Is anyone else investigating?Įven before the bankruptcy filing and missing funds, the U.S. The police force said in a statement Sunday it was working with Bahamas securities regulators to 'investigate if any criminal misconduct occurred' involving the exchange, which had moved its headquarters to the Caribbean country last year. The Royal Bahamas Police Force said Sunday it is investigating FTX, adding to the company’s woes.

'With bitcoin, you have the option to take self-custody and take your coins off the exchange,' he said. Some are more reputable than others, but he said a better option is to take control of your digital assets. 'Any exchange is a security risk,' said Klippsten. People who own bitcoin should be OK if they keep them off exchanges such as FTX that effectively work as a 'crypto-casino gambling website,' said Cory Klippsten, the CEO of financial services firm Swan Bitcoin.

RELATED: Now that a federal court has blocked Biden's student loan plan, what happens now? Is my Bitcoin safe? FTX's new CEO John Ray III said it was switching off the ability to trade or withdraw funds and taking steps to secure customers’ assets. FTX confirmed Saturday there had been unauthorized access to its accounts, hours after the company filed for Chapter 11 bankruptcy protection.Ī debate formed on social media about whether the exchange was hacked or a company insider had stolen funds - a possibility that cryptocurrency analysts couldn’t rule out.Įxactly how much money is involved is unclear, but analytics firm Elliptic estimated Saturday that $477 million was missing from the exchange.

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