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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.

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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.

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