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FTX Acknowledges "Unauthorized Access" to Certain Assets and Collaborates with Law Enforcement

WikiBit 2022-11-23 18:54

Abstract:Ryne Miller, general counsel at FTX, tweeted on Saturday to clarify that the exchange is now collaborating with law enforcement after verifying the previous incident of "unauthorized access" to its cryptocurrency assets and blaming a breach.


  Ryne Miller mentioned on Twitter that in accordance with a declaration from John Ray, the interim CEO, “unauthorized access to certain assets has occurred,” and that “we are in the process of removing trading and withdrawal functionality and moving as many digital assets as can be identified to a new cold wallet custodian.”

  Ryne indicated that FTX is now working with police agencies and other relevant regulators in his note's conclusion.“We have been in contact with and are coordinating with law enforcement and relevant regulators,” Ryne said.

  Interestingly, this revelations come just after a previous news update that claimed hackers had access to the FTX exchange. Customers were advised not to visit the FTX website because scammers had hacked it by the FTX Telegram admin. The admin had earlier claimed that money had been taken from the site and had intimated that some money might have been recovered.


  Despite the sad failure of the exchange, many users ended up losing a significant amount of money as a result. Over-the-counter cryptocurrency hedge company Galois Capital has disclosed that all half of its assets are stuck in FTX.

  Kevin Zhou, a co-founder of Galois, indicated that the stuck wealth is believed to be worth $100 million despite the fact that business had first taken some money out of the cryptocurrency exchange, as revealed by Blockchain.News quoting Reuters' article.

  There are other cryptocurrency exchanges involved in the FTX chaos than Galois Capital. Following FTX's bankruptcy, BlockFi, a cryptocurrency loan exchange, has recently halted consumer withdrawals.


  As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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