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Ex Alameda engineer details how Alameda lost a total of $200 million in at least 3 separate incidents including phishing, seed phrase leak, and being rugpulled.
Who is this Ex Alameda engineer? Aditya, an ex engineer working at FTX/Alameda before the bankruptcy is now leveraging his time there and sharing his experiences working there with all of Twitter. He also had his money stolen by FTX before the bankruptcy.
Let's move on to the "hacks" that led to Alameda losing over $200 million. He details it into 3 separate incidents although saying many more smaller incidents happened too.
Incident 1. Phished
> An Alameda trader got phished while trying to complete a DeFi transaction by accidentally clicking a fake link that had been promoted to the top of Google Search results
>Cost: $100M+
Incident 2. Yield farm rug
> We started yield farming on a new blockchain of questionable legitimacy. The creator ended up holding our funds hostage, and we had months of prolonged negotiations
>Cost: $40M+
I strongly believe that the blockchain in question is the waves blockchain that had a similar mechanism to luna, waves used USDN. Waves rugged a total of over $500 million in user deposits.
Incident 3. Seed phrase leak
> An old version of our plaintext keys file was leaked, likely by a former employee. The attacker transferred funds out of some exchanges and placed bad orders
>Cost: $50M+
This is the wildest one of all the incidents, they kept their keys on a plaintext file and expected it to not leak or that no employee will steal from them?
Source - https://twitter.com/aditya_baradwaj/status/1712181985844600913?t=ewL7H_WeKDL18gOeXG0Kqw&s=19
#cryptocurrency
Who is this Ex Alameda engineer? Aditya, an ex engineer working at FTX/Alameda before the bankruptcy is now leveraging his time there and sharing his experiences working there with all of Twitter. He also had his money stolen by FTX before the bankruptcy.
Let's move on to the "hacks" that led to Alameda losing over $200 million. He details it into 3 separate incidents although saying many more smaller incidents happened too.
Incident 1. Phished
> An Alameda trader got phished while trying to complete a DeFi transaction by accidentally clicking a fake link that had been promoted to the top of Google Search results
>Cost: $100M+
Incident 2. Yield farm rug
> We started yield farming on a new blockchain of questionable legitimacy. The creator ended up holding our funds hostage, and we had months of prolonged negotiations
>Cost: $40M+
I strongly believe that the blockchain in question is the waves blockchain that had a similar mechanism to luna, waves used USDN. Waves rugged a total of over $500 million in user deposits.
Incident 3. Seed phrase leak
> An old version of our plaintext keys file was leaked, likely by a former employee. The attacker transferred funds out of some exchanges and placed bad orders
>Cost: $50M+
This is the wildest one of all the incidents, they kept their keys on a plaintext file and expected it to not leak or that no employee will steal from them?
Source - https://twitter.com/aditya_baradwaj/status/1712181985844600913?t=ewL7H_WeKDL18gOeXG0Kqw&s=19
#cryptocurrency
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