Taking a Closer Look at the FTX Hack

TL;DR

Introduction to FTX

Vulnerability Assessment

Steps

  1. One of the withdrawals to the drainer’s address revealed that approximately $26 million were swapped from Tether to DAI.

Aftermath

Why did FTX collapsed

  • CZ feels threatened:
  1. FTX is snowballing: FTX is way ahead of Binance regarding legalization, with FTX headquarters having been inaugurated as an entity in the Bahamas and FTX.us having been issued a photo op by the U.S. government. At the same time, Binance has yet to publish information about its headquarters, C.Z. cannot usually enter and exit the United States, which was once also ridiculed by the SBF.
  2. - IMPACT OF IRAN: Blockchain data shows that cryptocurrency giant Coin has processed $8 billion worth of Iranian transactions since 2018, even though the U.S. aims to cut Iran out of the global financial system, according to Reuters.
  3. Investment competition failed: Binance failed to compete for the most essential investments in the crypto world in 2022 over FTX Ventures, both Aptos, SUI, and others, which was unable to lead.
  • Conspiracy theories: political struggle

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