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collapse crypto trading firm FTX confirmed that there was unauthorized access to its accounts shortly shortly after it filed for bankruptcy now moments later the embattled companys new CEO announced that FTX is now switching off the option of trading or withdrawing funds exactly how much money is involved Still Remains unclear but as per analytics firm elliptic estimated that a whopping 477 million US dollars were missing from the exchange adding that another 186 million US dollars were moved out of ftxs accounts but that there may have been ftxs they must have moved assets to storage the company said that it was moving as many digital assets as can be identified to a new wallet custodian now a cold wallet or cold storage is used to store a digital asset on a platform not connected to the internet thereby protecting it from unauthorized access cyber hacks and other vulnerabilities meanwhile a debate formed on social media about whether the exchange was or its just a company