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

Wired · 1y ago

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

In November of the previous year, FTX, a prominent cryptocurrency exchange, declared bankruptcy amid financial troubles. During this turbulent time, the company experienced a significant cryptocurrency theft, losing between $415 million and $432 million worth of digital assets. WIRED has reported that FTX may have narrowly avoided losing even more money, as employees and consultants raced to move over $1 billion worth of cryptocurrency to safer storage to prevent further theft. The identity of the thieves remains unknown, and FTX's leadership has not been charged in connection with the theft.

Related News

Coinbase circles CoinDCX after $44 mn crypto heist

Livemint

Livemint · 11d ago

Coinbase circles CoinDCX after $44 mn crypto heist

Coinbase is reportedly in advanced talks to acquire India's CoinDCX, following a $44 million hack affecting the local crypto exchange. The potential deal could value CoinDCX, one of India's largest crypto exchanges, at below $900 million, a significant drop from its peak valuation of $2.2 billion three years ago. This acquisition would allow Coinbase to further its presence in India, where it already holds stakes in CoinDCX and competitor CoinSwitch.

WazirX faces flak over handling of $230-million crypto heist

Economic Times

Economic Times · 1y ago

WazirX faces flak over handling of $230-million crypto heist

Indian cryptocurrency exchange, WazirX, faced criticism after experiencing a major data breach resulting in $230 million worth of stolen investor holdings. Social media users expressed concerns, calling on WazirX to take responsibility for the losses and questioning why customers should have to absorb them. It was reported that the FBI has reached out to WazirX to investigate the cyberattack allegedly involving North Korean hackers. WazirX responded by implementing a fair and transparent socialised loss strategy to distribute the impact across all users. Rupee and crypto withdrawals on the platform are currently on hold.

Forensic Probe Reveals WazirX’s Systems & Laptops Not Compromised In $230 Mn Crypto Heist

Inc42 · 11m ago

Forensic Probe Reveals WazirX’s Systems & Laptops Not Compromised In $230 Mn Crypto Heist

Forensic Probe Reveals WazirX's Systems & Laptops Not Compromised In $230 Mn Crypto Heist. A probe into the hack that led to the Indian crypto exchange WazirX losing more than $230 Mn from one of its multisig wallets has revealed that its systems and laptops were not compromised in the cyberattack

Crypto Heist: WazirX Seeks Help From Binance To Bail Out Customers

Inc42 · 1y ago

Crypto Heist: WazirX Seeks Help From Binance To Bail Out Customers

Binance holds control over WazirX's revenue and WRX token, according to a recent report. WazirX is currently engaged in a legal dispute with Binance, and discussions between the two companies are still in the early stages. Additionally, Binance held $80 million worth of WazirX tokens during a crypto hack.

Crypto Heist: WazirX Makes U-Turn On Socialised Loss Strategy

Inc42 · 1y ago

Crypto Heist: WazirX Makes U-Turn On Socialised Loss Strategy

Indian cryptocurrency exchange, WazirX, has scaled back its socialised loss strategy due to strong backlash from customers. The exchange had proposed a 55-45 approach, allowing users to access and trade 55% of their cryptocurrency portfolio after a recent hack. However, this approach was criticized as unfair by many in the crypto community. As a result, WazirX has decided to slow down and reassess its strategy.

Crypto ransom attack payments hit record $1 billion in 2023

Reuters · 1y ago

Crypto ransom attack payments hit record $1 billion in 2023

Crypto-related ransom attack payments reached a record $1 billion in 2023, almost doubling from the previous year, according to blockchain analytics firm Chainalysis. Scammers targeted institutions for ransom, accumulating $1.1 billion compared to $567 million in 2022. However, losses from other crypto-based crimes, including scamming and hacking, decreased. The rise in payments can be attributed to new players entering the market, attracted by high profits and low barriers to entry. "Big game hunting" has become a dominant strategy, with a majority of ransom revenue coming from payments of $1 million or more.

The Solidity Language open-source package was used in a $500,000 crypto heist

Internet

Internet · 27d ago

The Solidity Language open-source package was used in a $500,000 crypto heist

In July 2025, Kaspersky uncovered a fake Cursor AI extension posing as a Solidity syntax highlighter, which secretly installed malware to steal $500,000 in crypto from a developer. The malicious plugin exploited ranking algorithms and mimicked legitimate packages. It used PowerShell scripts and ScreenConnect for remote control, ultimately deploying a stealer to extract sensitive data and wallet credentials.

Crypto market saw illicit transactions of $70 billion in five years: report

Economic Times

Economic Times · 1y ago

Crypto market saw illicit transactions of $70 billion in five years: report

The cryptocurrency market has seen nearly $70 billion worth of illicit transactions in the last five years, with a 308% increase since 2017, according to AltIndex.com. Illicit crypto transactions hit a record $20.6 billion in 2021, driven by activities such as scams, ransomware, human trafficking, terrorism financing, and dark net markets. Despite the surge in illicit activity, the proportion of such transactions in the total crypto volume has decreased. In 2017, they accounted for 0.86% of all cryptocurrency transactions, falling to 0.24% in 2021. Sanctions on crypto-related entities have also increased in recent years.

Abu Dhabi's MGX to use Trump-linked stablecoin for $2 bn investment in Binance

VCCircle

VCCircle · 3m ago

Abu Dhabi's MGX to use Trump-linked stablecoin for $2 bn investment in Binance

Abu Dhabi's investment firm MGX is using a stablecoin launched by Donald Trump's World Liberty Financial venture for a $2 billion investment in Binance, the world's largest crypto exchange. Announced at the TOKEN2049 conference by co-founder Zach Witkoff, this stablecoin, USD1, is fully backed by U.S. Treasuries and cash equivalents to maintain its $1 value. This move strengthens ties between Binance and the United Arab Emirates amid growing crypto interest.

SEBI asks mutual funds to stop accepting inflows in ETFs investing overseas

Money Control

Money Control · 1y ago

SEBI asks mutual funds to stop accepting inflows in ETFs investing overseas

The Securities and Exchange Board of India (SEBI) has instructed the Association of Mutual Funds of India (AMFI) to stop accepting investments into funds that invest in overseas ETFs from April 1. This decision follows the mutual fund industry having reached its $7 billion limit for investing in foreign stocks and funds in January 2022. The limit for investing in overseas ETFs is $1 billion, which is close to being reached. As a result, fund houses will be required to halt investments in these funds.

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