37 BORED APES STOLEN IN BIZARRE HACK, FTX DROPPING $53K PER HOUR ON LEGAL FEES

The crypto world never sleeps, and this past weekend was no exception. And Bored Ape 6623 was the most valuable of all, sold three months ago for 123 ETH ($354,500) meaning that collectively the total value of the four stolen Apes is just over $1 million.While many were enjoying their downtime, a whirlwind of activity unfolded, marked by both misfortune and massive financial expenditures. The Justice Department charged three people last month with a phone-hacking scheme that included the hack and heist of Sam Bankman-Fried s onetime company, according to people familiar with theThe headlines are dominated by two significant events: a peculiar hack resulting in the temporary theft of 37 Bored Ape Yacht Club NFTs, and the staggering legal fees being racked up by the now-bankrupt cryptocurrency exchange, FTX. FTX attributed some of the shortfall to hacks, saying that $323 million in crypto had been hacked from FTX's international exchange and $90 million had been hacked from its U.S. exchange since itThese incidents, seemingly disparate, highlight the vulnerabilities and high-stakes environment inherent in the digital asset landscape. A hacker stole $400M from FTX this weekend. Here s what we know so farFrom ingenious exploits to the exorbitant costs of corporate collapse, let's delve into the details of what transpired and what it means for the future of crypto investing and security.

This isn't just another story about digital theft; it's a cautionary tale of overlooked smart contract vulnerabilities and the swift, often perplexing, actions of hackers.On the other end of the spectrum, the exorbitant legal bills of FTX offer a stark reminder of the real-world financial consequences of mismanagement and alleged fraud in the crypto space. FTX loses $53K every hour on bankruptcy fees, latest filings show More than $118 million in legal and advisory fees were billed to the bankrupt crypto exchange between August and OctoberJoin us as we unpack these unfolding events, exploring their implications and offering insights into navigating the ever-changing crypto terrain. Creditors of the collapsed cryptocurrency exchange FTX are poised to receive up to $16.5bn ( 12.6bn) under a bankruptcy plan approved in the US on Monday.Forget what you thought you knew; the details are stranger than fiction.

The Curious Case of the Stolen and Returned Bored Apes

Imagine waking up to discover that a valuable piece of digital art you own has vanished. 37 bored Apes were stolen this weekend And whatever you think happened next You're Wrong good morning you're listening to The ryzen crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily DispatchesThis nightmare scenario became reality for several Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT holders this past weekend. Three people charged over SIM swap scheme that targeted FTX Sam Bankman-Fried had speculated hack was an inside job Three people have been charged with orchestrating a SIM-swapping scam that siphoned more than $400 million from FTX as the cryptocurrency exchange spiraled into bankruptcy. Hours afterA hacker, exploiting a flaw in an older smart contract, managed to pilfer 37 Bored Apes and 13 Mutant Apes. quot;It 39;s brutal out there quot; - that 39;s what crypto insider Anton Golub says, and shares some tips on how to weather the crypto winter. Listen to this many moreThe initial shock quickly turned into bewilderment as the stolen NFTs began to be returned.Yes, you read that right – returned!

This bizarre twist in the tale has left the crypto community scratching their heads.Was it a white hat hack designed to expose the vulnerability? Hackers who stole around $477 million worth of cryptocurrency from collapsed exchange FTX have started to launder the funds into bitcoin.Did the hacker experience a pang of conscience?Or was it something more strategic, perhaps related to laundering the NFTs or manipulating the market? FTX management updated its estimated asset recoveries to $5.5 billion, and offered a new breakdown of over $400 million worth of missing assets.Whatever the reason, the incident serves as a stark reminder of the ever-present security risks associated with digital assets and the importance of proactive security measures.

How Did the Hack Happen?

The details surrounding the hack are still emerging, but the core issue appears to stem from an older, potentially outdated, smart contract associated with the Bored Ape Yacht Club ecosystem. FTX is investigating abnormal transactions as analysts said hundreds of millions of dollars worth of assets had been withdrawn, in a fresh blow to creditors of Sam Bankman-Fried s crypto empireSmart contracts, the self-executing agreements that govern NFT ownership and transfer, can sometimes contain vulnerabilities that hackers can exploit. The transfer of $477 million of crypto out FTX accounts last weekend raised worries of theft, but is part of a fight over control of the exchange s bankruptcy.In this case, the hacker seems to have found a way to bypass the intended security measures and initiate unauthorized transfers of the NFTs.

It's crucial to remember that even established projects like BAYC are not immune to security breaches. The FTX estate released $1.2 billion on Tuesday as part of a lengthy creditor repayment plan. Affected customers with claims of less than $50,000 can access their funds through Kraken or BitGo.Regular audits of smart contracts and ongoing security monitoring are essential to mitigate these risks. 781 episodes from 401 podcasts have bored ape yacht club as a topic. New episodes about every other week. Follow bored ape yacht club on Ivy.fm.Furthermore, users should be vigilant about granting permissions to new or unfamiliar contracts, as these can often be gateways for malicious actors.

