Elon Musk on Reports of Crypto Exchange FTX Hacking

Elon Musk on Reports of Crypto Exchange FTX Hacking

'Meltdown is being tracked in real time': Elon Musk on reports of Crypto Exchange FTX hacking

More than $600 million disappeared from users’ wallets.

Bahamian cryptocurrency exchange FTX has announced that it has been hacked and advised users not to install future updates and remove all FTX apps, according to a report from Coindesk.

According to the report, more than $600 million in cryptocurrency allegedly fled the wallets of bankrupt FTX late Friday, after which the company claimed it had been hacked.

“FTX has been hacked. FTX apps are malware. Delete them. Chat is open. Do not go to FTX website as it may download trojans,” an account admin wrote in the FTX Support Telegram chat. The message was pinned by FTX General Counsel Ryne Miller.

Miller tweeted that he was “investigating wallet movement anomalies related to consolidation of FTX balances across exchanges.”

In another tweet, Miller wrote: “after the Chapter 11 bankruptcy filings – FTX US and FTX [dot] com initiated precautionary measures to move all digital assets to cold storage. The process was sped up tonight – to reduce damage from observing unauthorized transactions.”

The transfers, which have not been officially addressed by FTX management, came on the same day the firm officially filed for Chapter 11 bankruptcy protection after losing billions of dollars in user funds, Coindesk reported.

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Elon Musk has also commented on the FTX downfall and the hacking incident. He has written on his personal Twitter account that the FTX meltdown and the search are being tracked in real time on Twitter.

Meanwhile, regulators froze some assets of ailing cryptocurrency exchange FTX and industry peers raced to limit losses on Friday, amid worsening solvency problems at the firm and increased scrutiny of its CEO, Sam Bankman-Fried.

The week-long saga that began with a run on FTX, one of the biggest crypto exchanges, and a failed takeover deal by arch-rival Binance has battered an already struggling bitcoin and other tokens.

FTX is scrambling to raise about $9.4 billion from investors and rivals, a source said on Thursday, as the exchange quickly tries to save itself after a rush of customer withdrawals.

Bitcoin fell 4 percent to $16,858 on Friday, with losses totaling 17 percent this month. FTX’s token, FTT, was down 27 percent to $2.7, with an 89% loss for the month.

Trading volumes in bitcoin futures and exchange-traded funds have exploded.

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