FTX Says It Moved Remaining Funds to Cold Wallets to 'Mitigate Damage' After 'Unauthorized Transactions'

FTX US General Counsel Ryne Miller said the crypto exchange moved funds following a series of "unauthorized transactions."

"Following the Chapter 11 bankruptcy filings - FTX US and FTX [dot] com initiated precautionary steps to move all digital assets to cold storage," Miller said. "Process was expedited this evening - to mitigate damage upon observing unauthorized transactions."

Following the Chapter 11 bankruptcy filings - FTX US and FTX [dot] com initiated precautionary steps to move all digital assets to cold storage. Process was expedited this evening - to mitigate damage upon observing unauthorized transactions.

— Ryne Miller (@_Ryne_Miller) November 12, 2022

This came hours after over $600 million in crypto left bankrupt crypto company FTX’s wallets late Friday, with little clear explanation as to why. Many FTX wallet holders also reported that they were seeing $0 balances in their FTX.com and FTX US wallets.

Read more: FTX Faces Potential Hack, Sees Mysterious Outflows Totaling More than $600M

This is a developing story and will be updated.