FTX Hit with $415M Crypto Theft Hours After Bankruptcy Filing
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FTX suffered a massive crypto theft on November 11, 2022, just hours after declaring bankruptcy and replacing CEO Sam Bankman-Fried.
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Unknown thieves drained between $415-$432 million worth of crypto from FTX wallets that evening.
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FTX staff scrambled overnight to move over $1 billion more in crypto to secure storage before it could also be stolen.
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They urgently set up new wallets with custody company BitGo and temporarily used a consultant's personal hardware wallet.
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FTX had major security issues that left its crypto vulnerable, with most funds in hot wallets and keys unencrypted.
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