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FTX Is Moving The Remaining Funds To Cold Wallets

FTX US general counsel Ryne Miller tweeted that the exchange moved its funds to cold storage following the spate of “unauthorized transactions.”

FTX Is Moving The Remaining Funds To Cold Wallets 2

Following the fact that hackers exploited some of the funds on the exchange, Miller said that the exchange’s cold wallets were holding digital assets to minimize damage to users.

This happened a few hours after $600 million in cryptocurrency mysteriously disappeared from the wallets of the exchange. Many people have suspicions that the overflow is “trying” to take money from users.

In addition, GitHub information shows that the CTO Gary Wang of the exchange has continued to update the code in recent days, and the frequency has been high in the past two days. On November 11, Wang made 5 code commits. On November 10, he made 19 code commits.

Numerous owners of FTX wallets also reported seeing $0 balances in their wallets on FTX.com and FTX US.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.