FTX thief cashes out millions during Bankman-Fried trial
bbc.co.uk
bbc.co.uk
The person you're responding to isn't claiming that SBF demonstrated remorse at his actions, he is claiming that SBF admitted to the crimes he's been accused of.
Whether or not he feels remorse for those actions is a separate concern. But yeah, he's guilty.
His tweeting through the FTX collapse was a masterclass in self-incrimination.
I would assign a near 0% likelihood of this . For one, why would he need to hack his own exchange? Just quietly move funds to a secret address he know the private key to. Done. Being the CEO he would have 'god mode' authority to do this, and being a private company no audits anyway.
Given his complete lack of life experience and rather sheltered existence, I strongly doubt this type of shallow self analysis. He's purposefully lived a life where he gets to avoid those responsibilities, instead, preferring to live with payrolled groupies in a mansion doing drugs and stealing money all day.
Not this guy: https://www.justice.gov/usao-sdny/pr/us-attorney-announces-h...
We also had once an office admin stealing stuff. When we revoked his access cards and fire him, he came back the night with a different acces scard and stole more stuff and would pretend then that since his badge was revoked, it couldnt have been him in the first place
The thief gets paid, doesn't need to worry about cashing it out, and the outfit that has experience in laundering can just go to work and get a massive payday.
but ultimately there are many roadblocks to that ever happening, which is something people find valuable about those kind of systems
just got to use the dirty address with dirty funds to pump an asset you already own in a separate clean address that you bought with clean KYC’d money.
you just sell the asset your dirty money pumped and now you’re just another lucky speculator that bought a random meme coin early with some capital gains tax to pay.
if you get ambitious maybe other people keep pumping the asset and your dirty address can sell the asset at even higher prices again to them. rinse repeat.
That's the thief cashing out directly. (Maybe for less than the apparent value, but still cashing out.)
I don't see how this can be stopped, unless somehow they traced the execution of crypto transactions to a particular IP address and time.
Your idealism or whimsy would have evaporated long before you accumulated anything close to that amount. No one in crypto is in it for the lulz, least of all SBF who was a media poster boy for "effective altruism".
Past the point of lifetime financial comfort, money is simply a way of keeping score in a game. And the players at the table tend to be some of the worst individuals in the world.
Validators/Miners/Nodes whatever can see which IP broadcast a transaction. There's definitely a way to link an IP address to a transaction if you're not using a VPN or TOR.
In the Ross Ulbright case the FBI got the bitcoin and then the two FBI agents stole it.
In the FTX case the crypto was taken from the exchange in the days before it declared bankruptcy so the FBI was not invovled.
Not sure where you read that they were. Can you provide a source for that?
Being _known_ by the FBI doesn’t stop crime or terror attacks. More often than not when something big happens the FBI was already tipped off, an investigation started and then somehow someway the crime/attack/incident still happens.
Occam’s Razor says it’s an employee, perhaps SBF himself (because #yolo).
You have your facts completely mixed up. The man falsely accused by Reddit, not the FBI, had died a month before the Boston bombings occurred. The entire reason he was accused by Reddit is because he was already known to have been missing. His body was subsequently discovered more than a month after he died.
The guy he's talking about was already dead weeks before the Boston bombing occurred. Reddit could not have been responsible for his death, reddit libeled a dead man.
Source? As far as I can tell it’s still considered to have been North Korea
It doesn't appear to be anywhere near as solid as that.
https://en.wikipedia.org/wiki/2014_Sony_Pictures_hack#Doubts...
Given the degree of surveillance he is under, he probably didn't directly execute the sale (but I wouldn't bet too heavily even on that.)
I don't think a CEO can just take money from the company without some form of approval. Isn't that embezzlement?
And, in any case, avoiding attribution would be important whether or not he was CEO and especially if done when FTX was still pretending to be a viable business, since embezzlement isn’t legal and the CEO running off with a bunch of corporate assets kind of kills trust in the business.
> Some of the stolen Bitcoin successfully laundered last year has been traced to a wallet known to be used by Russian-linked criminal groups. Elliptic says this could point to the involvement of a broker or other intermediary with a link to Russia.
IMO, the most compelling story is that the thief is an attacker who had previously gained access, saw the news, and acted quickly to grab what they could. Security was not exactly a priority for these people.
Russia sells oil to India, India puts rupees or some other representation of currency into an Indian bank account and then Russia buys some finished Indian goods from that bank account.
This isn’t far from regular banking where everyone just tries to keep flows balanced. All that’s new is being unable to directly “balance” payments if they go out of whack too much.
Do they lose a few percent doing this? Probably, but the spike in oil prices makes up for it.
Plus India and relatively reasonable countries are not especially keen on trading with Russia, while they are friends they also want to be friends with West. Remember India has big problems with China and who's gonna help them against China? not Russia
A few countries got themselves in a pickle after shutting down local coal production in favour of cheap and cleaner Russian gas…