(Lol. Sorry for the empty comment, but this FTX situation is just a comedy gift that keeps on giving. I imagine in 5 years we’ll still be discovering new things to find funny about it.)
Ten years ago when my crypto was worth barely anything I had an airgapped, full disk encrypted, RasPi which required a Shamir's Secret Sharing key arrangement to unlock as my cold storage... just because it was something fun to setup.
Here a multi-billion dollar enterprise has less sophisticated OpSec. Just... wow.
It was run by a dude who plays League of Legends on conference calls and openly encourages his employees to take amphetamines to increase their job performance.
That is weird. If you're going to make League of Legends such a big part of your public image, you'd think you'd put at least a little bit of effort into it.
I fear if Bad Guys want money and you tell them something like, "you can't get it, it's on multisig wallets with geographically distributed individuals in control", that's still a You problem and you've only bought yourself a little time before they come back to collect, and/or break your legs if they can't collect.
I may have to file this one under, "everyone wants to be a gangster until it's time to do gangster things"
It solves the problem, that the money is protected (in the same way that I assume something like "manual multisig", which I assume exists, solves the problem in traditional banking).
Nothing can solve the problem of protecting you from "bad men" who want to hurt you and don’t care about anything else.