FTX US’s wallets appear to be hacked, $600M leaving the exchange

Re:FTX US’s wallets appear to be hacked, $600M leaving the e... by redox99 on Saturday November 12, 2022 @04:13AM (#33571467)

Pretty much everyone in the crypto community would be fine and happy if exchanges were forced to prove they own the users funds. Crypto people generally don't want crypto regulation. But exchanges are not crypto. They are a third party holding your crypto.

The problem is that regulators "confuse" that (or pretend to) and any regulation that comes out hurts the users, and the DeFi space, instead of focusing on centralized business like FTX that outright stealing users funds.

Also what FTX did is without a doubt already illegal, it's not like it's some kind of loophole or legal thing they did.

[ Parent | on HN ]

Re:FTX US’s wallets appear to be hacked, $600M leaving the e... by someguydave on Saturday November 12, 2022 @08:48AM (#33572999)

Agree. You don’t need extra special “crypto” regulation to know that customer’s assets should not be stolen.

Arguably, fractional reserve banks “steal” customer deposits to invest and pay interest in exchange. They have a very particular license from the government and are monitored (and insured) and rightly so - they are very dangerous.

[ Parent | on HN ]