Following the filing for bankruptcy by cryptocurrency firm FTX on Friday, all digital assets held by the company have been moved offline while it investigates possible theft of crypto assets.
Investigating abnormalities with wallet movements related to consolidation of ftx balances across exchanges - unclear facts as other movements not clear. Will share more info as soon as we have it. @FTX_Official
— Ryne Miller (@_Ryne_Miller) November 12, 2022
Following the Chapter 11 bankruptcy filings - FTX US and FTX [dot] com initiated precautionary steps to move all digital assets to cold storage. Process was expedited this evening - to mitigate damage upon observing unauthorized transactions.
— Ryne Miller (@_Ryne_Miller) November 12, 2022
The analytics firm Elliptic has said that approximately $473 million worth of assets were "moved out of FTX wallets in suspicious circumstances" but did not confirm whether the tokens had been stolen.
This follows reports that there has been a hack on FTX as well, as the exchange saw mysterious outflows on Friday evening, with officials confirming rumors of a hack on their Support Telegram chat.
Hundreds of millions of dollars are now flowing out of FTX wallets, some speculate liquidators but it"s late on a friday night, not typical times for such rapid heavy movements. Some withdrawals are being swapped from Tether to DAI. Hack or insider actions? $26 million here pic.twitter.com/8wWlaE7na9
— foobar (@0xfoobar) November 12, 2022
These transfers have also moved various tokens across Ethereum, Solana, and Binance tokens from FTX official wallets to decentralised exchanges such as 1inch. Both FTX and FTX US have been impacted by this.