A hack is currently underway on the FTX exchange, the day after the company declared bankruptcy and the resignation of Sam Bankman-Fried as CEO. It is strongly recommended to uninstall the FTX mobile application and not to access the official site of the exchange until the light is shed on these events.
https://cryptoast.fr/exchange-ftx-subit-hack-massif-application-mobile-site-compromis/
❗It is currently recommended not to use the FTX mobile application as well as the exchange website.
Cryptocurrency exchange FTX gets siphoned off
Cryptocurrency exchange FTX, declared bankrupt under US Chapter 11, currently undergoing a massive multi-hundred million dollar hack whose origin remains unknown at the time of writing these lines.
Particularly suspicious movements of funds were identified early this morning, amounts to tens of millions of dollars all from corporate portfolios.
Hundreds of millions of dollars are now flowing out of FTX wallets, some speculate liquidators but it’s late on a friday night, not typical times for such rapid heavy movements. Some withdrawals are being swapped from Tether to DAI. Hack or insider stocks? $26 million here pic.twitter.com/8wWlaE7na9
— foobar (@0xfoobar) November 12, 2022
“Hundreds of millions of dollars are flowing out of FTX wallets right now, some are speculating on liquidators, but it’s late on a Friday night, not the usual time for such rapid and large moves. Some withdrawals are swap from USDT to DAI. Hack or insider trading? $26 million here. »
The flaw is officially confirmed at 5:52 a.m. by FTX Support Team Member Rey on the exchange’s dedicated Telegram channel:
“FTX has been hacked. The chat is open. Do not go to the FTX site as it may download Trojans. Note that some funds have been recovered. »
After multiple transfers, the hacker’s wallet records over $375 million at the time of this writing.
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What we currently know
According Stevedirector of research at our colleagues at The Block, funds began to be transferred from the company’s official wallets to a single address early in the night.
FTX’s bankruptcy process appears to be starting as funds from both international and US wallets are being sent to 0x59abf3837fa962d6853b4cc0a19513aa031fd32b pic.twitter.com/hJ2JOTTMjj
— Steven (@Dogetoshi) November 12, 2022
According to him, at this stage, 3 people or groups would currently operate on the transactions detected: the hacker(s) (blacklisted by Etherscan), a probable white hat and a multi-sig wallet possibly white hat also.
At the time of writing these lines, the hacker(s) would have succeeded in generating gains of up to $10 million by leveraging a method of slippage on different tokens.
Certain addresses used to transit funds or even directly certain transactions featuring messages directly refer to Sam Bankman-Friedsuch as “fucksbf” or “fuckftxandsbf.eth”.
Around 8 a.m. (Paris time), Tether has blacklisted about $31.4 million relating to the hack in the form of USDT. Therefore, these funds can no longer be transferred by the hacker(s).
Many people have pointed out the synergy of the different operations of the hack, in particular concerning the fact that the hack concerns both FTX and FTX.US, which are 2 totally different and separable entities. Thereby, rumors swirl about a hack coming directly from FTX’s inner circle.
Moreover, before all this affair, FTX was a platform renowned for its high-grade security and never had to take damage from the slightest hack.
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Maximilien Prue
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