FTX Calls Out Other Exchanges For Assistance Over Stolen Funds

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Following the FTX’s Demise, Investors Have Taken a Step Back
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  • The corporation did not disclose the exchanges or wallet addresses associated.
  • Recently the hacker started swapping 30K ETH for BTC and RenBTC.

On Sunday, FTX reached out to other cryptocurrency exchanges for assistance, explaining that stolen monies were being moved from the compromised exchange to third parties wallets. The insolvent firm, now run by John J. Ray III, CEO of FTX, requested that its competitors “take all measures” to recover the money and return it to the bankruptcy estate.

Though they did not call it theft outright. FTX did say that the money had been moved “without authorization” from FTX Global. Furthermore, the corporation did not disclose the exchanges or wallet addresses associated with the transfers.

Worth Over $650M

A day after FTX filed for Chapter 11 bankruptcy in Delaware, the aforementioned money was stolen from the firm. ZachXBT, a pseudonymous blockchain investigator well respected by the DeFi community, estimated the worth of the hack to be over $650 million.

According to ZachXBT, a part of the stolen FTX money were split between two wallets. One on Solana and the other on Ethereum.

Moreover, according to blockchain explorers, several of the coins were eventually bridged to other blockchains, such as Binance Smart Chain, Polygon, and Avalanche.

Furthermore, as of Sunday, the Ethereum wallet associated with the lost FTX money had a balance of around $258 million. It has 200,735 ETH and 8,184.9 PAXG tokens, with a total market value of $238M and $14M, respectively. Twenty other cryptocurrencies were stored there, all worth less than $100.

Recently the hacker started swapping 30K ETH for BTC and RenBTC. Following the deal alongside bearish market scenario, FTX went down 8% in last 24 hours.

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