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FTX Hit by Nine-Figure Hack As Meltdown Continues

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The drama that has been the most dramatic in cryptocurrency history continues. The bankrupt crypto exchange was shut down early Saturday morning.
Key TakeawaysFTX has now been hacked.
The cryptocurrency exchange was shut down by over $400 million in cash withdrawals on Saturday morning. Remaining assets have been moved to cold storage by employees.
Some believe the incident could be an inside job, due to the ongoing FTX meltdown.
Share this articleFTX.US General counsel Ryne Miller stated that assets were moved to cold storage “to mitigate damages upon observing unauthorized transaction.” A number of on-chain sleuths pointed out suspicious outflows from the exchange into external wallets, hours after the embattled company announced that it would file for Chapter 11 bankruptcy. Although the extent of the damage is not yet known, more than $400 million was transferred to addresses on Ethereum and Solana, BNB Chain and other crypto networks. “FTX has been hacked. Rey, an admin who was logged on to the Telegram channel for the exchange, wrote that all funds were gone. The admin claimed that FTX’s app was also affected. “FTX apps can be malware. They wrote: “Delete them.” Delete them,” they wrote. ZachXBT, an on-chain detective, tweeted that “multiple former FTX employees have confirmed to me that they do not recognize these transactions.” Tether immediately frozen $31.4 million worth USDT that had been transferred in the hack. Elon Musk also commented, noting that the hack was being “tracking in real-time” on Twitter. Binance CEO Changpeng Zhao posted a tweet that seemed to allude to the incident. He also took the opportunity to attack former CEO of FTX, Sam Bankman-Fried. He tweeted, “What a sh*t show… It’s going to crypto’s fault (instead of one man’s )…”). This hack news comes after a week of chaos in crypto markets caused by FTX’s fall. It was revealed this week that the exchange was insolvent due to former CEO Sam Bankman Fried using billions of dollars worth customer funds to bail out Alamada Research, his trading firm. Friday saw the filing of bankruptcy by the firm, while Bankman-Fried resigned. Alameda is also closing down. The FTX situation continues to develop at a rapid pace. U.S agencies such as the Department of Justice and Securities and Exchange Commission continue to investigate the events. Disclosure: The author of this article owned USDT, ETH, and other crypto assets at the time of writing. Share this article. The information found on this website or accessed through it is obtained from independent sources that we believe are accurate and reliable. However, Decentral Media, Inc. does not make any representations or warranties as to the timeliness, completeness, accuracy or timeliness of any information found on this website or accessed via it. Decentral Media, Inc. does not act as an investment advisor. We do not provide personalized investment advice or any other financial advice. This website’s information is subject to change at any time. The information on this website could become obsolete or incorrect. You may not be able to update any information that is outdated, incomplete or inaccurate. We also reserve the right to change any information that is incorrect, incomplete or outdated. If you need investment advice about an ICO, IEO or other investment, we strongly recommend that you consult a licensed financial advisor or other qualified financial professional. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.See full terms and conditions.Recommended News

 

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