FTX Hit with $415M Crypto Theft Hours After Bankruptcy Filing

FTX suffered a massive crypto theft on November 11, 2022, just hours after declaring bankruptcy and replacing CEO Sam Bankman-Fried.

Unknown thieves drained between $415-$432 million worth of crypto from FTX wallets that evening.

FTX staff scrambled overnight to move over $1 billion more in crypto to secure storage before it could also be stolen.

They urgently set up new wallets with custody company BitGo and temporarily used a consultant's personal hardware wallet.

FTX had major security issues that left its crypto vulnerable, with most funds in hot wallets and keys unencrypted.