FTX Group Hack

FTX crypto exchange, Alameda Research trading company, and 130 other affiliated companies declared bankruptcy. Lost funds are valued at an estimated 1,000,000,000 to 2,000,000,000 $USD.

Sam Bankman-Fried announced the bankruptcy of his two companies: FTX and Alameda Research. The accident begins with the research revealing Alameda Research's collateral was dominated by FTX's native token $FTT. For being concrete about the collateral, Alameda had 14,600,000,000 $USD worth of assets in total, where 3,660,000,000 $USD was free $FTT tokens, and 2,160,000,000 $USD in "FTT collateral". There were also major amounts of $SOL and $SRM tokens. Mr. Bankman-Fried was an early investor in the Solana chain and the co-founder of the Serum exchange.

It sparked a run on FTX, with panicked customers withdrawing billions of dollars from the exchange. $FTT token crashed by more than 95% in 24 hours. $SOL was also affected by the accident and by the recent on-chain activity that 49,000,000 $SOL tokens were withdrawn from the staking which caused the token price to drop by approximately 60%. FTX halted withdrawals on the exchange and declared bankruptcy. Because FTX was a major player in the crypto industry, other crypto projects that relied on the exchange were reporting fund losses one by one at the time.

Attacker address:

https://etherscan.io/address/0x59ABf383…1fd32b

https://bscscan.com/address/0x59ABf383…1fd32b