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FTX Crypto Exchange Hacked Amid Bankruptcy Filing

MalwareTech

By MalwareTech
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MalwareTech Enthusiast

MalwareTech

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The FTX CEO has just announced that the exchange has been hacked. Last night, several big crypto-related social media accounts noticed coins being transferred out of FTX wallets.

The platform was already in the process of filing for bankruptcy after amounting $8 billion in debt.

It is estimated that $515 million in crypto currency was stolen, but it's unclear what percentage of customer funds this makes up. 

The CSO of Kraken, another crypto exchange, posted on tweeted that they knew the identity of the hacker, but has not released any further details.

https://www.coindesk.com/policy/2022/11/12/ftx-ceo-john-ray-confirms-late-night-hack-says-company-is-working-with-law-enforcement/

 

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ChickenKing Enthusiast

ChickenKing

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I like to dunk on crypto bros as much as the next guy, but this is just sad. People are losing their life savings. Hopefully the CEO gets locked up.

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michel_cryptadamus Apprentice

michel_cryptadamus

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100:1 odds says it wasn't hacked. it was an inside job. SBF owes money to scary people in the criminal underworld in China and prolly Russia. people who aren't trying to hear any noise about waiting 5 years for an 80% loss of capital

1 hour ago, ChickenKing said:

I like to dunk on crypto bros as much as the next guy, but this is just sad. People are losing their life savings. Hopefully the CEO gets locked up.

this is the entire reason I joined twitter and started doing "citizen journalism" as Musk calls it. felt like maybe I could help stop the bleeding.

FWIW I would almost guarantee he's gonna be locked up if he doesn't get murdered first.

ps I made a 🧵 about the original collapse over here on this forum if anyone is curious how we got here.

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michel_cryptadamus Apprentice

michel_cryptadamus

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1 hour ago, MalwareTech said:

It is estimated that $515 million in crypto currency was stolen, but it's unclear what percentage of customer funds this makes up. 

This is out of the last remaining $2B of the ~$10B they should have according to WSJ. But a lot of that remaining capital is in bullshit shitcoins... Don't have time to find link but they value one of their holdings at 10-20x the entire market cap of the coin.

Looking like basically going to be a total and complete 100% loss for anyone with funds on FTX

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Electric0x Newbie

Electric0x

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FTX and FTX.US were both hacked in a matter of minutes. Both separate companies, offices and had to be on different networks.  No possible way some random person breached both in a Hail Mary type situation and drained wallets that fast, the night they filed for bankruptcy. 100% inside job.

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michel_cryptadamus Apprentice

michel_cryptadamus

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18 hours ago, MalwareTech said:

The CSO of Kraken, another crypto exchange, posted on tweeted that they knew the identity of the hacker, but has not released any further details.

FWIW Kraken has the KYC data on the wallet that sent some TRX gas to facilitate some of the movement... but that doesn't mean they know the identity of the hacker. people buy and sell KYC accounts on the darknet all the time.

ps I'm seeing that the FTX/Alameda C-suite has been trying to charter flights or otherwise get to Dubai... there's a reason I set my twitter account description to "in the land of the coins the man who makes it to dubai is king" a few months back lol.

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michel_cryptadamus Apprentice

michel_cryptadamus

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if anyone had any doubts about whether it was an inside job, consider this.  

(tl;dr management pretended Bahamian govt required them to let Bahamians take money out. Government of Bahamas tweets "we definitely did not say that")

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Electric0x Newbie

Electric0x

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Definitely the first transactions were a black hat, dumping them on DEX's into ETH, tons of slippage. This is common when a hacker doesn't care about loss of funds trying to consolidate into one token. The second group of wallets were definitely a white hat, seems the OG ETH sent to pay gas fees was funded on Binance.US. These funds were then sent to a wallet and set-up with a multi-sig to protect the assets. This usually is typically done to share responsibility of a transaction and protect it from a single abuser. Whether FTX paid a white hat, an employee, or just some random person trying to help, I have no idea.

Here's a rundown of wallets done by ZachXBT:

 https://twitter.com/zachxbt/status/1591475246250733568?s=20&t=C-lz9DEh3a-PfWr_w1vbgA

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kereshnull Newbie

kereshnull

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Too convenient not be an insider job. We are going bankrupt. Oh no, we were hacked, and all our funds are gone. That amount must have been in custody at some point, and with going bankrupt, the funds should have been frozen.

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