FTX Hit by Nine-Figure Hack as Meltdown Continues

 | Nov 13, 2022 01:22AM ET

One of the biggest dramas in cryptocurrency history continues. Over $400 million was drained from the bankrupt crypto exchange early Saturday.

h2 Key Takeaways/h2
  • FTX has been hacked.
  • Over $400 million was drained from the cryptocurrency exchange early Saturday. Employees have moved remaining assets to cold storage.
  • Some have suggested that the incident may be an inside job due to the ongoing FTX meltdown.

FTX.US General Counsel Ryne Miller said that assets had been moved to cold storage “to mitigate damage upon observing unauthorized transactions.”

h2 FTX Suffers Major Hack /h2

FTX, the collapsed cryptocurrency exchange that’s been at the center of a rapidly developing drama this week, has been hacked.

Hours after the embattled firm announced it was filing for Chapter 11 bankruptcy, several on-chain sleuths took to Twitter to point out a series of suspicious outflows from the exchange to external wallets. Though the full scale of the damage is still unknown, over $400 million was moved to addresses on Ethereum, Solana, BNB Chain, and other crypto networks. “FTX has been hacked. All funds seem to be gone,” an admin going by Rey wrote on the exchange’s official Telegram channel. According to the admin, FTX’s app was also affected. “FTX apps are malware. Delete them,” they wrote.

FTX.US General Counsel Ryne Miller addressed the incident on Twitter early Saturday, followed up by confirming that team members had moved assets on FTX and FTX.US to cold storage “to mitigate damage upon observing unauthorized transactions.”