FTX has asked its customers to not go onto its website while it investigates what it said could be an expensive hack. A crypto analytics firm said more than $400 million worth of crypto funds seems to be missing, the Wall Street Journal reports. The US counsel for FTX, Ryne Miller, tweeted Saturday that FTX and FTX US began shifting digital assets to crypto wallets, which aren't connected to the internet, after the cryptocurrency exchange filed for Chapter 11 bankruptcy protection. The tweet said FTX is "investigating abnormalities with wallet movements related to the consolidation of FTX balances across exchanges." Miller later posted that the process of moving the funds to other storage had been speeded up to limit the damage, per the New York Times. On the official FTX Telegram channel, a post blamed hacking.
FTX suffered another indignity when it was announced that an NBA game Saturday will be the last one played in FTX Arena. Miami-Dade County and the Miami Heat announced they're terminating their naming rights deal with FTX, per ESPN. Calling the turn of events for the cryptocurrency exchange "extremely disappointing," the team and county said they're looking for a new naming rights deal with somebody else. The next installment due from FTX was $5.5 million, in January. The deal, signed last year, was for $135 million over 19 years. The team was to collect $2 million of that per year, with about $90 million total going to Miami-Dade County, mostly to be used to end poverty and gun violence. (Read more FTX stories.)