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January 18, 2023 at 6:09 pm

FTX Says $413 Million Worth of Cryptocurrency Was Stolen from Failed Exchange…

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by Katabella Roberts at The Epoch Times via ZeroHedge

Debtors for the bankrupt cryptocurrency exchange FTX have said that around $413 million worth of cryptocurrency was stolen from the company through “unauthorized transfers.”

In a report to creditors on Jan. 17, the company said that FTX debtors have identified approximately $1.6 billion of digital assets associated with FTX.com, of which $323 million of which was “subject to unauthorized third-party transfers” and $426 million of which was “transferred to cold storage under the control of the Securities Commission of The Bahamas.”

Another $742 million is in “cold storage” under the control of the FTX debtors, and $121 million of which is pending transfer to “cold storage” under the control of the FTX debtors.

The term “cold storage” refers to keeping cryptocurrency keys offline and unconnected to a network or the internet in order to improve security.

With regards to the FTX US exchange,…

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