Sam Bankman-Fried Apparently Looting His Own Crypto Exchange with Fake Hack
It’s very obvious that Sam Bankman-Fried, who lost $16 billion by collapsing his own crypto exchange, is “hacking” his own website to steal whatever is left in the coffers.
RT:
Failing cryptocurrency exchange FTX has begun moving assets offline, after more than $600 million in tokens was allegedly pilfered from the digital wallets on its platform.
After filing for bankruptcy protection from creditors on Friday, FTX “initiated precautionary steps to move all digital assets to cold storage,” said Ryne Miller, general counsel for the firm’s US arm. “Process was expedited this evening to mitigate damage upon observing unauthorized transactions.”
However, considerable damage had already been done. According to an estimate by blockchain research firm Nansen, $662 million flowed out of FTX’s US and international exchanges. The firm’s main wallet, which was used to process withdrawals, was drained of its entire balance of 45.8 million FTT tokens, worth an estimated $97.2 million, Nansen said.
FTX's main wallet used to process withdrawals drained of it's entire FTT balance 1 hour ago
45.8M FTT tokens withdrawn, ~$97.2M in value
— Martin Lee | Nansen 🧭 (@themlpx) November 12, 2022
A separate review by another analytics firm, Elliptic Connect, pegged the thefts at $473 million. The FTX community administrator on Telegram said the exchange had been hacked. FTX applications are infected with malware, according to the administrator, which also warned followers against loading the exchange’s website.
What does it mean?
The hackers went in to loot the wallets, and then dropped malware in the JavaScript for the webpage? How would someone get access to both at the same time? They would have to hack into them separately, and if you’re a crypto bandit, you wouldn’t really care much about trying to infect people’s PCs with spam or whatever.
It sure does look like an inside job!
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