The Night FTX Fought Off a Massive Crypto Heist

On the evening of November 11, FTX, once a leading cryptocurrency exchange, was in turmoil. Having declared bankruptcy and under new management, the company faced a potential loss of over $1 billion worth of cryptocurrency to unidentified thieves. FTX’s staff, alongside outside consultants and advisers, embarked on a frantic battle to protect the remaining funds. As wallets were being drained, a last-resort measure of transferring funds to cold storage and a USB drive was implemented. Ultimately, the theft was halted, but the mystery of the culprits remains unsolved. FTX’s new leadership has since highlighted the serious security flaws that enabled the heist and has taken steps to improve the company’s security measures.

Source: Inside FTX’s All-Night Race to Stop a $1 Billion Crypto Heist