FTX reportedly hacked as officials flag abnormal wallet activity
Collapsed cryptocurrency exchange FTX reportedly faced a series of unauthorized transactions over the weekend, prompting several warnings from users and analysts against interacting with its mobile app or website.
Wallets associated with FTX saw roughly $266.3 million worth of outflows on Nov. 11, according to analytics firm Nansen. FTX US, a separate entity operating in the United States, was reportedly drained of $73.4 million.
$266M has been withdrawn from FTX in the last 24 hours$73M from FTX US pic.twitter.com/qoiroPSegq
The magnitude of the alleged attack appears to have intensified overnight, with net outflows from FTX and FTX US totaling $659 million, according to Nansen data journalist Martin Lee. That represents roughly one-third of the wallets' net outflows over the past seven days.
We've seen over $2B in net outflows from FTX Intl and FTX US over the past 7 daysOf which $659M (33%) happened in the last 24 HoursSomehow no congestion or long wait times when the wallet was getting mass drained pic.twitter.com/NJJcMJppSZ
FTX US general counsel Ryne Miller confirmed on Nov. 12 that the transactions were unauthorized and that FTX US had moved all remaining crypto into cold storage as a precaution.
Following the Chapter 11 bankruptcy filings - FTX US and FTX [dot] com initiated precautionary steps to move all digital assets to cold storage. Process was expedited this evening - to mitigate damage upon observing unauthorized transactions.
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
An administrator for FTX’s Telegram group confirmed that the exchange was
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