On Saturday (12 November 2022), it appears that hundreds of millions of dollars in crypto may have been illegitimately been taken from FTX’s wallets, and according to a notice on FTX’s official Telegram channel, the crypto exchange has been hacked.

Around 2:47 a.m. UTC, people started noting that “hundreds of millions of dollars” were leaving FTX wallets, but they could not tell if it was being done by hackers or by the appointed liquidators:

At 4:08 a.m. UTC, FTX US’s General Counsel Ryne Miller tweeted:

Messari Co-Founder Dan McArdle believes that the above tweet from Miller means that “they quickly put a prior plan to move coins into action once they saw stuff being siphoned off” (i.e. that Miller is talking about white hat rescue operation).

Around 4:59 a.m. UTC, it looks like the administrator of FTX Community Chat confirmed that FTX has been hacked:

At 6:14 a.m. UTC Musk announced:

Crypto analyst and influencer Lark Davis had this to say:

At 7:07 a.m. UTC, FTX US’s General Counsel provided the following update:

As of 7:25 a.m. UTC on 12 November 2022), according to Etherscan, the FTX wallet drainer seems to be holding around 125,634 ETH (worth around $159.38 million):

Source: Etherscan

FTX issued the following press release on Friday (11 November 2022) about FTX Group companies’ commencement of Voluntary Chapter 11 Proceedings in the United States:

And on the same day, And here is how SBF announced the collapse of the FTX empire:

Image Credit

Featured Image via Pixabay