Crypto exchange FTX could lose billions of dollars due to weak security and opaque business practices, Wired reports. In November 2022, the accounts of FTX and FTX.US were emptied following the company's bankruptcy and the departure of founder Sam Bankman-Fried.

According to an April statement, the majority of funds on FTX were stored in “hot wallets,” which left them vulnerable to attacks. Unknown attackers likely gained access to the private keys of FTX wallets and began withdrawing funds.

The FTX team was able to salvage most of the funds by transferring more than $1 billion to various storage devices. Currently, all the stolen funds are in motion, deepening the mystery of last year's stock exchange collapse.