FTX investigates ‘unauthorized transactions’ after millions go missing from crypto wallets
Mere hours after filing for , FTX’s fraught situation worsened dramatically. On late Friday night, the crypto exchange claimed it had been hacked after millions of dollars in digital assets were siphoned from FTX wallets despite the company freezing withdrawals earlier in the day. The exact amount of missing money is unclear, but the figure at more than $600 million.
“FTX has been hacked. FTX apps are malware.” the company posted on its official Telegram account. It urged customers to avoid the FTX website and delete its apps from their phones. Following the announcement, FTX General Counsel Ryne Miller the company was moving all of its digital assets offline “to mitigate damage upon observing unauthorized transactions.”
Following the Chapter 11 bankruptcy filings – FTX US and FTX [dot] com initiated precautionary steps to move all digital assets to cold storage. Process was expedited this evening – to mitigate damage upon observing unauthorized transactions.
— Ryne Miller (@_Ryne_Miller) November 12, 2022
As CoinDesk points out, some crypto community members have speculated the funds may have been withdrawn by someone from FTX founder Sam Bankman-Fried’s inner circle. Bankman-Fried hasn’t commented on the incident. The missing millions are in addition to at least $1 billion worth of customer funds that vanished from FTX before the company filed for bankruptcy. According to , Bankman-Fried “secretly transferred” $10 billion from the crypto exchange to his trading company Alameda Research. He reportedly disclosed the financial gap to other FTX executives on November 6th, mere days before Binance and subsequently abandoned its bid to .
“We didn’t secretly transfer,” he told Reuters. “We had confusing internal labeling and misread it.” When asked about the missing funds, he reportedly replied “???” On Saturday, Bankman-Fred also denied reports he after he resigned as CEO of FTX.
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Mere hours after filing for , FTX’s fraught situation worsened dramatically. On late Friday night, the crypto exchange claimed it had been hacked after millions of dollars in digital assets were siphoned from FTX wallets despite the company freezing withdrawals earlier in the day. The exact amount of missing money is unclear, but the figure at more than $600 million.
“FTX has been hacked. FTX apps are malware.” the company posted on its official Telegram account. It urged customers to avoid the FTX website and delete its apps from their phones. Following the announcement, FTX General Counsel Ryne Miller the company was moving all of its digital assets offline “to mitigate damage upon observing unauthorized transactions.”
Following the Chapter 11 bankruptcy filings – FTX US and FTX [dot] com initiated precautionary steps to move all digital assets to cold storage. Process was expedited this evening – to mitigate damage upon observing unauthorized transactions.
— Ryne Miller (@_Ryne_Miller) November 12, 2022
As CoinDesk points out, some crypto community members have speculated the funds may have been withdrawn by someone from FTX founder Sam Bankman-Fried’s inner circle. Bankman-Fried hasn’t commented on the incident. The missing millions are in addition to at least $1 billion worth of customer funds that vanished from FTX before the company filed for bankruptcy. According to , Bankman-Fried “secretly transferred” $10 billion from the crypto exchange to his trading company Alameda Research. He reportedly disclosed the financial gap to other FTX executives on November 6th, mere days before Binance and subsequently abandoned its bid to .
“We didn’t secretly transfer,” he told Reuters. “We had confusing internal labeling and misread it.” When asked about the missing funds, he reportedly replied “???” On Saturday, Bankman-Fred also denied reports he after he resigned as CEO of FTX.
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission. All prices are correct at the time of publishing.
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