ^{or any other exchange}

"Hacker" was able to access source code and insert malicious code all unnoticed, then push an update to all users. I understand that's what these exchanges like to say for PR reasons while they escape with peoples' funds and evade authorities, but surely people have gotten wiser.

Anyways - Let this serve as a lesson for exchange users and traditional bank users. FTX began to collapse because they didn't have the billions in liquidity to deliver on their users' withdraw requests. They needed emergency funding that I believe they secured, of course that didn't matter in the end anyways, people lost confidence. Banking with fiat works the same - banks do not hold cash. If everyone, or enough people, lose confidence in the institution and flock to the banks to withdraw cash, the entire system collapses because they don't have enough cash on hand. All exchanges, banks, etc. work this way.

Centralized financial institutions do not responsibly hold your funds. Be your own bank.

I only trust exchanges with a few hundred $ worth of btc,
if I can make it into thousands then I cash out the original investment
don't trust exchanges with more than  a few hundred bucks

There is a high probability that it was done by their insiders. It is really inhumane. This is too dramatic. I really want to know how the user funds are solved.

Everyone needs to stay safe with their funds. This will all probably make headlines since theft is occurring now instead of what seemed to be financial incompetence. One does significantly better in the news than the other. How it will impact everything, no freaking clue.

Just a heads up: a lot of people might probably say that this is unlikely a "hack" and that some FTX personnel(regardless if it's SBF or not) is just running away with the funds(and I agree that this is highly more likely), but regardless — don't open the FTX website and uninstall all FTX apps. JUST TO BE EXTRA SURE.

I’ve heard over 300 million dollars has already been taken. Possibly up to a billion dollars. Early speculation is that it’s an inside job by FTX employees or possibly even Sam trying to make a getaway. I’ll wait until we find out what really happened but it sounds like this is quickly on its way to becoming a Hollywood movie. Be careful out there!

According to some people in social media, FTX has been hacked and users who have the app installed in their phones might be at risk for malware if they update this. It will be safer to delete it. It is also adviced to avoid going to the site because there might be trojans.

This is a public service announcement and I created this thread here in main bitcoin subforum on purpose where it will be seen by more people. Moderators can delete or move this thread later.