After Sam Bankman-Fried had stepped down as CEO, John Ray who is the new CEO of FTX made a statement on Twitter in relation to hundreds of millions being drained from the exchange.
- FTX has experienced turmoil in the past few days, going from their assets being “fine” to filing for bankruptcy just days later.
- John Ray who has taken SBFs place as CEO let Twitter know that “as widely reported, unauthorized access to certain assets has occurred.” “We have been in contact with, and are coordinating with law enforcement and relevant regulators,” he added.
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- The admin of FTX Community Chat warned users of the FTX app were warned to delete it as malware had compromised the application. The admin advised them to stay off of the FTX site too as it may download trojans.
- With millions being drained from users’ accounts by the second as the hack progressed, many users saw account balances falling to $0. Although an FTX admin reported that “Not all hope is lost. Engineers have managed to retrieve a substantial amount of funds.” With a reported total of $650M being drained.
- Although looking from the outside, FTX had started moving assets to cold storage to “mitigate damage upon observing unauthorized transactions.” The total number of assets lost in the hack is still unknown, but users should take this into account when estimating this figure.
- It was found that Kraken was potentially used to offload the funds of the hack, CSO of Kraken Nick Percoco stated that “We know the identity of the user.” With many believing this could have been an inside job.
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