Exchanges Asked to Freeze FTX Stolen Assets

F

TX is warning exchanges to freeze any stolen funds to prevent the hacker from cashing out.

Exchanges should be on high alert and prepared to freeze assets if the hacker attempts to cash out.

On Nov. 20, FTX announced that exchanges should be on the lookout for unauthorized fund transfers from FTX Global and related debtors that occurred on Nov. 11.

FTX warned exchanges that the transfers it sent out were through intermediate wallets and advised them to take measures to ensure the unauthorized funds are seized and returned to the bankruptcy estate.

Just before the FTX announcement, Chainalysis tweeted out a thread explaining that funds stolen from FTX were on the move and that exchanges should be ready to freeze them if the hacker decides to cash out.

Chainalysis set the story straight that reports claiming FTX's stolen funds were sent to the Securities Commission of The Bahamas (SCB) were inaccurate. According to their verification, some of the funds had been taken without permission but others were just sent to regulators.

Mike

An editor at Coincrop

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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.