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The exchange froze customer withdrawals on Nov 8, 2022 and filed for Chapter 11 three days later. The same sequence recurs at every insolvent exchange — learn to read it early.
Hot wallets on Ethereum, Solana, XRP and Bitcoin were drained in minutes; analysts tied the theft to North Korea, while the exchange said its cold storage stayed safe.
In December 2024 the FBI, Japan's police and a Pentagon cyber unit traced the year's largest crypto theft — about $305 million — to North Korea's TraderTraitor crew.
In November 2023 the exchange and its founder admitted to years of anti-money-laundering and sanctions failures. Two years later, a presidential pardon reopened questions the record was meant to settle.
Justin Sun's veteran U.S. exchange was drained in November 2023; security firms pegged the loss between $114M and $130M, in a classic stolen-hot-wallet-key breach.
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