BTC

$96314.557

-0.62%

ETH

$3354.297

0.11%

XRP

$2.232

-0.81%

BNB

$666.697

0.84%

News

FTX Advisor Kumanan Protects $400M Assets By Using Ledger Nano Wallet

October 9, 2023 - Around 2 mins mins to read
  • FTX advisor Kumanan protects $400M assets during a security breach.
  • BitGo assisted FTX in securing over $1.1 billion in funds during the incident.
  • The assets were later transferred to BitGo’s cold storage, with a dedicated effort to ensure security.
FTX advisor Kumanan protects $400m assets against the FTX hack with his Ledger Nano wallet as a temporary refuge for the funds until BitGo took over. The hack led to $400 million in losses; hacker’s identity unknown so far.
FTX Advisor Kumanan Protects $400M Assets By Using Ledger Nano Wallet

A recent report by Wired revealed that during last year’s FTX hack, FTX advisor Kumanan Ramanathan played a pivotal role in protecting $400 to $500 million worth of FTX assets. The hack resulted in FTX reporting losses exceeding $400 million, and the hacker’s identity remains undisclosed, though there is speculation it may be a former employee.

FTX Advisor Kumanan Protects $400M Assets

Amid the crisis, an urgent need arose for a secure storage solution until BitGo could take over. Kumanan Ramanathan, an advisor to FTX from Alvarez & Marsal, stepped forward. He had a Ledger Nano, a USB hardware wallet, in his office and offered to create a temporary sanctuary for the vulnerable funds.

Around 10:30 pm ET on November 11, Ramanathan set up a new wallet on his Ledger Nano. Every precaution was taken, with Ramanathan meticulously verifying the password. As funds were transferred, Ramanathan was responsible for safeguarding between $400 and $500 million in FTX’s crypto assets on his USB drive.

Minutes later, BitGo announced that its wallets were prepared, and a frantic transfer of hundreds of millions of dollars in crypto ensued, moving away from Ramanathan’s Ledger device.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Exchange FTX

FTX

FTX Advisor

FTX Hack

Kumanan

Kumanan Ramanathan

Author

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.
News

FTX Advisor Kumanan Protects $400M Assets By Using Ledger Nano Wallet

  • FTX advisor Kumanan protects $400M assets during a security breach.
  • BitGo assisted FTX in securing over $1.1 billion in funds during the incident.
  • The assets were later transferred to BitGo’s cold storage, with a dedicated effort to ensure security.
FTX advisor Kumanan protects $400m assets against the FTX hack with his Ledger Nano wallet as a temporary refuge for the funds until BitGo took over. The hack led to $400 million in losses; hacker’s identity unknown so far.
FTX Advisor Kumanan Protects $400M Assets By Using Ledger Nano Wallet

A recent report by Wired revealed that during last year’s FTX hack, FTX advisor Kumanan Ramanathan played a pivotal role in protecting $400 to $500 million worth of FTX assets. The hack resulted in FTX reporting losses exceeding $400 million, and the hacker’s identity remains undisclosed, though there is speculation it may be a former employee.

FTX Advisor Kumanan Protects $400M Assets

Amid the crisis, an urgent need arose for a secure storage solution until BitGo could take over. Kumanan Ramanathan, an advisor to FTX from Alvarez & Marsal, stepped forward. He had a Ledger Nano, a USB hardware wallet, in his office and offered to create a temporary sanctuary for the vulnerable funds.

Around 10:30 pm ET on November 11, Ramanathan set up a new wallet on his Ledger Nano. Every precaution was taken, with Ramanathan meticulously verifying the password. As funds were transferred, Ramanathan was responsible for safeguarding between $400 and $500 million in FTX’s crypto assets on his USB drive.

Minutes later, BitGo announced that its wallets were prepared, and a frantic transfer of hundreds of millions of dollars in crypto ensued, moving away from Ramanathan’s Ledger device.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.