FTX Sees Mysterious Outflows Totaling More than $600M

FTX faces a potential hack and sees mysterious outflows.
The outflows total up to $600M.
Several of the transactions featured crude remarks and insults directed toward SBF.

FTX representatives appeared to corroborate Telegram allegations of a hack. They have allegedly advised customers to remove their FTX applications and stay away from its website.

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Late on Friday, more than $600 million in cryptocurrency vanished from the wallets of the defunct cryptocurrency corporation FTX. Soon after, FTX announced that it had been hacked on its official Telegram channel. They further advised users not to install any additional updates.

Various Ethereum tokens, as well as the Solana and Binance Smart Chain tokens, have left FTX’s official wallets. Reportedly, they have transferred to decentralized exchanges like 1inch, according to on-chain statistics. It appears that both FTX and FTX US are impacted.

Surprisingly, the transfers occur on the same day that FTX formally filed for Chapter 11 bankruptcy protection. The filing was made after losing allegedly billions of dollars in customer payments. Furthermore, the transfers have not been officially acknowledged by FTX leadership.

Numerous owners of FTX wallets have also reported seeing $0 balances in their FTX.com and FTX US wallets. This can be due to the FTX API being unavailable.

FTX founder Sam Bankman-Fried was the target of filthy jokes and insults that were apparently included in some of the transactions. This led to quick speculation on Twitter from members of the cryptocurrency community. The allegations speculate that the funds had been siphoned off as part of some sort of attack.

Others thought that a member of Bankman-Fried`s close circle may be in charge of organizing the outflows. ” Multiple former FTX workers verified to me that they do not recognize these moves,” Twitter sleuth ZachXBT wrote in a tweet on Friday night.

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Godfrey Mwirigi

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.