There was speculation on Twitter that Bankman-Fried had fled to South America. However, the FTX founder, who lives in the Bahamas, denied it. He wrote to Reuters reporters that he is still in this island nation in the Caribbean.
Meanwhile, the chaos around cryptocurrency exchange FTX deepened when the company announced it had uncovered unauthorized transactions and analysts warned that millions of dollars had been moved off the platform under suspicious circumstances, Reuters reports.
FTX filed for bankruptcy after customers withdrew $6 billion from the platform within 72 hours and rival exchange Binance backed out of plans to take over FTX.
The Billion Dollar Cryptocurrency Debris. FTX exchange filed for bankruptcy, people will lose money
Internet a PC
Protection from hackers?
At least $1 billion of client money has disappeared from FTX, according to Reuters sources. The founder of cryptocurrency exchange Bankman-Fried has transferred ten billion dollars of client money to his trading firm Almeda Research, according to agency sources.
The new problems emerged when FTX’s US general counsel Ryne Miller said on Twitter that the company’s digital assets had been moved to “cold storage” to “mitigate damage following the detection of unauthorized transactions.” Cold storage refers to cryptographic wallets that are not connected to the internet to protect them from hackers.
Analyst firm Nansen reports $659 million in outflows from FTX International and FTX US in past 24 hours
Elliptic, who also does blockchain analysis, said that around $473 million worth of cryptocurrencies were “moved from FTX wallets under suspicious circumstances early Saturday morning.” At the same time, however, he said he could not confirm whether these funds had been stolen.
People cannot withdraw money. The problems of the FTX exchange have shaken the entire cryptocurrency market
Internet a PC
