| Recurring |
unknown |
(a) The software failure incident related to FTX declaring bankruptcy due to a possible hack involving hundreds of millions of dollars in cryptocurrency funds is a unique incident specific to FTX as there is no mention of a similar incident happening before within the same organization.
(b) The incident at FTX is not mentioned to have happened before at other organizations or with their products and services. |
| Phase (Design/Operation) |
design |
(a) The software failure incident in the articles seems to be related to the design phase. FTX, a cryptocurrency exchange that declared bankruptcy, is investigating a possible hack involving the theft of hundreds of millions of dollars in cryptocurrency funds. The incident involves unauthorized access to assets and anomalies in wallet movements related to consolidating FTX balances on exchanges, indicating issues introduced during system development or updates [135396, 135482]. |
| Boundary (Internal/External) |
within_system |
(a) within_system: The software failure incident at FTX, a cryptocurrency exchange, was primarily due to factors originating from within the system. The incident involved a possible hack or unauthorized access to crypto assets within FTX's accounts, leading to the disappearance of hundreds of millions of dollars in cryptocurrency funds [135396, 135482]. The company's general counsel mentioned that unauthorized access to certain assets had occurred, indicating an internal security breach [135482]. Additionally, the company's CEO mentioned investigating anomalies related to wallet movements and consolidating balances on exchanges, suggesting internal irregularities within the system [135396].
(b) outside_system: There is no explicit mention in the articles of the software failure incident at FTX being primarily due to factors originating from outside the system. |
| Nature (Human/Non-human) |
non-human_actions, human_actions |
(a) The software failure incident occurring due to non-human actions:
- FTX, a cryptocurrency exchange, declared bankruptcy and is investigating a possible hack involving the theft of crypto assets worth over $400 million [135396].
- The company disconnected all its digital assets and moved them to cold wallets to prevent further unauthorized access [135396].
- Elliptic, a cryptocurrency risk management firm, reported that the stolen crypto funds could amount to $473 million [135396].
- The missing stablecoins and tokens were quickly converted to ether on decentralized exchanges, a common technique used by hackers to avoid seizure of their funds [135396].
- The exact value of the missing crypto funds is still unclear, with different reports citing different figures, but Elliptic estimated it to be nearly $500 million [135482].
(b) The software failure incident occurring due to human actions:
- FTX's founder and CEO, Sam Bankman-Fried, resigned and lost his fortune of $16 billion in less than a week [135396].
- FTX filed for bankruptcy protection after questions were raised about the stability of its business [135482].
- The former CEO mentioned that they are working with the bankruptcy team to sort through the situation regarding the missing funds [135482].
- The collapse of FTX has raised doubts about the cryptocurrency industry and left customers uncertain about whether they will ever recover their lost funds [135482]. |
| Dimension (Hardware/Software) |
software |
(a) The software failure incident occurring due to hardware:
- The articles do not mention any hardware-related issues contributing to the software failure incident. Therefore, it is unknown if hardware played a role in this incident.
(b) The software failure incident occurring due to software:
- The software failure incident in this case is primarily attributed to a possible hack or unauthorized access to cryptocurrency assets on the FTX platform. The incident involves missing crypto funds, with reports suggesting a theft of nearly $500 million [135396, 135482]. This indicates that the failure originated in the software system's security vulnerabilities or potential flaws that allowed unauthorized access to the assets. |
| Objective (Malicious/Non-malicious) |
malicious |
(a) The software failure incident reported in the articles appears to be malicious in nature. The incident involved a possible hack or unauthorized access to cryptocurrency assets at the FTX crypto exchange, leading to the disappearance of hundreds of millions of dollars in crypto funds. The articles mention that FTX is investigating if the crypto assets were stolen, with reports indicating a potential theft of nearly $500 million [135396, 135482]. Additionally, the former CEO of FTX mentioned that they are sorting through the situation with the bankruptcy team, indicating a deliberate action that caused harm to the system. |
| Intent (Poor/Accidental Decisions) |
poor_decisions |
(a) The software failure incident related to the bankruptcy of FTX, a cryptocurrency exchange, seems to involve poor decisions. The incident includes unauthorized access to assets, potential theft of hundreds of millions of dollars in cryptocurrency funds, and the company filing for bankruptcy protection. These events indicate that poor decisions or actions within the company may have contributed to the failure [135396, 135482]. |
| Capability (Incompetence/Accidental) |
development_incompetence |
(a) The software failure incident related to development incompetence is evident in the articles. FTX, a major cryptocurrency exchange, declared bankruptcy and is investigating a possible hack involving hundreds of millions of dollars in cryptocurrency funds that seem to have gone missing from its accounts [135396, 135482]. The incident highlights potential security vulnerabilities and risks associated with the management of digital assets by FTX, indicating a failure due to contributing factors introduced due to a lack of professional competence in ensuring robust cybersecurity measures and protection of assets. |
| Duration |
temporary |
The software failure incident reported in the articles is temporary. FTX, a cryptocurrency exchange, declared bankruptcy and is investigating a possible hack involving the disappearance of hundreds of millions of dollars in cryptocurrency funds [135396, 135482]. The incident is attributed to unauthorized access to assets, leading to the missing funds, and the company taking precautionary measures such as moving all digital assets to cold wallets to mitigate further damage. The exact details and causes of the hack are still unclear, indicating a temporary failure caused by specific circumstances rather than a permanent failure. |
| Behaviour |
crash, other |
(a) crash: The software failure incident in the articles can be categorized as a crash. FTX, a cryptocurrency exchange platform, declared bankruptcy and disconnected all its digital assets after investigating potential theft of crypto assets, leading to a rapid collapse of the company [135396, 135482].
(b) omission: There is no specific mention of the software failure incident being caused by the system omitting to perform its intended functions at an instance(s) in the articles.
(c) timing: The failure is not attributed to the system performing its intended functions correctly but too late or too early.
(d) value: The software failure incident is not described as a failure due to the system performing its intended functions incorrectly.
(e) byzantine: The incident does not involve the system behaving erroneously with inconsistent responses and interactions.
(f) other: The behavior of the software failure incident can be described as a rapid collapse of the company due to potential theft of crypto assets, leading to bankruptcy and loss of customer funds [135396, 135482]. |