Home
News
The FTX US legal chief, Ryne Miller, cited chief restructuring officer and now chief operation officer of FTX, John J. Ray III for the recent unauthorized access over the company’s funds. The FTX CEO stated that they are continuously putting their efforts in order to ensure security of all the assets belonging to the customers over the platform.
In addition, he noted the funds would be providing safeguard regardless of their locations and also described the way their team is in the process of disabling the trading and withdrawal functions on the crypto exchange.
Miller’s Twitter post further noted that Ray also said the identified crypto assets were yet to be found and soon after it was subjected to sent to the new cold wallet custodian. While he also added the reports on certain assets’ unauthorized assets and confirms it’s happened indeed.
For the further steps, Ray described that there would be active exercise on reviewing and mitigating the losses following the immediate start in response to the mishap. It was also said to be in consistent contact with the regulators and law enforcement agencies and coordinating with them.
John J. Ray III is said to have handled the Enron Corp liquidation previously which is said to be a historical event given a world-renowned bankruptcy. Now he will be looking for FTX’ procedure in upcoming times.
Bahamian crypto exchange is already facing a hefty collapse but several instances take place to worsen the situation. Amidst all the chaos, the crypto exchange was reported to witness an “unauthorized access” which drained a hundred of millions of dollars worth of funds from the platform.
FTX is said to have lost over 600 million USD worth of assets from crypto wallets on Friday. The exchange soon went on to its official Telegram channel to notify the community of their platform being compromised. In addition, it also instructed users to avoid installing any new upgrades on the app and better to delete all the FTX applications right away.
General Counsel for FTX, Ryan Miller noted the crypto got hacked and the applications are malware and also said to delete them. He added that chat is open while said users should go on FTX’ site as it could turn out to be a Trojan.
Miller tweeted he was up to investigate abnormalities related to movement within the wallets in relation to consolidation of balances belonging to FTX across multiple exchanges.
According to analytics firm Nansen, FTX has witnessed a one-day net outflow of 266 million USD out of which about 73 million USD belong to only FTX US.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
