FTX Says It Moved Remaining Funds to Cold Wallets to 'Mitigate Damage' After 'Unauthorized Transactions'

Millions of dollars started to mysteriously move from FTX late Friday U.S. hours.

AccessTimeIconNov 12, 2022 at 7:16 a.m. UTC
Updated Nov 15, 2022 at 9:39 p.m. UTC

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

FTX US General Counsel Ryne Miller said the crypto exchange moved funds following a series of "unauthorized transactions."

"Following the Chapter 11 bankruptcy filings - FTX US and FTX [dot] com initiated precautionary steps to move all digital assets to cold storage," Miller said. "Process was expedited this evening - to mitigate damage upon observing unauthorized transactions."

This came hours after over $600 million in crypto left bankrupt crypto company FTX's wallets late Friday, with little clear explanation as to why. Many FTX wallet holders also reported that they were seeing $0 balances in their FTX.com and FTX US wallets.


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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.