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US Department of Justice Launches Criminal Investigation Into $372M FTX Hack

U.S. Department of Justice has launched an investigation into the whereabouts of approximately $372 million in missing digital assets from now-defunct cryptocurrency exchange FTX and FTX US. On Nov. 12, amidst bankruptcy and internal collapse, FTX warned customers of abnormal wallet activity regarding at least 228,523 Ether (ETH) transferred out of the exchange from an unknown perpetrator. 

On Nov. 11, FTX US' general counsel Ryne Miller confirmed that the transactions were unauthorized and that the subsidiary exchange had moved all crypto to cold wallets as a precaution. On Nov. 20, blockchain forensics firm Elliptic wrote that the unauthorized transfers amounted to $477 million, and the unknown perpetrator swapped the stolen Ether for RenBTC, before being bridged to Bitcoin through the RenBridge service. Ren was acquired by FTX-linked hedge fund Alameda Research last year. 

Sam Bankman-Fried claimed that the incident was perpetrated by either a former FTX employee or someone who had unauthorized access to a former employee's computer. "I've narrowed it down to like eight people. I don't know which one it was," he said.

Related News:

Sam Bankman-Fried Used $546M From Alameda to Buy Robinhood Shares

FTX Customers File Class Action to Lay Claim to Dwindling Assets

Sam Bankman-Fried, FTX Misled Investors, Lent Billions to Alameda, Caroline Ellison Says

FTX Wants Judge To Stay the Sale of Robinhood Shares Worth $448M

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