FTX's missing millions highlights urgent need for 'proper security and protection' against hackers

International law firm RPC says news of $415million worth of stolen crypto 'comes as a further blow' to customers

Following the theft of $415million worth of crypto by hackers from collapsed crypto exchange FTX, Partner Dan Wyatt, said:

"The news that some $415m in cryptocurrency has been stolen from FTX as a result of hacks since the company filed for bankruptcy in November comes as a further blow for creditors and customers.  

"It is not clear how the cryptocurrency was held or indeed hacked, but it highlights the need for increased security in respect of the large amounts of cryptocurrency being recovered and held by FTX.  Ultimately, the best way to protect cryptocurrency from hacking is to store it in cold (offline) wallets.

"However, one positive development in the FTX saga is the news that over $5bn in crypto, cash and liquid securities has been recovered by FTX since declaring bankruptcy.  

"This suggests that the shortfall for creditors and customers may not be as severe as first feared.  It is clearly imperative, though, that these recovered amounts are properly secured and protected from further theft by hacking."