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cryptocurrency

How $400 Million was Stolen from FTX Crypto Assets?! Sam Bankman-Fried Goes To Golden Villain?

As you know, FTX digital currency exchange declared bankruptcy on Friday. Now the exchange must investigate how $400 million worth of crypto assets were stolen!

Although the theft has not been confirmed, Elliptic has said that $473 million in crypto assets were stolen from FTX.

Figures from Singapore-based analyst firm Nansen put one-day net FTX outflows at around $266 million, with $73 million coming from the US FTX alone.

US FTX General Counsel Ryan Miller tweeted on Saturday that the exchange is accelerating the process of moving all digital assets into cold storage “to mitigate damage if unauthorized transactions are observed.”

Now the bankrupt exchange FTX has announced that it has taken all its digital assets offline.
Cold storage refers to crypto wallets that are not connected to the internet to protect against hackers.

Elon Musk wrote in a strange tweet about this: FTX meltdown/ransack being tracked in real-time on Twitter

FTX was a Bahamian digital currency exchange.

FTX was incorporated in Antigua and Barbuda and is headquartered in the Bahamas. The exchange was founded in 2019 and had more than one million users by February 2022. FTX also operated FTX.US, a separate exchange available to US residents. As of November 11, 2022, FTX is undergoing bankruptcy proceedings in the US court system.

FTX’s Sam Bankman-Fried Goes From Crypto Golden Boy To Golden Villain!

The founder of the FTX exchange, once known as a powerhouse in the world of digital assets, is now under investigation and his company has filed for bankruptcy.

His billion-dollar fortune has dwindled. He is facing investigations by the Ministry of Justice and the Securities and Exchange Organization. His company, FTX, is bankrupt, and with it he has high hopes for his crypto future.

The resignation of 30-year-old Bankman-Farid is stunning.
He was a crypto wunderkind who graced the covers of Forbes and Fortune and emerged as a major Democratic donor and leader of the “Effective Altruism” movement that sought to reshape philanthropy.

Mr. Benkman-Fried, a 30-year-old commonly known as SBF, was until this week the leading champion of the industry. The financial status of his company was unclear, but he seemed to be an open book on Twitter and in many media interviews.

Currently, cryptocurrency giant FTX and its affiliates have begun the process of filing for Chapter 11 bankruptcy.

The filing is a stunning turnaround for the cryptocurrency exchange, which was once reported to be worth $32 billion and known as the face of the industry thanks to its extensive marketing and advertising efforts.

 

Also read :

What was FTX doing?

FTX is a cryptocurrency exchange founded by Sam Bankman-Fried in 2019, who served as CEO until Friday. The exchange issues its own token, FTT, and was the fourth largest cryptocurrency exchange by volume as of Tuesday.

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