💸 How FTX stupidly lost money

A former Alameda engineer described three incidents in which FTX lost a total of $190 million.

In the first, an Alameda trader clicked into DeFi using a fake link that was at the top of Google search results. As a result, more than $100 million was stolen from the wallet.

“Private keys and exchange API keys were stored in clear text in a file that multiple employees had access to.” After a while, there was a data leak and $50 million.

$40 million was staked on a new little-known blockchain. Over time, blockchain developers stole all FTX funds.