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FTX looks into ‘unauthorised transactions’

The collapsed cryptocurrency exchange FTX said on Saturday that it had detected ‘unauthorised transactions,’ with analysts claiming that millions of dollars in assets had been removed from the site.


Elliptic, a blockchain analytics firm, stated that approximately $473 million in cryptoassets were ‘moved out of FTX wallets in questionable circumstances early this morning,’ although it could not confirm that the tokens had been stolen.


In a tweet just after 0700 GMT on Saturday, FTX U.S. general counsel Ryne Miller said the firm has ‘accelerated’ the process of shifting all digital assets to cold storage ‘to mitigate damage upon seeing fraudulent transactions.’


To protect against hackers, cold storage refers to crypto wallets that are not connected to the internet.


Miller had earlier tweeted that he was looking at ‘abnormalities with wallet movements connected to consolidation of FTX holdings across exchanges.’


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