User Wallets of FTX Witnesses Millions of Funds Being Drained

User Wallets of FTX Witnesses Millions of Funds Being Drained
  • The hacker is converting his or her crypto holdings to unfreezable cryptocurrencies.
  • Anyone using the FTX app is asked to refrain from updating or installing it.

The FTX cryptocurrency exchange is seeing millions of funds disappear from user wallets. Nearly $600 million in unusual transactions were recorded in only a few hours, with some withdrawals including a shift from Tether to DAI. Moreover, the drainer is allegedly withdrawing StETH Solana, BNB, LINK, AVAX, MATIC, and other tokens as well. The hacker is converting his or her crypto holdings to unfreezable cryptocurrencies like DAI and ETH.

Furthermore, the admin of the FTX Community Chat channel sent a message in the Telegram group. Claiming that the FTX network had been compromised and that the FTX applications were malicious software. 

Update Allegedly Started?

Users were told that visiting the FTX website might result in the installation of Trojans. And that they should uninstall the software immediately. Yet it is unclear whether the administrator has quit.

On November 12, a substantial quantity of money abruptly moved out of FTX and FTX US accounts and into a single wallet. Sparking rumors that bankruptcy proceedings had begun. Moreover, the on-chain data and reports revealed that FTX wallets had been compromised. And exploiters have received insider aid to achieve root access.

Furthermore, with the 4byte selection “0x3d24a1ff.” Which is the hash of the name of the function “Rug Pull All.” Foobar verified that an on-chain message was delivered to the recipient’s account. Moreover, an update was allegedly started with the intention of disclosing all private keys, leading some to conclude that this was an inside job. Anyone using the FTX app is asked to refrain from updating or installing it.

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A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.