FTX moved users’ funds to offline wallets early Saturday morning after a wave of “unauthorized transactions” The hacker stole hundreds of millions of dollars from the troubled cryptocurrency exchange. Ryne Miller, the general counsel at FTX US, didn’t confirm a hack, but said on Twitter The company made the move to “mitigate damage” The potential theft of funds, such as to transfer them offline or to “cold storage,” This prevents anyone from accessing them.

FTX’s new CEO John Ray, who took the place of company founder Sam Bankman-Fried following his resignation on Friday, issued a statement through Miller’s Twitter account Saturday afternoon “We are in the process of removing trading and withdrawal functionality and moving as many digital assets as can be identified to a new cold wallet custodian,” Ray. “As widely reported, unauthorized access to certain assets has occurred.” He also stated that FTX has been in contact with law enforcement. “relevant regulators” We can help you to resolve the situation.

“FTX has been hacked. All funds seem to be gone,” An admin on FTX’s official Telegram channel writes, while also instructing users to delete FTX’s apps and warning against going on the platform’s websites due to the presence of malware. FTX.com as well as FTX.us are currently offline at the time this article was written.

Some users on Twitter speculate whether a member of Bankman-Fried’s inner circle drained the exchange’s funds, with crypto sleuth ZachXBT It is possible to state “multiple former FTX employees confirmed to me they do not recognize these transfers.” Nick Percoco, CEO of Kraken cryptocurrency exchange, says the platform It was possible to identify the account at issue, since the alleged thief used Kraken for the transfer of funds.

Last week’s report from CoinDesk helped set off FTX’s quick and catastrophic collapse, which indicated Alameda Research relied heavily on FTT, a sister token from FTX. Changpeng, Binance CEO, was able to capitalize on this. “CZ” Zhao to announce that his exchange would sell off its FTT tokens, causing the coin’s value to plummet and other customers to jump ship. Binance offered to purchase FTX, but it retracted its offer one day later. “issues are beyond our control or ability to help.”

According to a report from ReutersAfter Bankman-Fried, approximately $1 billion to $2 Billon in customer funds remains unaccounted for “secretly transferred” $10 billion from FTX will be used to support Alameda Research. Text message ReutersBankman-Fried denied the secret transfer of funds and reportedly responded “???” When the question was asked about the missing money, Bankman-Fried also added to the missing funds, according to the outlet. “backdoor” to FTX’s accounting system that reportedly allowed the founder to change the company’s financial records “without alerting other people.”

Update, 3:12PM ET: John Ray added a statement to the updated version.