FTX filed for Chapter 11 bankruptcy on Friday. The bankrupt cryptocurrency exchange has since moved user funds into cold storage. Before that, at least $473 million was missing from the platform.
On Saturday, FTX transferred user funds to offline wallets. It’s still unclear how much money is missing from the exchange, but a CoinDesk report suggests it could be more than $600 million. However, Elliptic, a blockchain analytics company, cites a figure of $473 million.
John Rae, the new CEO of FTX, said on Twitter that the company is removing the trading and withdrawal functions. So are they moving as many identifiable digital assets as possible to a new cold wallet custodian. Law enforcement is working with them on this to resolve the situation.
Along with this, many users on Twitter have spoken out about the situation. In the comments, there are many opinions that someone withdrew the exchange funds from Bankman-Fried’s entourage. There are also reports that the platform could trace the identity of the account in question because the alleged thief was using Kraken to withdraw funds.