Collapsed cryptocurrency trading firm FTX confirmed there was 'unauthorized access' to its accounts, hours after the company filed for Chapter 11 bankruptcy protection Friday.
The FTX logo appears on a home plate umpire's jacket at a baseball game with the Minnesota Twins on Sept. 27, 2022, in Minneapolis. Collapsed cryptocurrency trading firm FTX confirmed there was "unauthorized access" to its accounts, hours after the company filed for Chapter 11 bankruptcy protection Friday.
A debate formed on social media about whether the exchange was hacked or a company insider had stolen funds, a possibility that cryptocurrency analysts couldn't rule out. The unravelling of the once-giant exchange is sending shock waves through the industry, with companies that backed FTX writing down investments and the prices of Bitcoin and other digital currencies falling. Politicians and regulators are calling for stricter oversight of the unwieldy industry. Experts say the saga is still unfolding.
FTX said Saturday that it's moving as many digital assets as can be identified to a new "cold wallet custodian," which is essentially a way of storing assets offline without allowing remote control. "It looked very different from what a liquidator might do if they were trying to secure the funds," she said.
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