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Is FTX hacked? Internet says 'should consider quitting crypto'

The troubled cryptocurrency exchange FTX appears to have been hacked, with millions taken out from a number of FTX-linked wallets, officials claimed

After a week in which creator Sam Bankman-Fried filed for bankruptcy and gave up his position as CEO, the troubled cryptocurrency exchange FTX appears to have been hacked, with millions taken out from a number of FTX-linked wallets. A message on the company's official Telegram channel advised users not to install any new updates and to remove all FTX apps. FTX Support Telegram's statement reads, “FTX has been hacked. FTX apps are malware. Delete them. Chat is open. Don’t go on the FTX site as it might download Trojans.” 

FTX General Counsel Ryne Miller also wrote from his Twitter account, “Investigating abnormalities with wallet movements related to consolidation of ftx balances across exchanges - unclear facts as other movements not clear. Will share more info as soon as we have it.” “Following the Chapter 11 bankruptcy filings - FTX US and FTX [dot] com initiated precautionary steps to move all digital assets to cold storage.  Process was expedited this evening - to mitigate damage upon observing unauthorized transactions,” he added in another tweet. Meanwhile, after the news of the hacking got viral on various social media many users came out and expressed their worries. 

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One person on Twitter, “Shame you didn’t investigate abnormalities over the past few years.” “MY MONEEY WAS JUST DRAINED,” another added. Someone wrote, “We might be witnessing one of the largest crimes in history rn. FTX servers being wiped? Funds have been hacked? wtf is going on.” “if you think FTX is being hacked right now, you should consider quitting crypto. you are too kind and gullible for this industry,” yet another user remarked. 

Meanwhile, the fraudulent transactions occurred on the same day that FTX formally filed for Chapter 11 bankruptcy protection after losing allegedly billions of dollars in customer funds. The $32 billion business with headquarters in the Bahamas said on Friday morning, November 11, that it would initiate Chapter 11 bankruptcy proceedings in a federal court in Delaware. Sam Bankman-Fried, the controversial FTX founder and CEO, has resigned from his position, however, he will continue to serve as an advisor to help with an "orderly transition."

Sam Bankman-Fried, the 30-year-old co-founder and chief executive of FTX, has also lost his multibillionaire status after his net worth dropped 94% from $16 billion dollar to just $1 billion dollar. Meanwhile, Elon Musk has also offered his thoughts on the collapse of FTX and the hacking incident. “FTX meltdown/ransack being tracked in real-time on Twitter,” he wrote on Twitter. Amid FTX's deteriorating financial issues and increased scrutiny of its CEO, Sam Bankman-Fried, regulators froze some of the company's assets while competitors in the industry rushed to contain losses on Friday, November 11. 

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.