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A comment on FTX stored private keys to crypto assets in plaintext, without access controls. Parent comment

Re:FTX stored private keys to crypto assets in plaintext, wi... by HL33tibCe7 on Monday April 10, 2023 @01:57PM (#35515192)
I mean you’re right in that, thinking about this on an abstract level, your suggestions seem like no-brainers.

But the current system works well enough in the vast majority of cases. And the fixes to the problems you list would add considerable complexity. I don’t think it’s actually that clear that fixing these problems would have a net positive effect on the world.

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Re:FTX stored private keys to crypto assets in plaintext, wi... by datadata on Monday April 10, 2023 @02:06PM (#35515312)
The size of the market just for identify theft protection is 10 billion USD [0]. There is 30 billion USD in credit card fraud a year [1]. I don't think that is working well enough, that is a multiple-FTX sized loss of money every single year going into a problem that is fueled mostly by really bad underlying security systems.

0: https://www.globenewswire.com/en/news-release/2022/03/23/240.... 1: https://www.bankrate.com/finance/credit-cards/credit-card-fr...

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