FTX Says $415 Million Of Crypto Was Hacked – Commentary

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Bankrupt crypto firm FTX said on Tuesday that $415 million worth of crypto was hacked from the exchange’s accounts, representing a sizeable portion of the identified assets the company is trying to recover.

The Probable Causes Behind FTX Getting Hacked

An expert comment from Dr. Ilia Kolochenko, Founder of ImmuniWeb, and a member of Europol Data Protection Experts Network:

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Whilst an external intrusion is theoretically possible, I would be prudent when relying on such claims. In view of the notorious context, we may actually have at least three interrelated hypotheses: (i) a genuine data breach by unknown cyber threat actors, (ii) a sophisticated embezzlement of funds disguised as an external data breach.

(iii) An external data breach facilitated by malicious insiders not necessary affiliated with the FTX management. Therefore, a scrupulous investigation by a competent and independent cybersecurity company is required prior to making any conclusions.

About Dr. Ilia Kolochenko, Founder, CEO and Chief Architect @ ImmuniWeb 

Dr. IliaKolochenko is a Swiss application security expert and entrepreneur. He started his career as a penetration tester and has 15 years of experience in security auditing and digital forensics. After serving in Swiss artillery troops in 2007, Ilia founded his first pentesting and cybersecurity consultancy High-Tech Bridge.