×
App Icon
The Standard e-Paper
Read Offline Anywhere
★★★★ - on Play Store
Download Now

Funds vanish at bankrupt crypto firm FTX

Vocalize Pre-Player Loader

Audio By Vocalize

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.

Premium Article

Get Full Access for Ksh299/Week.

Fact-first reporting that puts you at the heart of the newsroom. Subscribe for full access.
Continue Reading  →
What you get
  • Unlimited access to all premium content
  • Ad-free browsing experience
  • Mobile-optimised reading
  • Weekly newsletters & digests
Pay via
M - PESA
VISA
Airtel Money
Secure Payments Kenya's most trusted newsroom since 1902
By AFP 16 hrs ago
Football
Senegal parade AFCON trophy at Stade de France, despite being stripped of title
Rugby
Shujaa hammer Germany to kick off Sao Paulo 7s with big win
Sports
New faces set to dominate handball contest
Sports
Kenya's Ngechu shines in girl's category as Gicheru shines in the boys category