/ 19 January 2023

Hackers steal half a billion in FTX fail

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As former billionaire/tech wunderkind Sam Bankman-Fried awaits his day in court over the collapse of crypto-currency exchange FTX, the company has reported $594 million was stolen by hackers in 2 separate incidents. The first occurred 2 days after FTX filed for bankruptcy in November when hackers stole roughly half of all the crypto on its US-based exchange, valued at around $130 million. Then, about 20% of FTX’s international exchange worth over $460 million vanished. FTX also revealed some staff were able to remove digital assets from the platform without triggering any records. The firm says it still has significant shortfalls on both exchanges, even after recovering $7 billion in assets last week. Bankman-Fried says the company has enough funds to repay US customers, who (based on his “best guess”) are owed between $260 million and $711 million. But given it’s estimated a total of $11 billion of customers’ money has gone missing, it’ll have to dig a little deeper…

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