{"id":509188,"date":"2022-11-12T08:30:18","date_gmt":"2022-11-12T05:30:18","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ftx-funds-on-the-move-bankruptcy-proceedings-insider-threat-or-a-hack\/"},"modified":"2022-11-12T08:30:18","modified_gmt":"2022-11-12T05:30:18","slug":"ftx-funds-on-the-move-bankruptcy-proceedings-insider-threat-or-a-hack","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ftx-funds-on-the-move-bankruptcy-proceedings-insider-threat-or-a-hack\/","title":{"rendered":"# FTX funds on the move: bankruptcy proceedings, insider threat or a hack?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a25df17a780f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a25df17a780f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ftx-funds-on-the-move-bankruptcy-proceedings-insider-threat-or-a-hack\/#%E2%80%9D_FTX_funds_on_the_move_bankruptcy_proceedings_insider_threat_or_a_hack_%E2%80%9C\" >&#8221; FTX funds on the move: bankruptcy proceedings, insider threat or a hack? &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_FTX_funds_on_the_move_bankruptcy_proceedings_insider_threat_or_a_hack_%E2%80%9C\"><\/span>&#8221; FTX funds on the move: bankruptcy proceedings, insider threat or a hack? &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-e13e51fa>The recent tensions between the two major crypto exchanges FTX and Binance, which was accompanied by a massive selloff of FTX Token (FTT), resulted in the collapse of roughly 130 companies linked to FTX Group \u2014 including FTX Trading, FTX US, West Realm Shires Services, and Alameda Research.\u00a0<\/p>\n<p>Following the resignation of FTX CEO Sam Bankman-Fried and the revelation of the company\u2019s intent to file for Chapter 11 bankruptcy, on-chain data hinted at the commencement of bankruptcy proceedings as multiple FTX wallets were found transferring funds over to a common Ethereum (ETH) wallet address.<\/p>\n<p>The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/etherscan.io\/txs?a=0x59abf3837fa962d6853b4cc0a19513aa031fd32b\">wallet address<\/a> in question received funds from various international and U.S.-based wallets linked to FTX, which amassed over 83,878.63 ETH (worth over $105.3 million) in just two hours starting at 9:20 PM ET on Nov. 11 and continued to see an influx of funds at the time of writing.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Or Sam wants to make it all back in one trade <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/p38fQ516Gv\">pic.twitter.com\/p38fQ516Gv<\/a><\/p>\n<p>\u2014 Steven (@Dogetoshi) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Dogetoshi\/status\/1591259540087242753?ref_src=twsrc%5Etfw\">November 12, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>With all eyes on FTX, the late-night fund transfers on a Friday night raised questions about the company\u2019s intent. While some blockchain investigators saw it as the start of the bankruptcy process, speculations around ill-intent or an external hack surfaced across the crypto ecosystem.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/154a2479-3319-412b-9513-77e8120e4d76.png\"><\/figure>\n<p>The wallet owner was found sw<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ing $26 million Tether (USDT) to DAI via 1inclh while approving USDP \u2014 a Paxos-issued stablecoin \u2014 for trade on CoW Protocol. As the situation unfolds, the wallet also approved transfers and sales of other cryptocurrencies, including Chainlink (LINK), cUSDT and stETH.<\/p>\n<p>The funds coming from FTX wallets were later moved to new addresses, out of which one of them was labeled as FTX on Etherscan, as pointed out by blockchain investigator PeckShield. A subsequent investigation also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PeckShieldAlert\/status\/1591290838638026752?s=20&amp;t=RzQdd5VCMwKnZb3A9dMvdA\">confirmed<\/a> that 8,000 ETH was wormholed from Solana to one of the new addresses within the last hour.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-11\/162e6880-a5fa-428e-9d23-5da684aa409b.png\"><\/figure>\n<p>The involvement of a hacker, at this time, seems unlikely as they typically would have moved funds from FTX\u2019s wallet to their own wallets. However, many pointed out the possible involvement of an insider. <\/p>\n<p>Until the dust settles, the community continues to monitor the movement of funds. However, investors are advised to avoid speculations until confirmed reports set in. FTX has not yet responded to Cointelegraph\u2019s request for comment. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>FTX\u2019s ongoing saga: Everything that\u2019s happened until now<\/em><\/strong><\/p>\n<p>Adding to investor\u2019s concerns, FTX sources told Reuters that between $1 billion and $2 billion of client money is unaccounted for in the company\u2019s spreadsheet. <\/p>\n<p>The unconfirmed <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/currencies\/exclusive-least-1-billion-client-funds-missing-failed-crypto-firm-ftx-sources-2022-11-12\/\">report<\/a> also suggests that SBF secretly moved $10 billion in funds to Alameda Research while pointing out that the whereabouts of missing funds remain unknown.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ftx-funds-on-the-move-bankruptcy-proceedings-insider-threat-or-a-hack\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; FTX funds on the move: bankruptcy proceedings, insider threat or a hack? &#8220; The recent tensions between the two major crypto exchanges FTX and Binance, which was accompanied by a massive selloff of FTX Token (FTT), resulted in the collapse of roughly 130 companies linked to FTX Group \u2014 including FTX Trading, FTX US,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":509189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvYzQ3NzMyNTktZmMwMS00YWZlLWFjMDMtYzZhMzExM2Y1MGNkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[135234,127241,89897,74880,4978,117,70934,36041],"class_list":["post-509188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-ftx","tag-ftx-token","tag-sam-bankman-fried","tag-transactions","tag-bankruptcy","tag-business","tag-regulation","tag-tether"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509188","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=509188"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509188\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/509189"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=509188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=509188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=509188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}