FTX Employees Unearthed Alameda’s $65 Billion Backdoor Months Before Collapse
As the trial of Sam Bankman-Fried, the founder of the now-defunct crypto exchange FTX, got underway, the testimony of witnesses shed light on a report by The Wall Street Journal. The report revealed that the company’s employees had uncovered a secret link between the exchange and an affiliated trading firm, raising concerns about potential fraudulent […]
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Prominent Bitcoin developer Peter Todd alleged on Monday, October 6, that the US National Security Agency (NSA) is “looking to backdoor crypto again” via the rollout of so-called quantum-secure algorithms—this time by pushing deployments that exclude tried-and-tested classical cryptography. “Tl;dr: the NSA is clearly looking to backdoor crypto again with the rollout of “quantum secure” […]
After lecturing us about crypto regulation, Sam Bankman-Fried's house of cards collapsed this week as FTX declared bankruptcy. Who would’ve thought that the implosion of Terra, the collapse of Three Arrows Capital and the bankruptcies of Celsius and Voyager wouldn’t be the most terrible crypto stories of 2022? In retrospect, crypto’s day of reckoning — and the new low for the cycle — hadn’t arrived even after all these tumultuous events. The industry’s cyclical execution occurred this week when FTX — the world’s second-largest crypto exchange — was feared to be insolvent and on the brink....
Major Bitcoin mining hardware producer Bitmain can remotely shut down almost all active Antminer machines. Dubbed the “Antbleed” backdoor, abuse of the vulnerability could probably knock half of all hash power on the Bitcoin network offline. “Even if Bitmain had no bad intent, this is a gaping security hole,” said our source, who discovered the backdoor but asked to remain anonymous. The backdoor code can be seen on Pastebin and on GitHub, and today a website has been put up for Antbleed as well. How It Works. The Antbleed backdoor is “stupid simple,” as our source described it. Whenever....
The FTX drama continues as the deal with its competitor Binance falls apart. According to several reports, employees at the platform are fleeing amid growing concerns about a massive $6 billion hole on the company’s balance sheet. Related Reading: Bitcoin On-Chain Data: Selling From Whales Holding 1k+ BTC Behind Crash A report from Semafor indicates that FTX’s legal and compliance staff left en masse as the company announced its deal with Binance. The report cites people familiar with the matter speculating on the company’s hurdles to completing any agreement without a legal staff. FTX’s....
Robinhood Markets announced Tuesday plans to render another 23% of its workforce jobless – just months after the app-based brokerage let go of 9% of its employees. On Tuesday, Robinhood said it was laying off 780 employees and also announced the departure of a key executive. The job cuts were concentrated in marketing, operations and […]