Robby Soave explains how — and why — the crypto currency exchange FTX tumbled last week, sending shockwaves through the crypto community. #FTX #cryptocurrency #bitcoin

The general counsel for cryptocurrency trading company FTX announced on Saturday that the exchange is investigating unauthorized transactions.

According to lawyer, Ryne Miller, “Among other things, we are in the process of removing trading and withdrawal functionality and moving as many digital assets as can be identified to a new cold wallet custodian.””

The CEO, who previously led failed energy company Enron through bankruptcy, added that FTX launched an “active fact review and mitigation exercise” directly after the unauthorized exchanges were identified. The company is also in contact with law enforcement and various regulators.

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