FTX reportedly transferred $500 million of crypto onto a USB stick to stop it from being stolen by hackers

Tue, 10/10/2023 - 11:32

FTX cofounder Sam Bankman-Fried faces charges of fraud and conspiracy to commit money laundering.
Michael M Santiago/Getty Images

Hackers stole millions of dollars of crypto from FTX after the company declared bankruptcy.
At the time, the company transferred $500 million onto a USB drive to safeguard it, per Wired.
FTX dramatically imploded late last year. CEO Sam Bankman-Fried is on trial over fraud charges.

FTX employees reportedly scrambled to stop hackers from making off with $1.1 billion in crypto as the crypto exchange went into meltdown late last year.

According to a report from Wired, FTX adviser Kumanan Ramanathan held as much as $500 million worth of assets on a USB drive for several hours to protect it from hackers.