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Over $600 Million Worth of Cryptocurrencies Stolen

FTX Hack: Over $600 Million Worth of Cryptocurrencies Stolen


FTX Hack: Over $600 Million Worth of Cryptocurrencies Stolen

If you think the FTX story was over with a bankruptcy filing, hear this – FTX is hacked for hundreds to thousands of worth of cryptocurrencies now!

In its official Telegram channel, the company officials pinned a message notifying them of the hack notice and asked users to delete their FTX apps immediately. They cite the apps containing malware that’s siphoning the funds off user wallets. As of now, it is estimated that over $600 million worth of cryptocurrencies has been stolen.

Siphoning FTX User Funds

FTX – once used to be the world’s third-largest cryptocurrency platform by trading volume – has now turned into a dark spot in the crypto community. FTX lost billions of dollars through its native token in a span of days, which plunged the platform so deeply that it had to rely on its competitor Binance for help.

While Binance initially talked of acquiring, it soon dropped the idea after seeing FTX’s internal health in the process. This led the founder-cum-CEO Sam Bankman-Fried to file for Chapter 11 bankruptcy in the US for several of their assets.

This included FTX.com, FTX.us, Alameda Research, and 130 other companies related to FTX. And in less than a day after the bankruptcy announcement, FTX was hacked for hundreds of millions of dollars!

As per reports, several FTX users reported seeing their wallet balances on the platform as $0 late Friday. Soon, the company’s official Telegram channel announced that they were hacked and asked users to delete their FTX apps immediately, citing malware.

The warning message was pinned by FTX General Counsel Ryne Miller, which further asked users not to install any new updates and not to access the FTX site. As of now, it’s reported that over $600 million worth of cryptocurrencies has been siphoned off the platform!

Some noted that the funds in the form of Ethereum tokens, Solana, and Binance Smart Chain tokens are being transported from FTX’s official wallets to decentralized exchanges like 1inch. This led the community to believe that FTX was pulling an exit scam, with the outflows speculated to be coordinated by a member of Bankman-Fried’s inner circle.



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