FTX Hacked and Over $600M Stolen

F

TX officials have confirmed the rumours of a hack on Telegram - urging users to delete FTX apps and stay away from its website.

FTX, which was already one of the most catastrophic failures in financial history, got worse as hundreds of millions of dollars were allocated from the cryptocurrency exchange mere hours after it submitted for bankruptcy.

Over $600 million was stolen from FTX's cryptocurrency wallets last Friday night. Shortly after, in its official Telegram channel, FTX announced that it had been hacked and gave users instructions on what to do next: don't install any new upgrades and delete all FTX apps.

"FTX has been hacked. FTX apps are malware," wrote an account administrator in the FTX Support Telegram chat, which was pinned by FTX General Counsel Ryne Miller. "Don't go on the FTX site as it might download Trojans."

On Twitter, members of the cryptocurrency community quickly began to speculate that the outflows could have been coordinated by a member of Bankman-Fried's inner circle. They pointed out that the simultaneous and sophisticated hacks of FTX and FTX US are indicative of a potential inside job. 

Twitter sleuth ZachXBT tweeted Friday night that "multiple former FTX employees confirmed to me that they do not recognize these transfers."

Mike

An editor at Coincrop

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Mike 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 putting his latest car project back together.