FTX Hack Resulted in $600 Million Worth of Cryptocurrencies Being Stolen

Just hours after filing for bankruptcy, FTX announced their platform was hacked and lost over $600 million worth of cryptocurrencies in the process.

The company members asked users not to visit their website, not to install any app updates, and even delete them, citing fund-stealing malware. With the stolen funds ending up in decentralized pools, the community believes that FTX is pulling an exit scam.

FTX Cryptocurrencies Stolen

To the unknown, the world’s third largest cryptocurrency platform – FTX, has just gone bankrupt after it’s native token nosedived to almost zero value. Though Binance attempted to take over FTX in a competitive move, it withdrew the plans after checking the company’s internals.

This led FTX founder-cum-CEO Sam Bankman-Fried to file for bankruptcy in the US for several of his entities, including FTX.us and Alameda Research. Well, while they’re processing this order by moving all the user funds to FTX cold wallets, someone has hacked the platform to steal hundreds of thousands’ worth of cryptocurrencies!

On late Friday, FTX reported in it’s official Telegram channel that it was hacked – and asked users not to visit it’s website nor install any updates to the app. Further, they’re advised to uninstall all their FTX apps immediately – citing fund-siphoning malware.

This message in the group was soon pinned by FTX General Counsel Ryne Miller. Many FTX.us users have earlier reported that their wallet balance was shown $0, even though they have some. And as per on-chain data, several of Ethereum tokens, Solana, and Binance Smart Chain exited FTX’s official wallets to decentralized exchanges like 1inch.

While this seemed like the hacker’s activity, the community started believing the other way – that FTX is orchestrating an exit scam eventually! Some even theorized that the outflows could have been coordinated by a member of Bankman-Fried’s inner circle.

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