Weekly Crypto Hack Report: Has FTX’s Missing $400 Million Been Discovered?

The crypto community was on high alert in January when a staggering $100 million was stolen from Ripple. However, February has been relatively calm so far, with no major hacks taking place.
But don’t get too comfortable, because the past week in the crypto world has been anything but dull, revealing some captivating developments.
One of the most intriguing stories is the mystery surrounding the disappearance of $400 million. In November 2022, FTX, a centralized cryptocurrency exchange, fell victim to a hack orchestrated by an unidentified group of hackers. These hackers employed a sophisticated sim-swapping technique to steal the massive sum from the exchange.
However, the U.S. federal government recently made a breakthrough in the case. They charged three individuals with a conspiracy to hack phones, a scheme that ultimately led to the infamous theft of $400 million from FTX. This development not only solved the mystery of the missing funds but also shed light on the chaos and bankruptcy proceedings at FTX.
On November 11, 2022, the trio executed their audacious plan and funneled $400 million out of an undisclosed company, believed to be FTX. By exploiting an AT&T employee, they successfully transferred the stolen funds in cryptocurrency, leaving the crypto community stunned.
In another twist of events, Solana Mainnet-Beta encountered a performance issue that temporarily halted block progression. The Solana team swiftly responded by launching a thorough investigation, involving core engineers and validators, to rectify the problem.
Solana Status tweeted an update, stating that block production on Solana mainnet beta resumed at 14:57 UTC after a successful upgrade to v1.17.20 and a cluster restart by validator operators. The team assured that they would continue monitoring the network’s performance as operations were restored.
During the approximately five-hour outage, SOL’s price experienced a decline compared to its previous value, adding to the challenges faced by Solana.
As we conclude this week’s crypto journey, stay tuned for our next roundup, where we promise to bring you more thrilling developments from the crypto space.