FTX CEO John Ray Confirms Late-Night Hack, Says Company Is Working With Law Enforcement

Crypto exchange FTX’s new CEO, John Ray, took to Twitter Saturday to confirm that FTX, which filed for bankruptcy protection on Friday and its U.S. subsidiary, FTX US, were hacked last night in an attack that drained hundreds of millions of dollars in crypto out of the exchanges’ wallets.

In a statement issued via Ryne Miller, FTX’s general counsel, on Twitter, Ray said FTX US and FTX.com “continue to make every effort to secure all assets, wherever located.”

Read more: ‘FTX Has Been Hacked’: Crypto Disaster Worsens as Exchange Sees Mysterious Outflows Exceeding $600M

After the hack began around 10 p.m. EST on Friday night, wallets appearing to belong to FTX began moving assets, which Miller said was the exchange taking “precautionary steps…to mitigate damage upon observing unauthorized transactions.”

Ray confirmed Miller’s statement, adding that FTX is “in the process of removing trading and withdrawal functionality and moving as many digital assets as can be identified to a new cold wallet custodian.”

According to Ray, the company’s executives have been “in contact with, and are coordinating with law enforcement and relevant regulators” following the hack.