FTX CEO John Ray Says The Company Is Coordinating With Regulators After The Hack

John Ray, the new CEO of cryptocurrency exchange FTX, confirmed the hacking of the exchange on Twitter on Saturday. The attack resulted in the loss of hundreds of millions of dollars worth of cryptocurrency from the exchanges’ wallets.

The removal of trading and withdrawal capabilities, as well as the transfer of as many digital assets as can be recognized to a new cold wallet custodian, are being carried out, according to a statement from new interim CEO John Ray that was tweeted by FTX’s general counsel Ryne Miller. Unauthorized access has been made to some assets, as has been publicly publicized.

Wallets that appeared to belong to FTX started shifting assets after the attack started yesterday, which Miller said was the exchange taking preventative measures to “mitigate damage upon observing unauthorized transactions.”

Ray agreed with Miller’s assertion and said that FTX is now shifting as many digital assets as are identifiable to a new cold wallet custodian while also eliminating trading and withdrawal functions.

In addition, John Ray claims that the company is coordinating with law enforcement and authorities. The announcement comes in response to claims of a theft of user funds late on Friday night that involved sizable on-chain transfers of money from FTX wallets.

Currently, there are still many doubts about the hack, as it happened at a time when FTX was blocking user withdrawals, sparking rumors that the exchange was trying to take users’ funds.

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