FTX, a collapsed cryptocurrency trading company, confirmed that there was “unauthorized access” Hours after filing for Chapter 11 bankruptcy protection on Friday, the company’s accounts reported that it had received its funds.

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, according to a tweet by FTX’s general counsel Ryne Miller. The company also stated that FTX was coordinating with regulators and law enforcement.

It is not clear how much money was involved, but Elliptic analytics firm estimated that $477 million was missing from the stock exchange. Another $186 million was moved out of FTX’s accounts, but that may have been FTX moving assets to storage, said Elliptic’s co-founder and chief scientist Tom Robinson.

A 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.

Until recently, FTX was one of the world’s largest cryptocurrency exchanges. When it filed for bankruptcy protection on Friday, it was already in deficit of billions of dollars. The former CEO and founder, Sam Bankman Fried, resigned.

According to bankruptcy filings, the company listed 130 affiliate companies worldwide and had estimated its assets at between $10 billion and $50 billion.

The collapse of the once-great exchange has sent shockwaves through industry. Companies that backed FTX are writing down their investments, and bitcoin and other digital currencies prices are falling. The industry is undergoing a massive overhaul, with regulators and politicians calling for tighter supervision. Experts believe that the saga continues.

“We’ll have to wait and see what the fallout is, but I think we are going to see more dominoes falling and an awful lot of people stand to lose their money and their savings,” Frances Coppola, an independent financial- and economic commentator. “And that is just tragic, really.”

Coppola and other analysts speculate that the hacker could have been insider because of the timing and extent of his access to money.

FTX said Saturday that it’s moving as many digital assets as can be identified to a new “cold wallet custodian,” It is essentially a way to store assets offline without allowing remote access.

“It does look as if the liquidators didn’t act fast enough to stop some kind of siphoning off of funds from FTX after it filed for bankruptcy, and that’s bad, but it just shows how complex this thing is,” Coppola said.

Initial speculation was that all the money missing might have been liquidators or bankruptcy administrator trying to move assets into a more secure location. Molly White, a Harvard University cryptocurrency researcher and fellow at the Library Innovation Lab, stated that it is unusual for this to occur on Friday nights.

“It looked very different from what a liquidator might do if they were trying to secure the funds,” She spoke.

White stated that there are indications of insider involvement. “It seems unlikely that someone who is not an insider could have pulled off such a massive hack with so much access to FTX systems.”

Coppola stated that the collapse in FTX highlights how cryptocurrency must be regulated like traditional finance.

“Cyrpto isn’t in the very early stages anymore,” She spoke. “We’ve got ordinary people putting their life savings into it.”

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