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FTX & FTX-US Hacked! A Pre-Planned Insider’s Move? Millions of Users’ Funds Flow Out

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Highlights
  • A large number of user funds were moved out of FTX, speculating towards the involvement of insiders or hackers

  • Meanwhile, the FTX executive appears to be clueless about the possible hack which raises many questions and concerns at the same time.

The FTX-drama is getting bitter and bitter every new day, impacting the crypto markets adversely. After the firm filed for bankruptcy, a price movement of nearly $400 million was witnessed late Friday night indicating an ‘FTX-Hack’. As per the reports, various Ethereum, Solana, and Binance SmartChain-based tokens were stolen and moved to a decentralized exchange. 

The FTX-US General counsel Ryne Miller addressed the current situation tweeted but the crypto verse awaits the official FTX statement on the hack. 

Meanwhile, many FTX holders reported their balance in their wallets to turn into ‘0’. Many speculate the involvement of an insider where-in the drained funds are being swapped into Tether & DAI. Moreover, a swap of stETH worth nearly $44 million to ETH was also carried out eating a huge slippage and an on-chain message ‘Rug Pull All’ was also sent to the recipient account with a 4byte selector. 

Additionally, nearly $90 million flew to a Solana-based wallet and thousands of Wormhole ETH are getting bridged from Solana into the Ethereum wallet at the moment. The hackers appear to have used a second address for the other altcoins which are smaller in number. 

In such a scenario, if Ryne Miller says “he doesn’t know why the funds are moving”, it sounds fishier as if the current move is a part of a liquidation order, he would have definitely been informed. 

The ftx exchange & FTX-US apps on mobile are prompting an “App Update Confirmation” message, which is likely to seek root access to further private keys. Therefore, it is advisable to delete the app or carry out any activities on the website till the issue gets settled. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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