The 10 Biggest Crypto Hacks in History

part 3

#FTX: $477 million of multiple cryptocurrencies stolen in 2022 post-collapse hack

The FTX CEX, founded in 2019 by Sam Bankman-Fried (SBF) and Gary Wang, collapsed in November 2022, wiping out a grand total of $8.9 billion of its customers’ savings and investments, both fiat and crypto. The collapse was rooted in gross mismanagement and misappropriation of funds.

In the fallout, $477 million in various cryptocurrencies were drained in a suspected hack on November 11, as FTX filed for bankruptcy. The suspected hack was likely an inside job.

Although Wang avoided a jail term, SBF received a 25-year prison sentence in March 2024, and must forfeit $11 billion to compensate victims of the scam.