Re:USD 4.27B stolen in 2022 in Web3/crypto hacks and scams
by BaseballPhysics on Tuesday January 03, 2023 @01:12PM
(#34235288)
> FTX, on the other hand, was just plain old fraud, not really related to crypto itself
A huge part of the FTX/Alameda fraud involved minting their own utility token (FTT), artificially inflating the price, and then using it as collateral for further loans.
How is that not a crypto failure? Unless you only define "crypto failure" as "smart contract got hacked", in which case we'll have to agree to disagree.
Frankly, I think folks in the crypto community trying to spin FTX as "not crypto" are simply engaged in goalpost shifting.
A huge part of the FTX/Alameda fraud involved minting their own utility token (FTT), artificially inflating the price, and then using it as collateral for further loans.
How is that not a crypto failure? Unless you only define "crypto failure" as "smart contract got hacked", in which case we'll have to agree to disagree.
Frankly, I think folks in the crypto community trying to spin FTX as "not crypto" are simply engaged in goalpost shifting.