Funds disappear at imploding crypto exchange FTX

By CATHY BUSSEWITZ
Business Writer
NEW YORK (AP) — Collapsed cryptocurrency trading firm FTX is confirming there was unauthorized access to its accounts just hours after the company filed for bankruptcy protection. The embattled company’s new CEO John Ray III said Saturday that FTX is switching off the ability to trade or withdraw funds and taking steps to secure customers’ assets. Analytics firm Elliptic estimates $477 million was missing from the exchange. A debate formed on social media about whether the exchange was hacked or a company insider had stolen funds. That’s a possibility that cryptocurrency analysts couldn’t rule out.