FTX exchange suffers $59M loss due to hacking

The cryptocurrency exchange FTX has suffered a loss of above $59 million as the hacker offloaded several millions of dollars resulting in a further drop in the cryptocurrency.

The hacker behind this loss had transferred 50,000 ETH from one of the wallets to another address. The hacker had then swapped ETH renBTC. Furthermore, he made four different swaps which approximately count to $59M. According to the on-chain research, the hacker has been using Ren Bridge, which provides a bridge between two cryptocurrencies, to transfer renBTC to BTC.

With the recent FTX collapse, a decline has been observed among other crypto tokens, Ether has dropped by 2.6% within 24 hours, and Bitcoin has fallen by 0.6%. Following this incident, FTX urged all the other exchanges to secure the funds transferred from FTX Global by the unknown wallet to their platforms, which must be returned to the bankruptcy estate.

This hack was noticed when the unknown wallet 0x59 sold many crypto assets like LINK, DAI, SNX, AAVE, and others for ETH on the CowSwap exchange. Among these, the largest trade made was of $48.2 M DAI swap to receive 36,492 ETH in his wallet. 0x59 still has more than 200,735 ETH, which is approximately $236M in its wallet.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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