FTX Faces $600 Million Crypto Hack; Instructs Users To Uninstall

• FTX suffers a $600 million crypto hack.
• FTX support team instructs users to delete all FTX apps.
• ETH, SOL and BNB exit FTX and move to other DEXs.

Cryptocurrency exchange FTX which previously declared potential bankruptcy, has now been hit by another storm. On November 11, the FTX support team confirmed rumours of a crypto hack on the official Telegram channel.

Over $600 million is lost in the hack. The FTX General Counsel Ryne Miller pinned a tweet by an FTX account administrator asking users to uninstall any upgrades and delete all FTX apps. The statement read:

FTX has been hacked. FTX apps are malware. Delete them. Chat is open. Don’t go on FTX site as it might download Trojans.

Moreover, on-chain data proves that several Ethereum tokens, as well as, Solana and Binance Smart Chain tokens have left FTX’s official wallets and shifted to other DEXs including 1inch.

FTX’s General Counsel, Ryne Miller tweeted about the ongoing investigation surrounding abnormal movements in FTX wallets. However, the response was crypto Twitter was majorly negative claiming that the hack is an inside job.

Miller tweeted another update on the Chapter 11 bankruptcy filings sharing that FTX US and FTX [dot] com had initiated precautionary steps to move all digital assets to cold storage to mitigate damage upon observing unauthorized transactions.

Currently, FTX wallet holders are observing $0 balances across their FTX.co and FTX US wallets. As a result, the crypto community suspect the outflows are caused by someone in FTX founder Sam Bankman-Fried’s inner circle.

While wallet addresses behind a few of the transactions seem to be trolls, Twitter detective ZachXBT tweeted “Multiple former FTX employees confirmed to me they do not recognize these transfers.” Currently, the FTX login portal is claiming a 503 error and is unavailable for users to access.