Ryne Miller, the general counsel at FTX US, didn’t confirm a hack, but said on Twitter that the company made the move to “mitigate damage” caused by the potential theft, as transferring funds offline, or to “cold storage,” helps prevents outsiders from gaining access to them.It’s still unclear how much is missing from the exchange, but a report from CoinDesk suggests the amount could total over $600 million, while the blockchain analytics company, Elliptic, puts this number at about $473 million.Some users on Twitter speculate whether a member of Bankman-Fried’s inner circle drained the exchange’s funds, with crypto sleuth ZachXBT stating “multiple former FTX employees confirmed to me they do not recognize these transfers.” Nick Percoco, the CEO of the cryptocurrency exchange Kraken, says the platform was able to track down the identity of the account in question, as the alleged thief used Kraken to offload the funds.This led Binance CEO Changpeng “CZ” Zhao to announce that his exchange would sell off its FTT tokens, causing the coin’s value to plummet and other customers to jump ship.As FTX struggled to make up for the reported $8 billion shortfall caused by the influx of withdrawal requests, Binance offered to buy the firm, but walked back on its plans just one day later, stating its “issues are beyond our control or ability to help.”According to a report from Reuters, anywhere from $1 billion to $2 billion in customer funds remain unaccounted for after Bankman-Fried “secretly transferred” $10 billion from FTX to prop up Alameda Research."