Collapsed cryptocurrency exchange FTX reportedly faced a series of unauthorized transactions over the weekend, prompting several warnings from users and analysts against interacting with its mobile app or website.
Wallets associated with FTX saw roughly $266.3 million worth of outflows on Nov. 11, according to analytics firm Nansen. FTX US, a separate entity operating in the United States, was reportedly drained of $73.4 million.
$266M has been withdrawn from FTX in the last 24 hours
$73M from FTX US pic.twitter.com/qoiroPSegq
— Nansen (@nansen_ai) November 12, 2022
The magnitude of the alleged attack appears to have intensified overnight, with net outflows from FTX and FTX US totaling $659 million, according to Nansen data journalist Martin Lee. That represents roughly one-third of the wallets’ net outflows over the past seven days.
We’ve seen over $2B in net outflows from FTX Intl and FTX US over the past 7 days
Of which $659M (33%) happened in the last 24 Hours
Somehow no congestion or long wait times when the wallet was getting mass drained pic.twitter.com/NJJcMJppSZ
— Martin Lee | Nansen (@themlpx) November 12, 2022
FTX US general counsel Ryne Miller confirmed on Nov. 12 that the transactions were unauthorized and that FTX US had moved all remaining crypto into cold storage as a precaution.
Following the Chapter 11 bankruptcy filings…
