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FTX Advisor Kumanan Protects $400M Assets By Using Ledger Nano Wallet

source-logo  news.coincu.com 09 October 2023 16:31, UTC
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A recent report by Wired revealed that during last year’s FTX hack, FTX advisor Kumanan Ramanathan played a pivotal role in protecting $400 to $500 million worth of FTX assets. The hack resulted in FTX reporting losses exceeding $400 million, and the hacker’s identity remains undisclosed, though there is speculation it may be a former employee.

FTX Advisor Kumanan Protects $400M Assets

Amid the crisis, an urgent need arose for a secure storage solution until BitGo could take over. Kumanan Ramanathan, an advisor to FTX from Alvarez & Marsal, stepped forward. He had a Ledger Nano, a USB hardware wallet, in his office and offered to create a temporary sanctuary for the vulnerable funds.

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Around 10:30 pm ET on November 11, Ramanathan set up a new wallet on his Ledger Nano. Every precaution was taken, with Ramanathan meticulously verifying the password. As funds were transferred, Ramanathan was responsible for safeguarding between $400 and $500 million in FTX’s crypto assets on his USB drive.

Minutes later, BitGo announced that its wallets were prepared, and a frantic transfer of hundreds of millions of dollars in crypto ensued, moving away from Ramanathan’s Ledger device.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

news.coincu.com