FTX Investigates Possible Hack - Analysts Saw Over USD 600m Outflows- FTX Cites "Unauthorized Transactions"

Crypto exchange FTX filed for bankruptcy on Friday and said today that it had detected unauthorized transactions.

Industry analysts indicated that hundreds of millions of dollars of assets might have been moved from the platform in "suspicious circumstances".

FTX's U.S. general counsel Ryne Miller in a tweet today, said "Investigating abnormalities with wallet movements related to consolidation of ftx balances across exchanges - unclear facts as other movements not clear. Will share more info as soon as we have it.

@FTX_Official"

This was later followed by "Following the Chapter 11 bankruptcy filings - FTX US and FTX [dot] com initiated precautionary steps to move all digital assets to cold storage.  Process was expedited this evening - to mitigate damage upon observing unauthorized transactions."

In its bankruptcy filing, FTX Trading said it has USD10 billion to USD50 billion in assets, USD10 billion to USD50 billion in liabilities, and more than 100,000 creditors. John J. Ray III, a restructuring specialist, was appointed CEO, replacing Sam Bankman-Fried who resigned on Friday.