FTX Stored Keys for $100M+ Accounts in Plaintext

Revelations about FTX's negligent behavior continue, with reports the company stored keys for accounts worth more than $100 million in plaintext....

FTX Stored Keys for $100M+ Accounts in Plaintext

Written by WebProNews

Monday, April 10, 2023

Revelations about FTX’s negligent behavior continue, with reports the company stored keys for accounts worth more than $100 million in plaintext.

According to crypto research Molly White, FTX failed to take even the most basic security measures to protect and secure client accounts.

Debtors give multiple examples of irresponsible key storage. Keys to >$100M stored in unencrypted plaintext, for example, or in tools unsuitable for the job. Keys were often accessible by many employees with no auditing. Keys were poorly labeled, with names like "use this". pic.twitter.com/FXPSu2ftKu
— Molly White (@molly0xFFF) April 10, 2023

While nothing should surprise anyone regarding FTX, it’s still always a bit shocking when a company fails to employ basic security measures, especially when that company is involved in financial transactions.