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Another crypto ponzi bites the dust

dj230

By dj230
in Cryptocurrency News

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timendres Platinum Member

timendres

Posted
Posted
28 minutes ago, Sparktrader said:

I wonder how. Where did the money go?

It is similar to other markets like these. Many exchanges were taking in crypto and loaning it for a return. The loans became loans on top of loans. In other words - Counter-party Risk. As soon as one link in the chain breaks, it cascades, with people simply not returning capital (or, in this case, crypto). As exchanges began to get the equivalent of "bank runs", they would need to lock up the capital to prevent insolvency. This has to propagate through until all counter-party failures are completed, then it can reset, rebuild, repeat. Not the fault of crypto, per se, but of exchanges replicating the issues created by any trade involving a counter-party, and banking on ever higher values to sustain the leverage. Those with coins in their own wallets did not get screwed, other than watching the price of BTC, et.al., plummet from the highs. This is why old-timers, such as myself, like gold. There is no counter-party risk, if you have physical gold in your possession.

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Sparktrader Star Member

Sparktrader

Posted
Posted
16 minutes ago, timendres said:

It is similar to other markets like these. Many exchanges were taking in crypto and loaning it for a return. The loans became loans on top of loans. In other words - Counter-party Risk. As soon as one link in the chain breaks, it cascades, with people simply not returning capital (or, in this case, crypto). As exchanges began to get the equivalent of "bank runs", they would need to lock up the capital to prevent insolvency. This has to propagate through until all counter-party failures are completed, then it can reset, rebuild, repeat. Not the fault of crypto, per se, but of exchanges replicating the issues created by any trade involving a counter-party, and banking on ever higher values to sustain the leverage. Those with coins in their own wallets did not get screwed, other than watching the price of BTC, et.al., plummet from the highs. This is why old-timers, such as myself, like gold. There is no counter-party risk, if you have physical gold in your possession.

I like shares. No dividends on gold. 

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Dario Gold Member

Dario

Posted
Posted (edited)
On 11/9/2022 at 2:50 AM, Mac Mickmanus said:

Sparktrader : Is it a good time to buy ftx ?

Bargain  price at the moment 

For heavens no! Bitkub will suspend FTT (FTX Token) trading on Monday 14 November. Don't get trapped!  >> Delisting info

Edited by Dario
Pmbkk Silver Member

Pmbkk

Posted
Posted
On 11/8/2022 at 8:44 PM, Sparktrader said:

I wonder how. Where did the money go?

 

Speculation - some to his girlfriend - Founder Sam Bankman-Fried denies secretly transferring $10BN to trading company run by his girlfriend.

 

 

https://www.dailymail.co.uk/news/article-11419415/At-1-billion-client-funds-missing-failed-crypto-firm-FTX-sources.html

 

( Not that I'd trust anything the Daily Mail reported on )

Elkski Platinum Member

Elkski

Posted
Posted

It's an exchange,. How was it ever worth 20 billion?  Hope we see some serious jail time for the crook who often visited the White House.   Oh yeah that's normal.  

  • 1 month later...
ozimoron Star Member

ozimoron

Posted
Posted (edited)

Mazars, accountants for Binance, has ceased working for any crypto exchanges over concerns of proof of reserves - Bloomberg cable TV.

 

BNB Plummets as Binance Auditor Mazars Halts Work With All Crypto Firms

 

Auditing firm Mazars Group has dropped cryptocurrency firms as clients, according to crypto exchange Binance.

In a statement to Decrypt, Binance said that “Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin, and Binance.”

 

https://www.yahoo.com/lifestyle/bnb-plummets-binance-auditor-mazars-120331512.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAKeLZq0hKGX_XW9jgWyCWLzTGJPrW7Z3682AKGECVboF61pGFqYJqbe02poyhbwZTKilEpELZoM8ooqKH5xDAV_J9i2fq0HlySmiThAUfsFp6Pn3zm5JE5k-NqQGphm8MKdKpyO7aWPLEoLELJAgGwSmDPvfdKNhKS7KYDP9zsDR

 

 

Edited by ozimoron
  • 2 weeks later...
ozimoron Star Member

ozimoron

Posted
Posted

On 28 December 2022 there was a post made on the Pastebin website, that has since been taken down, from a supposed hacker claiming that they had got access to API data stored in 3Commas’ database. 3Commas can confirm that 3Commas first found out about the hacking and the hacker’s statement from the same Pastebin post as the rest of the 3Commas community. This notice provides details about the incident, our response and description of the measures taken by us so far. 

 

What does this mean? What should users do?

 

At this point, 3Commas can unfortunately confirm that some of 3Commas’ users’ API data (API keys, secrets and passphrases) have been disclosed by a third party. Currently, and to the best of our knowledge, only API data have been disclosed as part of this incident. As a likely consequence the hacker(s) may use or may have used the API data to connect your exchange accounts to his/their account and/or initiate unauthorized trades. 

 

Since becoming aware of the supposed hacker´s Pastebin post, we have requested that Binance, KuCoin and other supported exchanges revoke all keys that were connected to 3Commas. We strongly recommend every user to reissue an API key they have currently connected to an exchange. If you need help with updating your API keys, please checking our guide. 

 

source: email received.

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