{"id":509436,"date":"2022-11-13T02:31:48","date_gmt":"2022-11-12T23:31:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/funds-vanish-at-bankrupt-crypto-exchange-ftx-probe-underway\/"},"modified":"2022-11-13T02:31:48","modified_gmt":"2022-11-12T23:31:48","slug":"funds-vanish-at-bankrupt-crypto-exchange-ftx-probe-underway","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/funds-vanish-at-bankrupt-crypto-exchange-ftx-probe-underway\/","title":{"rendered":"#Funds vanish at bankrupt crypto exchange FTX; probe underway"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 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-6af6528b5aa49\" 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-6af6528b5aa49\" 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\/funds-vanish-at-bankrupt-crypto-exchange-ftx-probe-underway\/#Funds_vanish_at_bankrupt_crypto_exchange_FTX_probe_underway\" >Funds vanish at bankrupt crypto exchange FTX; probe underway<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Funds_vanish_at_bankrupt_crypto_exchange_FTX_probe_underway\"><\/span>Funds vanish at bankrupt crypto exchange FTX; probe underway<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>NEW YORK (AP) \u2014 Collapsed cryptocurrency trading firm FTX confirmed there was \u201cunauthorized access\u201d to its accounts, hours after the company filed for Chapter 11 bankruptcy protection Friday.<\/p>\n<p>The embattled company\u2019s new CEO John Ray III said Saturday that FTX is switching off the ability to trade or withdraw funds and taking steps to secure customers\u2019 assets, according to a tweet by FTX\u2019s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> counsel Ryne Miller. FTX is also coordinating with law enforcement and regulators, the company said.<\/p>\n<p>Exactly how much money is involved is unclear, but analytics firm Elliptic estimated Saturday that $477 million was missing from the exchange. Another $186 million was moved out of FTX\u2019s accounts, but that may have been FTX moving assets to storage, said Elliptic\u2019s co-founder and chief scientist Tom Robinson.<\/p>\n<p>A debate formed on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> about whether the exchange was hacked or a company insider had stolen funds, a possibility that cryptocurrency analysts couldn\u2019t rule out.<\/p>\n<p>Until recently, FTX was one of the world\u2019s largest cryptocurrency exchanges. It was already short billions of dollars when it sought bankruptcy protection Friday and its former CEO and founder, Sam Bankman-Fried, resigned.<\/p>\n<p>The company had valued its assets between $10 billion to $50 billion, and listed more than 130 affiliated companies around the world, according to its bankruptcy filing.<\/p>\n<p>The unraveling of the once-giant exchange is sending shockwaves through the industry, with companies that backed FTX writing down investments and the prices of bitcoin and other digital currencies falling. Politicians and regulators are calling for stricter oversight of the unwieldy industry. Experts say the saga is still unfolding.<\/p>\n<p>\u201cWe\u2019ll have to wait and see what the fallout is, but I think we are going to see more dominoes falling and an awful lot of people stand to lose their money and their savings,\u201d said Frances Coppola, an independent financial and economic commentator. \u201cAnd that is just tragic, really.\u201d<\/p>\n<p>The timing and the extent of access that the assumed hacker <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>eared to achieve, siphoning money from multiple parts of the company, led Coppola and other analysts to theorize that it could have been an inside job.<\/p>\n<p>FTX said Saturday that it\u2019s moving as many digital assets as can be identified to a new \u201ccold wallet custodian,\u201d which is essentially a way of storing assets offline without allowing remote control.<\/p>\n<p>\u201cIt does look as if the liquidators didn\u2019t act fast enough to stop some kind of siphoning off of funds from FTX after it filed for bankruptcy, and that\u2019s bad, but it just shows how complex this thing is,\u201d Coppola said.<\/p>\n<p>Initially, some people were hoping that perhaps all the missing funds were liquidators or bankruptcy administrators trying to move assets to a more secure spot. But it would be unusual for that to happen on a Friday night, said Molly White, cryptocurrency researcher and fellow with the Library Innovation Lab at Harvard University.<\/p>\n<p>\u201cIt looked very different from what a liquidator might do if they were trying to secure the funds,\u201d she said.<\/p>\n<p>White also said there are signs of possible insider involvement. \u201cIt seems unlikely that someone who is not an insider could have pulled off such a massive hack with so much access to FTX systems.\u201d<\/p>\n<p>The collapse of FTX highlights the need for cryptocurrency to be regulated more like traditional finance, Coppola said.<\/p>\n<p>\u201cCyrpto isn\u2019t in the very early stages anymore,\u201d she said. \u201cWe\u2019ve got ordinary people putting their life savings into it.\u201d<\/p>\n<\/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\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/www.aol.com\/news\/funds-disappear-imploding-crypto-exchange-233148507.html\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Funds vanish at bankrupt crypto exchange FTX; probe underway NEW YORK (AP) \u2014 Collapsed cryptocurrency trading firm FTX confirmed there was \u201cunauthorized access\u201d to its accounts, hours after the company filed for Chapter 11 bankruptcy protection Friday. The embattled company\u2019s new CEO John Ray III said Saturday that FTX is switching off the ability to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":509437,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/E_EIkkq_iZLNdoVn9AQosQ--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyMDA7aD03OTk-\/https:\/\/media.zenfs.com\/en\/ap.org\/05ea49ae17e267c2fd5e318c3073aaaf","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-509436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509436","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=509436"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509436\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/509437"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=509436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=509436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=509436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}