The Million-Dollar Question: Why Return the Apes?

This is the million-dollar question, literally.The stolen Bored Apes represented a significant sum of money.Given the high value of these NFTs, the decision to return them is truly perplexing.Here are some possible explanations:

• White Hat Hacking: The hacker may have been a ""white hat,"" an ethical hacker who identifies vulnerabilities to help improve security rather than for personal gain. The collapse of FTX, already one of the most spectacular disasters in financial history, worsened as hundreds of millions of dollars were drained from the cryptocurrency exchange hours after itReturning the NFTs after demonstrating the exploit would support this theory.
• Difficulty Laundering: High-value NFTs like Bored Apes are notoriously difficult to launder without attracting attention.Centralized exchanges typically require KYC (Know Your Customer) verification, and decentralized exchanges offer limited liquidity for such assets.
• Market Manipulation: The hacker might have intended to create a temporary panic and buy back the NFTs at a lower price, although this seems less likely given the subsequent return.
• Fear of Prosecution: Law enforcement agencies are increasingly focused on tracking and prosecuting crypto-related crimes.The hacker may have feared being identified and facing legal consequences.

Ultimately, the true motive remains unknown. Among the Alameda wallet s rarest collectibles are three Bored Apes with gold fur, a trait with a floor price of 1,000 ETH. The last gold fur Bored Ape sold for 800 ETH, though in the event ofHowever, this incident underscores the complex dynamics at play in the NFT space and the ongoing cat-and-mouse game between security experts and malicious actors.

FTX's Bankruptcy Black Hole: $53K Per Hour in Legal Fees

While the Bored Ape saga unfolded, another drama was playing out in the world of cryptocurrency: the ongoing bankruptcy proceedings of FTX. The U.S. federal government on Wednesday charged three people with a yearslong phone hacking conspiracy that culminated in the infamous theft of $400 million from FTX as Sam Bankman-Fried's cryptoThe numbers associated with this collapse are staggering, but one figure stands out in particular: $53,000 per hour.That's the estimated rate at which FTX is hemorrhaging money on legal and advisory fees as it navigates the complexities of Chapter 11 bankruptcy.

The collapse of Sam Bankman-Fried's crypto empire has been one of the most spectacular disasters in financial history.The sheer scale of the fraud and mismanagement alleged, coupled with the intricate web of legal and financial arrangements, has created a massive and costly cleanup operation.With over $118 million already billed between August and October alone, the total cost of the bankruptcy is rapidly approaching $1 billion.

Where is All the Money Going?

The exorbitant legal fees associated with the FTX bankruptcy stem from several factors:

• Extensive Litigation: FTX is facing a barrage of lawsuits from creditors, investors, and regulatory agencies.Defending against these claims requires a team of lawyers working around the clock.
• Asset Recovery: One of the primary goals of the bankruptcy proceedings is to recover as much of the missing assets as possible. In November 2025, $477 million was stolen from FTX by an unidentified hacker, just as the exchange collapsed into bankruptcy. The thief lost $94 million in the days following the hack as they rushed to launder the funds through decentralized exchanges (DEXs), cross-chain bridges and mixers.This involves complex investigations, forensic accounting, and legal battles.
• Restructuring Efforts: The bankruptcy process aims to restructure FTX's operations and finances to maximize the value for creditors. The first big clue to who pulled off the FTX hack came on Jan. 30 when Ars Technica got its hands on a document laying out charges against three U.S. individuals who had engaged in SIM-swapping toThis requires significant expertise in corporate restructuring and insolvency law.
• Regulatory Compliance: FTX is subject to intense scrutiny from regulatory bodies around the world. The three defendants are charged with conspiracy to commit wire fraud and conspiracy to commit aggravated identity theft and access device fraud.Ensuring compliance with various legal and regulatory requirements adds to the overall cost.

The process is further complicated by the fact that FTX's operations were spread across multiple jurisdictions, making it challenging to unravel the company's financial dealings. Cryptocurrency exchange FTX, which filed for bankruptcy Friday, is investigating whether crypto assets were stolen and has moved all its digital assets offline, the company said Saturday. TheThis international dimension adds another layer of complexity and expense to the bankruptcy proceedings.

The Impact on FTX Creditors

The massive legal fees being paid out in the FTX bankruptcy have a direct impact on the creditors who are owed money by the exchange. The cost of FTX s bankruptcy is approaching $1 billion, cementing the implosion of Sam Bankman-Fried s crypto enterprise as one of costliest Chapter 11 cases in US history.Every dollar spent on legal fees is a dollar less that can be distributed to creditors. FTX co-founder Sam Bankman-Fried leaving federal court in New York in early January. Photo: ed jones/Agence France-Presse/Getty ImagesThis is particularly concerning for smaller creditors who may be relying on these funds to recoup their losses.

