Collapsed crypto exchange FTX hit by rogue transactions

CRYPTO EXCHANGE FTX was engulfed in further chaos on Saturday when the company said it had detected unauthorised transactions and analysts flagged that millions of dollars of assets had been moved from the platform in "suspicious circumstances".

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FTX filed for bankruptcy on Friday after traders rushed to withdraw $6 billion from the platform in just 72 hours and rival exchange Binance abandoned a proposed rescue deal.At least $1 billion of customer funds have vanished from the platform, sources told Reuters on Friday. The firm's founder Sam Bankman-Fried had transferred $10 billion of customer funds to his trading company, Alameda Research, sources said.

New problems emerged on Saturday when FTX's US general counsel Ryne Miller said in a tweet that the firm's digital assets were being moved into so-called cold storage "to mitigate damage upon observing unauthorized transactions". Cold storage refers to crypto wallets that are not connected to the internet to guard against hackers. Blockchain analytics firm Nansen said it saw $659 million in outflows from FTX International and FTX US in the past 24 hours. Blockchain analytics firm Elliptic said around $473 million worth of crypto-assets were "moved out of FTX wallets in suspicious circumstances early this morning", but that it could not confirm that the tokens had been stolen.