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On Saturday (12 November 2022), it appears that hundreds of billions of dollars in crypto have illegitimately been taken from FTX’s wallets, and according to a notice on FTX’s official Telegram channel, the crypto exchange has been hacked.
Around 2:47 a.m. UTC, people started noting that “Hundreds of millions of dollars” were leaving FTX wallets:
Recipient wallet here: https://t.co/gHaDOXBCOC
— foobar (@0xfoobar) November 12, 2022
They seem to be moving everything pic.twitter.com/lFDgNgqukF
At 4:08 a.m. UTC, FTX US’s General Counsel Ryne Miller tweeted:
Investigating abnormalities with wallet movements related to consolidation of ftx balances across exchanges – unclear facts as other movements not clear. Will share more info as soon as we have it. @FTX_Official
— Ryne Miller (@_Ryne_Miller) November 12, 2022
Around 4:59 a.m. UTC, it looks like the administrator of FTX Community Chat confirmed that FTX has been hacked:
If this hack is legit, The hacker may have had access to FTX keys for a long time, slowly withdrawing without raising any suspicions.
— 0xTre (@0xTre) November 12, 2022
But today they decided to pull it all.
At 6:14 a.m. UTC Musk announced:
FTX meltdown/ransack being tracked in real-time on Twitter
— Elon Musk (@elonmusk) November 12, 2022
Crypto analyst and influencer Lark Davis had this to say:
This #ftx hack has to be an inside job right? Too crazy that FTX, FTX US, and FTX App all got hit at the same time unless internal security was that terrible. #bitcoin #crypto
— Lark Davis (@TheCryptoLark) November 12, 2022
FTX issued the following press release on Friday (11 November 2022) about FTX Group companies’ commencement of Voluntary Chapter 11 Proceedings in the United States:
Press Release pic.twitter.com/rgxq3QSBqm
— FTX (@FTX_Official) November 11, 2022
And on the same day, And here is how SBF announced the collapse of the FTX empire:
2) I'm really sorry, again, that we ended up here.
— SBF (@SBF_FTX) November 11, 2022
Hopefully things can find a way to recover. Hopefully this can bring some amount of transparency, trust, and governance to them.
Ultimately hopefully it can be better for customers.
Image Credit
Featured Image via Pixabay