The Pandora’s Box that is the FTX debacle continues to churn out one astonishing revelation after another about the leadup to the exchange’s dramatic collapse, as it emerged that the exchange stored private keys without encryption.
The revelation was made as part of the prepared testimony by FTX’s new Chief Executive, John Ray III.
Private Keys Stored Without Encryption
FTX’s new Chief Executive, John Ray III, has made some damning revelations during his testimony to the US House Financials Committee, which is conducting a hearing into the exchange’s unprecedented collapse. One of the most concerning statements made by Ray during the testimony was that FTX stored private keys to crypto wallets without encryption, leaving customer funds worth millions vulnerable to theft and other malicious activities.
The revelations were part of a prepared testimony to the House Financial Committee. However, he added that the new management had taken concrete steps to secure over $1
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