The Heroic Act That Saved FTX from a Massive Crypto Heist
Last November, as the crypto exchange FTX was collapsing, an adviser from consulting firm Alvarez & Marsall named Kumanan Ramanathan stepped up and prevented what could have been one of the biggest crypto heists in history. FTX had recently declared bankruptcy when a group of thieves targeted the exchange’s wallets. Amid the chaos, Ramanathan, who had a Ledger Nano hardware wallet, volunteered to secure the remaining assets.
Ramanathan set up a new wallet and transferred the assets onto his Ledger. This temporary measure allowed FTX to reach out to their custodian BitGo and establish a more secure storage solution. The remaining funds were moved while BitGo prepared secure wallets, effectively stopping further theft.
By the end of the night, Ramanathan was safeguarding between $400 and $500 million worth of crypto on his Ledger. His quick thinking and courage played a crucial role in preserving the remaining assets for the bankruptcy estate.
Hot Take: A Heroic Effort to Protect Crypto Assets
In a dramatic turn of events, Kumanan Ramanathan’s heroic act saved FTX from experiencing one of the largest crypto heists in history. With quick thinking and courage, Ramanathan secured millions of dollars worth of cryptocurrency assets on his Ledger hardware wallet. His actions allowed FTX to establish a more secure storage solution and prevent further theft. This story highlights the importance of individuals taking responsibility and stepping up during times of crisis to protect valuable digital assets. It serves as a reminder that even in moments of chaos, there are heroes among us who can make a significant impact.
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