$473 million in assets are missing from the reeling cryptocurrency exchange, which just filed for bankruptcy.
In a tweet early Saturday, FTX general counsel Ryne Miller said the company “initiated precautionary steps” and moved all its digital assets to cold storage, meaning the crypto wallet is no longer connected to the internet. This follows the announcement Friday that it filed for Chapter 11 bankruptcy. Elliptic said although the theft is unconfirmed, $473 million in crypto assets were apparently stolen from FTX.
” The facts are still unclear and the company will share more information as soon as possible, he added. The stablecoins and other missing tokens are being quickly converted to ether, the second-largest cryptocurrency after Bitcoin, on decentralized exchanges, Elliptic said. Elliptic said it is a common technique used by hackers to prevent their funds from being seized. FTX, until last week one of the most powerful players in the crypto industry, is experiencing a rapid collapse.
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