- On Friday, Sam Bankman-Fried resigned in disgrace, as crypto giant FTX filed for bankruptcy.
- About $2B of customer funds have reportedly vanished from crypto exchange.
- FTX said on Saturday it had seen 'unauthorized transactions' removing funds.
Looks like some shady dealings going on at FTX
The CEO Sam Bankman may have made off with a couple billion worth of his client's Tokens.
Lost it all in the Caribbean some place or so the rumors are telling us. The investigation is still unfolding.
The Tokens are gone at any rate (2 billion $$ worth).
This was one of those Exchanges that did not give their clients private access to their keys. In otherwords, the CEO Sam, had full access to the works.
Never join an Exchange that does not give you private key.
Never keep a substantial amount of crypto in an online Wallet, private keyed or not.
Use an off-line Wallet for substantial amounts of crypto currency investments.
This won't do good for non-centralized cryptocurrency. The government will use this as an excuse to let themselves step in with yet more regulations.
They will use the excuse --> 'How can the government allow this kind of thievery? '
Unless off course it is them doing the thievery
Not a good thing for any of us
And Crypto value has been dropping rapidly since all this came to surface early last week, when Coindesk first reported.
- About $2B of customer funds have reportedly vanished from crypto exchange.
- FTX said on Saturday it had seen 'unauthorized transactions' removing funds.
Looks like some shady dealings going on at FTX
The CEO Sam Bankman may have made off with a couple billion worth of his client's Tokens.
Lost it all in the Caribbean some place or so the rumors are telling us. The investigation is still unfolding.
The Tokens are gone at any rate (2 billion $$ worth).
This was one of those Exchanges that did not give their clients private access to their keys. In otherwords, the CEO Sam, had full access to the works.
Never join an Exchange that does not give you private key.
Never keep a substantial amount of crypto in an online Wallet, private keyed or not.
Use an off-line Wallet for substantial amounts of crypto currency investments.
This won't do good for non-centralized cryptocurrency. The government will use this as an excuse to let themselves step in with yet more regulations.
They will use the excuse --> 'How can the government allow this kind of thievery? '
Unless off course it is them doing the thievery
Not a good thing for any of us
And Crypto value has been dropping rapidly since all this came to surface early last week, when Coindesk first reported.