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  • By The Financial District

FTX Investigating Possible $473-M Hack

Cryptocurrency exchange FTX, which filed for bankruptcy Friday, is investigating whether crypto assets were stolen and has moved all its digital assets offline, it said, Ramisha Maruf reported for CNN.

Photo Insert: Although the theft is unconfirmed, $473 million in crypto assets were apparently stolen from FTX.

The assets could be worth more than $400 million, said crypto risk management firm Elliptic. In a tweet early on Nov. 12, FTX general counsel Ryne Miller said the company “initiated precautionary steps” and moved all its digital assets to cold storage, meaning the crypto wallet is no longer connected to the internet.

This follows the announcement Friday that it filed for Chapter 11 bankruptcy.

Elliptic said although the theft is unconfirmed, $473 million in crypto assets were apparently stolen from FTX. The process was “expedited” Friday evening “to mitigate damage upon observing unauthorized transactions,” Miller said in a tweet.

Miller tweeted late Friday that FTX is “investigating abnormalities” regarding wallet movements “related to consolidation of FTX balances across exchanges.” The facts are still unclear and the company will share more information as soon as possible, he added.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

The stablecoins and other missing tokens are being quickly converted to ether, the second-largest cryptocurrency after Bitcoin, on decentralized exchanges, Elliptic said. Elliptic said it is a common technique used by hackers to prevent their funds from being seized.

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