SpinSafe
  • Cloud Backup Solutions
  • Torrents
    • Are Torrent Websites Safe?
    • How to Torrent
    • Popular Torrent Website List
  • Best VPN
  • Security Alerts
    • National Cyber Alerts
    • NIST
  • How To
    • How can I protect against Ransomware?
    • Secure Your Wireless Network
    • Home Network Security
  • News
    • Active Threat Alerts
    • Computer Security News
    • Internet Security News
    • Mobile Security News
    • Tech Video News
  • Search
  • Menu Menu

FTX is investigating a potential hack

November 19, 2022/in Internet Security


Comment

Bankrupt cryptocurrency exchange FTX is investigating a suspected theft and has moved all funds into offline storage.

About $477 million in crypto funds seem to have disappeared from FTX in apparently “unauthorized transactions” after the company filed for bankruptcy on Friday, according to the crypto analytics firm Elliptic. In response, the company has advised users not to log on to the site, according to a Telegram post pinned by FTX general counsel Ryne Miller, who said doing so could expose them to further attacks.

The tokens were quickly converted to ether, the second-largest cryptocurrency, a popular technique used by hackers to prevent their funds from being seized.

Tom Robinson, co-founder of Elliptic, clarified the numbers in an email late Saturday afternoon. He said that the group had tracked a total of $663 million that had moved from FTX. Of that, $477 million is suspected to have been stolen, with the remainder authorized by FTX itself. He said the numbers could fluctuate slightly as the group did more research.

Earlier Saturday afternoon, the chief security officer at another major exchange, Kraken, said that a verified account on its platform had been used in the breach.

“We know the identity of the user,” Kraken’s Nick Percoco tweeted. He said that a statement from FTX was expected soon.

Meanwhile, a prominent crypto investigator, known online as ZachXBT, said he had tracked two accounts that were moving funds — the hacker and one at FTX that tried to stem the damage.

“The attacker withdrew assets from FTX/FTX U.S. and began selling them for assets that can’t be frozen,” ZachXBT wrote in a message to The Washington Post. “It appears FTX employees then began to save the remaining assets.”

Some crypto entities were able to freeze the hacked assets, making them unusable, he added. Tether, the coin pegged to the U.S. dollar, was able to freeze about $31 million.

In his view, it remains unclear whether the attacker was a person with inside knowledge of FTX’s systems. (The blockchain — the digital ledger used in the analysis — does not offer personally identifying data.) Some experts have noted that when a company winds…

Source…

Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on WhatsApp
  • Share on Pinterest
  • Share on Tumblr
  • Share on Reddit
https://spinsafe.com/wp-content/uploads/2022/11/5QDSOQSCYVNXHINKGOKFJQFU3I.jpgw1440.jpeg 923 1440 SecureTech https://spinsafe.com/wp-content/uploads/2016/11/spinsafelogo-1.png SecureTech2022-11-19 20:03:442022-11-19 20:03:44FTX is investigating a potential hack

Archives

© 2023 SpinSafe
SpinSafe may be compensated by providing links to products, services, websites, and various other options.
  • Rss
  • Privacy Policy
  • Terms of Service
He created a ‘RentaHitman’ website for class project as a joke....Private Indian hackers launched over a thousand cyberattacks on Pak militar...
Scroll to top