FTX US General Counsel confirms funds transfers to cold storage against a hack attack


The General Counsel of the FTXUS exchange confirmed that the exchange transferred funds to a safe place following a hack attack on the platform.

FTX, FTXus & Alameda Research are currently under a liquidity crisis, where they are not able to provide their corresponding services. The whole situation arose because of the controversy between Binance & FTX exchange over the FTX token sale decision. 

On 12 November, Ryne Miller, General Counsel at the FTXus exchange, informed the crypto community that the exchange transferred the funds from the exchange to the cold storage wallet, as a part of bankruptcy proceedings & remained away from any kind of further loss of unauthorised transactions which happened on the previous day.

According to a report, the FTX exchange holds only $600 million worth of crypto assets, and there is no clarity on this fund’s very small fund amount. 

Hack attack on FTX exchange

On 11 November, a few experts noted that unauthorised crypto transactions were going on from the FTX exchange to an unknown wallet. The FTX team confirmed that the exchange was compromised.

Few experts claim that hack attack news on the exchange was only a theory and nothing happened.

On 11 November, Zane Tackett, the head of institutional sales at embattled crypto exchange FTX, said that he stepped down from his role and he also said that his team was under full dark over the potential insolvency of the exchange. 

Zane confirmed that he left his role at the company on 8 November and now he is fully blocked from the end of the crypto exchange. 

Read also: Tether freezes 31.4M USDT following FTX Exchange hack news