Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

FTX says investigating 'unauthorized transactions'

Published 11/12/2022, 04:47 AM
Updated 11/12/2022, 06:50 AM
© Reuters. FILE PHOTO: Representations of cryptocurrencies are seen in front of displayed FTX logo and decreasing stock graph in this illustration taken November 10, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Collapsed crypto exchange FTX said on Saturday it had seen "unauthorized transactions", with analysts saying millions of dollars worth of assets had been withdrawn from the platform.

Blockchain analytics firm Elliptic said that around $473 million worth of cryptoassets were "moved out of FTX wallets in suspicious circumstances early this morning," but that it could not confirm that the tokens had been stolen.

FTX U.S. general counsel Ryne Miller said in a tweet shortly after 0700 GMT on Saturday that the firm had "expedited" the process of moving all digital assets to cold storage "to mitigate damage upon observing unauthorized transactions."

Cold storage refers to crypto wallets that are not connected to the internet to guard against hackers.

Earlier on Saturday, Miller said in a tweet that he was "investigating abnormalities with wallet movements related to consolidation of FTX balances across exchanges."

FTX did not respond to a Reuters request for comment.

Prior to Miller's tweets, FTX officials appeared to confirm rumors of a hack on the firm's Telegram channel, according to a CoinDesk report which said that the exchange had instructed customers to delete FTX apps and avoid its website.

"FTX has been hacked," an account administrator in the FTX Support Telegram channel wrote in a message, according to CoinDesk.

Reuters could not immediately verify the details posted on FTX's private Telegram channel.

FTX filed for U.S. bankruptcy protection on Friday and founder Sam Bankman-Fried resigned as chief executive.

The distressed crypto trading platform had struggled to raise billions to stave off collapse as traders withdrew $6 billion in crypto tokens from the platform in just 72 hours and rival exchange Binance abandoned a proposed rescue deal this week.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

the missing billion will be traced to a very lavish lifestyle supported by willing people handing him their money 💰, the lesson is,,,a fool and his money are soon,,,well you know 😉
Large financial institutions are *******bent determined to keep their global Fiat monopoly. Tactics like bank runs would suit their agenda. Digital bank runs they could afford to make happen.
So he resigned the created a back door to steal everything 😂😂😂
Pretty sus and convenient
Stick to BTC the real deal.
Stick to real regulated markets.
Stick to real assets.
How much of that 6 billion in withdrawals was at losses?
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.