‘Securing FTX’s Digital Assets Was A Right Call’ Said The Bahamian Commission


The news of FTX Accounts being hacked, shocked everyone. Anyone attempting to steal cryptocurrency has always faced an odd mix of temptations and hurdles. It is an attractive target since it is digital cash housed in multibillion-dollar sums on hackable, internet-connected networks.

Millions Siphoned Off From FTX Accounts By Hackers

 Unknown hackers stole hundreds of millions of dollars from FTX just as it was about to collapse. Blockchain research on cryptocurrency is trying to trace it.

However, once taken, the blockchains on which practically every cryptocurrency is based allow for the tracking of that money’s every move and, in many cases, the identification of the perpetrators.

So, after a massive sum of nearly $500 million in funds was extracted from the already collapsing FTX cryptocurrency exchange, the world’s crypto tracers are now closely tracking where that loot ends up—and looking for any clues that reveal the culprit to be an FTX insider or simply an opportunistic hacker.

The Securities Commission of the Bahamas said that they had made the right call to secure the crypto company’s digital assets. On November 23, they said that as the crypto company’s accounts were constantly being hacked, they had made the right decision to secure their fund.

On Friday, hours after the big cryptocurrency exchange FTX filed for bankruptcy in the aftermath of its dramatic, 10-figure collapse, the crypto company’s remaining reserves were drained of more than $663 million in cryptocurrency, much of which looks to have been stolen. “FTX has been hacked,” stated an administrator 

Soon after, Elliptic, a crypto-tracing, and blockchain research firm, disclosed that the $663 million outflow appeared to be a combination of the crypto company’s moving of coins into its own storage wallets and an unknown theft. Elliptic claims that $477 million of the assets were taken, whereas TRM Labs, another crypto-tracing firm, claims $338 million.

“We’re absolutely keeping an eye on this money,” says Chris Janczewski, TRM Labs’ head of investigations and a former special agent with the IRS’s criminal investigations section.