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In a statement on the platform’s official Telegram page, FTX’s Telegram admins revealed the platform has been the victim of a hack.  PeckShield Tracks the Hack in Real Time In the closing hours of Friday, several wallets linked to FTX exchange began to suspiciously move assets worth millions of dollars, without any prior notice. This morning, FTX raised the alarm of a breach via its official telegram page. [caption id="" align="aligncenter" width="695"] An alarm was first raised by the FTX…

On-chain data indicates that FTX US – which filed for bankruptcy alongside FTX on Friday – has frozen customer withdrawals.  According to Etherscan – an Ethereum block explorer – the FTX US wallet hasn’t processed an outbound transaction since 05:20:11 PM UTC on Friday. Trading on the exchange is still live. However, a notice on the site states that trading may be “halted” within a few days, and that withdrawals “are and will remain open.” FTX, the world’s second-largest crypto…

After a week-long liquidity crisis followed by a withdrawal freeze, FTX has officially filed for Chapter 11 bankruptcy. Meanwhile, its high-profile leader and former multi-billionaire – Sam Bankman-Fried (SBF) – has resigned as CEO. In a press release on Friday, FTX announced that it has commenced Chapter 11 proceedings in the United States alongside over 130 affiliated companies.  One of those companies is Alameda Research – a trading desk SBF previously launched. Many believe it deeply intertwines with FTX.  FTX’s…

In a tweet on Thursday, Tether CTO Paolo Ardoino revealed that the stablecoin issuer has no intentions of an FTX bailout.  SBF Seeks Funds From Various Sources Sam Bankman Fried-led crypto exchange FTX is grappling to stay above water as fears of insolvency push an ongoing bank run. The platform’s Tuesday controversy regarding a Binance acquisition further worsened the situation. Now SBF is on the hunt for rescue funds scaling $9 billion and he is looking to both investors and…

Former Kraken CEO Jesse Powell is indignant over FTX CEO Sam Bankman-Fried (SBF)’s behavior preceding the fallout of the latter’s company. In a Twitter thread on Thursday, Powell blasted the young billionaire for recklessly tarnishing the crypto industry’s reputation.  Powell Calls Out SBF The Kraken co-founder, known as a long-time crypto veteran and believer, called this week’s events a “massive setback” for the industry.   Noting that the crypto industry is the frequent target of con artists, he said the community…

Binance has announced it is set to acquire its rising rival, FTX. Binance CEO, Changpeng Zhao made this known in a tweet. “This afternoon, FTX asked for our help. There is a significant liquidity crunch,” the tweet began. FTX CEO, Sam Bankman-Fried also confirmed the news that has left the crypto community shocked. https://twitter.com/cz_binance/status/1590013613586411520?s=20&t=Qewt2lazmWepw5Il0h71ag FTX’s solvency has been in doubt since reports emerged that Alameda, FTX’s sister firm, only held FTT on its balance sheet. Following the report, Binance stated…

In response to a request from BitDAO, principal trading firm Alameda Research has provided proof of funds. The DAO called for it on Tuesday due to concerns that Alameda may have had a hand in the BIT token’s unexpected plunge. This is the latest development in an ongoing debacle the Sam Bankman-Fried-led firm appears involved in.  Alameda and BitDAO Swap Agreement In November last year, BitDAO and Alameda entered an agreement that saw them exchange 100M BIT tokens and 3362315…

The U.K bank Santander will prevent its customers from sending real-time transfers to cryptocurrency exchanges starting next year.  The prohibition aims to protect customers from scams and fraud, as well as the general risks associated with crypto investing.  Banks Blocking Bitcoin Purchases? In a notice published to its website on Friday, Santander said that certain new limits would be imposed starting next week. These include a £1,000 limit per transaction when using online or mobile banking, and a £3000 limit…

Per Etherscan data, the culprit behind last week’s $28M attack on exchange platform Deribit is transferring the funds via crypto mixer Tornado Cash. Hacker Transfers Part Loot in 17 Operations So far, the Deribit attacker has moved 1,610 Ethereum tokens, over 2.5 million USD at ETH’s current prices.  The hacker processed the move in 17 transactions, sixteen 100 ETH transfers, and 10 ETH later on. The first dates back to November 5, roughly 2 days after the breach took place. Notably,…