Crypto News

FTX requests assistance from other exchanges regarding stolen funds

FTX crypto exchange hacked

FTX requested assistance from other cryptocurrency exchanges, explaining that stolen funds were being transferred from the compromised exchange to third-party wallets.

The bankrupt company, now led by John J. Ray III, CEO of FTX, has asked its competitors to “take all measures” to recover the funds and return them to the bankruptcy estate.

They didn’t call it theft outright. FTX did state that the funds were transferred “without authorization” from FTX Global.

Furthermore, neither the exchanges nor the wallet addresses associated with the transfers were disclosed by the corporation.

The aforementioned funds were stolen from FTX a day after the company filed for Chapter 11 bankruptcy in Delaware.

ZachXBT, a well-known pseudonymous blockchain investigator in the DeFi community, estimated the hack to be worth more than $650 million.

ZachXBT claims that some of the stolen FTX money was split between two wallets. One is based on Solana, while the other is based on Ethereum.

Furthermore, several of the coins were eventually bridged to other blockchains, including Binance Smart Chain, Polygon, and Avalanche, according to blockchain explorers.

Furthermore, the Ethereum wallet associated with the lost FTX funds had a balance of around $258 million as of Sunday.

It has 200,735 ETH and 8,184.9 PAXG tokens, with a combined market value of $238M and $14M. Twenty other cryptocurrencies, all worth less than $100, were also stored there.

The hacker recently began exchanging 30K ETH for BTC and RenBTC. Following the deal and the bearish market scenario, FTX fell 8% in the last 24 hours.


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