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Funds vanish at bankrupt crypto firm FTX

An advertisement for Bitcoin cryptocurrency is displayed on a street in Hong Kong, on February 17, 2022. [AP Photo]

Collapsed cryptocurrency trading firm FTX confirmed there was "unauthorised access" to its accounts, hours after the company filed for Chapter 11 bankruptcy protection Friday.

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. FTX is also coordinating with law enforcement and regulators, the company said.

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