FTX Hack Sees Abnormal Outflows of $600M, Many Holders Report $0 Balance

FTX Hack Sees Abnormal Outflows of 0M, Many Holders Report alt=

FTX Telegram administrators have confirmed that the exchange was hacked late Friday night. The Telegram administrators urged users not to visit the FTX website as such “can download trojans” which may affect their portfolio. What’s more, the hack saw mysterious outflows of nearly $600 million just hours after it filed for Chapter 11 bankruptcy.

Additionally, many users have reported $0 in balance in their FTX.com and FTX US wallets.

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“FTX has been hacked. FTX apps are malware. Delete them. Chat is open. Do not go to FTX website as it may download trojans. wrote an admin in the FTX Support Telegram chat.

However, the bad actor is yet to be identified after mysteriously gobbling up $600 million in one day. It is also not known whether the misappropriation of funds was initiated by an insider or an outsider at this time.

FTX US Attorney General Ryne Miller tweeted that the firm has moved its digital assets into cold storage due to the bankruptcy.

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“Following 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,” he tweeted.

Also read: How much trouble are FTX and SBF in now?

The Mystery of The FTX Hack

Source: Wallpaperflare.com

The general cryptocurrency community is suspicious that the hack may be an inside job. However, the claims on social media are still speculation as there is no concrete proof of the hacker’s identity.

Self-Proclaimed Rye-Move-Detective’Zachxbt‘ tweeted, “Several former FTX employees confirmed to me that they do not recognize these transfers”. You can go through the Twitter thread below.

Also Read: Sam Bankman-Fried’s $16 billion net worth is now $0

In addition, Fat manwho pointed out Terra founder Do Kwon’s misdeeds during the TerraUST and LUNA crashes, tweeted, “A verified source has confirmed that no one from FTX asked Tether to freeze or reverse today’s ‘unauthorized transactions’ during the alleged hack.”

However, it has not been confirmed if the FTX hack is an inside job. Also, claims in social media should be taken with a grain of salt. We will have to wait and see who the hacker might be only after an investigation is completed.

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