Latest Crypto News: FTX Transfers Funds To Cold Wallet After Hackers Cashed Out $10 Mn

Bankrupt crypto exchange FTX is reportedly transferring funds from its hot to cold wallets after hackers stole $10 million worth of cryptos.
Latest Crypto News: FTX Transfers Funds To Cold Wallet After Hackers Cashed Out $10 Mn

FTX cryptocurrency exchange, which has filed for bankruptcy, is reportedly transferring funds from its hot wallets to cold wallets as a precautionary step.

In a tweet, FTX US general counsel Ryne Miller said that FTX US and initiated precautionary steps to move all digital assets to cold storage.

He added, "The process was expedited this evening to mitigate damage upon observing unauthorized transactions.”

FTX, one of the world’s largest crypto exchanges, has filed for Chapter 11 bankruptcy.

FTX Hackers Cash Out

Some $12 million Chainlink (LINK) tokens were illegally swapped in two transactions shortly after reports of the FTX breach. However, the wallets could recover some losses.

Pecksheild, an on-chain crypto analysis firm, said the wallets containing the stolen funds swapped $6.4 million Link (LINK ) tokens for $5.1 million Ethereum (ETH). Tether has also blacklisted $31.4 worth of USDT on AVAX and Solana blockchains.

TrueFi Cashed Out Of FTX

TrueFi, a decentralised lending protocol founded by Justin Sun, founder of the Tron network, shifted $6.1 million stablecoins from the FTX platform.

On Thursday, Sun completed the withdrawal in four transactions—$2.4 million USDT, 2.1 million USDC, $1 million TUSD, and $673,000 BUSD.

Genesis Gets Bailout

Genesis Trading, a trading firm that connects institutional investors to digital assets, announced that its parent, Digital Currency Group, will provide $140 million to "strengthen its balance sheet" and reinforce its position in crypto markets.

Genesis Trading's derivatives company had also reportedly stashed away $175 million in an FTX account. Genesis told its clients that despite FTX's "liquidity crunch" and bankruptcy, its market-making operations would not be impacted.

Climate Chain Coalition’s Climate Report

On November 11, 2022, the Climate Chain Coalition (CCC), a network of organisations dedicated to promoting blockchain technology for climate action, presented its stock-taking report at the 27th United Nations Climate Change Conference (COP 27) in Sharm El-Sheikh, Egypt.

The coalition, established five years ago and headed by chairman and founding member Tom Baumann, has been working on projects involving the consumption accounting system and greenhouse gas emissions accounting. The network has grown from 12 founding members to over 360 organisations in 69 countries.

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