HEIST

Summary from the TLDR newsletter

FTX staff witnessed hundreds of millions of dollars worth of crypto being stolen in real time on November 11, 2022. The company quickly assembled a team to save the assets. It decided to contact BitGo, which had been in talks with FTX for custody of its crypto holdings, to request the immediate creation of cold storage wallets. While BitGo was creating the wallets, FTX temporarily stored its assets on an employee's personal Ledger Nano hardware wallet. The siphoning of funds stopped once the money was moved to the new wallet and the rescued crypto was eventually transferred to BitGo.