FTX Probing a Probable Breach of Around $500 Million After Filing Bankruptcy

FTX, a cryptocurrency exchange that went bankrupt recently is now suspicious of a probable data breach. In this regard, multiple media sites have reported that the bankrupt cryptocurrency exchange FTX is investigating a potential breach involving hundreds of millions of dollars in cryptocurrency funds that appear to have vanished from its accounts.

FTX Probing a Probable Hack of around $500 Million After Filing Bankruptcy

In a tweet, the newly appointed CEO said that “unauthorized access to some assets” had happened and that the company had informed law authorities. The actual worth of the crypto money that has seemingly vanished is unknown since several media sites have reported different amounts. However, a lot of the claims credit bitcoin research firm Elliptic’s statement on the potential theft and estimated the amount to be close to $500 million.

Furthermore, the source said that “a significant theft would make it more difficult for FTX to reimburse consumers and other creditors who have already lost billions of dollars as a result of the company’s bankruptcy.” FTX did not react to a request for comment on the missing cash. The source further said that the former CEO of the exchange, Sam Bankman-Fried, texted, “We’re going through everything with the bankruptcy team.”

FTX filed for bankruptcy protection after its commercial viability was questioned. The Wall Street Journal said that the exchange was one of the most prominent participants in the cryptocurrency industry, but its collapse has raised worries about crypto and left consumers wondering whether they’ll ever get their money back.

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