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FTX Employees Rumored To Be Responsible For $600M Potential Hack

  • Several sources claims that FTX employees are behind the potential hack.

  • FTX US general counsel Ryne Miller undermines his previous claim that the transfers were planned.


FTX Employees Rumore

The FTX and FTX US wallets were hit in a suspected hack,

with the exploiter transferring approximately $600 million in tokens.

 FTX US General Counsel Ryne Miller had previously tweeted that the wallet movements were "strange," and that the facts and causes were unknown to him and the FTX team.

Ryne Miller said in the following tweet that the FTX team rushed precautionary procedures to relocate all digital assets to cold storage after discovering some fraudulent transactions. Some suspect former FTX developer Samuel Hyde is responsible for the breach.

Former FTX Employees Responsible for the Hack 

On-chain experts spotted millions of dollars flowing out of FTX and FTX US wallets, which they assumed was the start of the bankruptcy process. However, FTX employees confirmed to ZachXBT that these withdrawals are not recognised. 

Furthermore, the FTX Community Chat moderator posted in the Telegram group that FTX has been hacked and that the FTX apps are malware. The admin also advised users to deactivate the application and warned them about potential Trojans on the FTX website.

In a tweet, FTX US general counsel Ryne Miller said that illicit transactions discovered by FTX prompted the team to speed up transfers from wallets. As part of the Chapter 11 bankruptcy filings, FTX US and FTX.com are obligated to place all digital assets to cold storage as a preventative measure.

"Following the Chapter 11 bankruptcy proceedings, FTX US and FTX [dot] com took preventive measures by transferring all digital assets to cold storage. This evening, the process was accelerated in order to limit damage caused by unlawful transactions."

According to Defi and NFT project founder Foobar, FTX counsel spotted black hat exploiters removing tokens and exchanging them for ETH and DAI. Following that, he used white hat tactics to save some funds from unlawful transactions. Furthermore, ZachXBT believes that there have been nearly 450 million black hat transfers and nearly 200 million white hat rescues from multisig so far.

Meanwhile, some claim that FTX employees, particularly former FTX developer Samuel Hyde, are behind the exploit. While the motivation is unknown, the move may have been motivated by a disagreement with the top leadership early this year.

Read also: Bitfinex CTO Releases Proof Of Reserves In The Aftermath Of FTX Bankruptcy

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