The FTX empire collapsed more than two weeks ago, taking its investors’ money with it. As a result, Sam Bankman-Fried, the former CEO of currently bankrupt FTX, is replaced by John Ray. The latter will be responsible for conducting FTX’s bankruptcy proceedings.
FTX Warns Exchanges Against Hacker’s Activities
FTX was stripped of $400 million on Nov. 11 after it had just filed for bankruptcy. This November 20, the company said on Twitter that suspicious movements continue to take place on the exchanges. It is backed by Chainalysis, which appears to have found evidence of illegal transactions from FTX wallets.
The company appears to be implying through its Twitter account that illegal stock trading has taken place. Consequently, the platform pleads with stock exchanges to cooperate and put an end to fraudulent transactions. However, the identity of the hacker remains unknown and the reasons for this fall continue to make news.
In its tweet, FTX informed the exchanges that recently stolen funds are being transferred to them. Therefore, each exchange should make every effort to repay these funds to the FTX bankruptcy estate.
Chainalysis confirms platform message
Confirming the earlier tweet, blockchain watchdog group Chainalysis issued a Twitter alert at the same time. The latter advises cryptocurrency exchanges to block payments from fake addresses. He said the money stolen from FTX is on the move and exchanges need to be on alert to freeze it if the hacker tries to cash it out.
While there was a lot of speculation and the evidence was often flimsy and weak, Chainalysis seems to be able to show that a hacker actually exists using on-chain data analysis. However, although the money would likely be in the hands of Bahamian law, the blockchain constable acknowledges that “the money was stolen” and that ETH to BTC are recorded on the blockchain.
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