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A comment on FTX US’s wallets appear to be hacked, $600M leaving the exchange. Parent comment

Re:FTX US’s wallets appear to be hacked, $600M leaving the e... by threeseed on Saturday November 12, 2022 @02:10AM (#33570829)
> where all of the fraud occurs

Might want to look into the rug-pulling with shitcoins, NFTs etc.

That is far more insidious since it is targeted at young adults/children by influencers such as Jake Paul, Lil Uzi, David Dobrik etc.

[ Parent | on HN ]
Re:FTX US’s wallets appear to be hacked, $600M leaving the e... by jl2718 on Saturday November 12, 2022 @02:15AM (#33570856)
Yes, smart contracts can be programmed to allow terrible human behavior. Banks also have this feature.

But... they can also be programmed NOT to allow terrible human behavior. Banks do not have this feature.

[ Parent | on HN ]
Re:FTX US’s wallets appear to be hacked, $600M leaving the e... by threeseed on Saturday November 12, 2022 @02:24AM (#33570903)
Banks interact with the legal system at every level.

So yes there maybe terrible human behaviour at times but very quickly it results in either (a) people being fined or going to jail or (b) laws improving to prevent it e.g. KYC/AML.

Also as someone who works at a bank there is a lot of code which governs what people can and can't do.

[ Parent | on HN ]
Re:FTX US’s wallets appear to be hacked, $600M leaving the e... by jl2718 on Saturday November 12, 2022 @04:25PM (#33577257)
Are you suggesting that KYC/AML protects consumers from the bank?
[ Parent | on HN ]
Re:FTX US’s wallets appear to be hacked, $600M leaving the e... by polygamous_bat on Saturday November 12, 2022 @03:08AM (#33571131)
> But... they can also be programmed NOT to allow terrible human behavior.

Maybe, if you are a god tier programmer. On a long enough timescale the probability of your crypto project ending up on the rekt.news leaderboard is 1.

[ Parent | on HN ]
Re:FTX US’s wallets appear to be hacked, $600M leaving the e... by someguydave on Saturday November 12, 2022 @08:52AM (#33573039)
Banks actually do have terrible behavior if you think fractional reserve banking is a scam. If banks were not backed by the government printing press they would all collapse.
[ Parent | on HN ]