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FTX hack

  • Project: FTX
  • Exploit_type: SIM-swap / Private Key Access
  • Loss: ~$400–600 million
  • Entry_point: Hot wallets accessed post-bankruptcy filing
  • Exploit_vector: Attackers used SIM-swap to gain access to multi-factor authentication (MFA), retrieved private keys, and transferred funds from wallets
  • Severity: Critical
  • Attack_steps:
    • Attackers performed SIM-swap on FTX executives
    • Used intercepted MFA codes to access backend systems
    • Retrieved private keys to FTX’s hot wallets
    • Initiated unauthorized withdrawals post-bankruptcy announcement
  • Impact: ~$400–600 million in assets drained, immediate loss of user funds, erosion of trust during an already critical time
  • Exploitability: High
  • Root_cause: Weak operational security — reliance on SMS-based MFA, lack of proper key isolation, and absence of post-bankruptcy wallet freezing
  • Resource:Link