Hacker News

points by moralestapia 4 days ago | 0 comments

This is Binance/CZ's version of the story, but no one really knows the truth.

They have a massive incentive to invent a story to cover up the incident. I'm not saying it's a cover-up, but the motive is definitely there.

North Korea has denied responsibility, whereas they usually own up to their actions.

Disregarding that, it just doesn't make sense for their internal security to be so lax.

I've worked at big companies but with AUM lower than Binance, a lot of control and safeguards are in place to prevent one "rogue" employee from stealing everything.

It's pretty much impossible for a company like Binance to not have implemented such things. I do not buy it.

[–] odyssey7 3 days ago

The lawsuits are coming, and the systems have logs. There is no incentive to lie about technical details that will come out in discovery in due course.

[–] nullorempty 3 days ago

Well, the alternative to blaming it on an interview is to admit that system is insecure. Admitting that kills the company right off the bat

[–] nullorempty 3 days ago

You can fake logs.

[–] travisfromusa 3 days ago

Don't forget that logs can be faked unless they are obtained directly by law enforcement forensic teams. In the case of Binance EU, their parent company is an offshore entity outside the direct reach of US and EU authorities. Consequently, anything Binance says or presents will most probably be taken as-is by western courts.

Another important note is that Binance has a strong incentive to cover up certain details, given that the company itself is anything but transparent. They also control CoinMarketCap, where they promote only projects that serve their own interests, while rejecting legitimate projects due to Binance's conflicts of interest. Several public reports and data document these practices.

[–] moralestapia 3 days ago

Oh, don't you know about this?

Google any of these names: Sam Bankman-Fried, Jordan Belfort, Elizabeth Holmes, Kenneth Lay, Bernie Madoff or Jeffrey Skilling.

Man, you're going to have fun reading about what they did!

[–] odyssey7 2 days ago

Fair point as to whether a company might think they have an incentive for lying.

[–] nullorempty 3 days ago

I wouldn't buy that either. Evidence can be faked and North Korea is a convenient actor to blame, that's all.