Someone has been responsible for the transfer of hundreds of millions of dollars from FTX. Tokens with a total value of over $400 million have been removed from FTX and some of them have been liquidated.
Initial indications indicate that certain user account balances have been totally wiped out, which is causing the cryptocurrency exchange FTX to witness millions of dollars worth of withdrawals.
The total amount sent to a single wallet address now exceeds $400 million. The wallet has drained FTX accounts to the tune of tens of millions of dollars worth of a variety of tokens, and it has begun selling tokens that it obtained from FTX.
Ryne Miller, who is the general counsel for FTX, said that the exchange is “investigating irregularities with wallet transfers that are connected to the consolidation of FTX balances across exchanges – ambiguous facts as other moves are not obvious. We will tweet further information as soon as it becomes available from @FTX Official.”
Separately, Reuters cites two former senior workers who were briefed on the company’s finances to support their claim that at least one billion dollars in client cash vanished over the past weekend from the exchange.
Also Read: Brownstone Institute Head Predicts Bitcoin Might Hit $10,000
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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