However, there is some positive news for smaller creditors. Of all the weekend s interesting developments, there s one story you ll want to hear: 37 Bored Ape Yacht Club and 13 Mutant Ape Yacht Club NFTs were stolen after a hacker found an exploit in an old smart contract and you ll never guess what happened next! Further reading: 37 Bored Apes stolen and then returned in bizarre hackThe FTX estate released $1.2 billion as part of a creditor repayment plan, allowing affected customers with claims of less than $50,000 to access their funds through Kraken or BitGo. At the same time, CryptoPunks has seen much less price action. The floor price had been hovering between ETH for a month, only to drop to 63 to 64 ETH amidst all the crypto turmoil. Bored Apes have been number 1 for less than a year, and now CryptoPunks is back on top.While this is a welcome development, it's only a fraction of the total amount owed to creditors.

Recovering Missing Assets: A Glimmer of Hope

Despite the challenges, there have been some successes in recovering missing assets. Among FTX s most attractive assets was a stake in AI start-up Anthropic, whose shares it sold for nearly $900mn this year. FTX said assets converted into cash will total between $14.5bn and $15.8bn.FTX management has updated its estimated asset recoveries to $5.5 billion and offered a new breakdown of over $400 million worth of missing assets.The exchange also sold its stake in AI start-up Anthropic for nearly $900 million.

The process of recovering these assets is complex and time-consuming, but it offers a glimmer of hope for creditors who are hoping to recoup at least some of their losses.However, the sheer scale of the alleged fraud and mismanagement means that many creditors are likely to face significant losses.

The FTX Hack: From Theft to Recovery

Adding another layer to the FTX saga is the infamous hack that occurred shortly after the exchange's collapse.In November 2025, a staggering $477 million was stolen from FTX by an unidentified hacker.The timing of the hack raised suspicions, with some speculating that it was an inside job. 5 things to know in Bitcoin this week, 37 Bored Apes stolen in a bizarre hack, FTX dropping $53K per hour on legal fees 👀 Jumpstart your Monday with a swift crypto update on the latestSam Bankman-Fried himself even suggested the possibility of insider involvement.

While the identity of the hacker remains unknown, the Justice Department has charged three people with a phone-hacking scheme that included the theft from FTX.These individuals allegedly used SIM-swapping techniques to gain access to FTX accounts and siphon off funds.

Laundering Attempts and Subsequent Losses

The hacker's attempt to launder the stolen funds proved to be less than successful.In the days following the hack, they lost $94 million while attempting to move the funds through decentralized exchanges (DEXs), cross-chain bridges, and mixers.This highlights the challenges of laundering large sums of cryptocurrency, even with sophisticated techniques.

The investigation into the FTX hack is ongoing, and it remains to be seen whether the stolen funds will be fully recovered.However, the charges against the three individuals involved in the phone-hacking scheme represent a significant step forward in the investigation.

Lessons Learned and Moving Forward

The intertwined stories of the stolen Bored Apes and the FTX collapse offer valuable lessons for anyone involved in the cryptocurrency space.

Security is Paramount

The Bored Ape hack underscores the importance of robust security measures, both for NFT projects and individual users.Regular audits of smart contracts, vigilant monitoring of suspicious activity, and cautious granting of permissions are essential to protect digital assets.

Due Diligence is Crucial

The FTX collapse highlights the risks of investing in unregulated or poorly managed cryptocurrency exchanges.Thorough due diligence, including researching the company's financials, management team, and regulatory compliance, is crucial before entrusting your funds to any platform.

Regulation is Needed

The lack of clear regulatory oversight in the cryptocurrency industry has contributed to the problems at FTX.Stronger regulatory frameworks are needed to protect investors and prevent future collapses.

Diversification is Key

The concentration of assets in a single exchange or platform can be risky.Diversifying your holdings across multiple platforms and asset classes can help mitigate potential losses.

Conclusion: Navigating the Crypto Landscape

The events surrounding the stolen Bored Apes and the FTX collapse serve as a stark reminder of the inherent risks and complexities within the cryptocurrency ecosystem.While the swift return of the stolen NFTs offers a glimmer of hope and highlights the potential for ethical hacking, the ongoing fallout from FTX's bankruptcy underscores the devastating consequences of mismanagement and alleged fraud.As the crypto landscape continues to evolve, it's crucial for investors and participants to prioritize security, conduct thorough due diligence, and advocate for stronger regulatory frameworks.The journey towards a more secure and stable crypto future requires vigilance, informed decision-making, and a commitment to ethical practices.Understanding these events, and learning from them, is critical to navigating the future of crypto investing.Remember, while the potential rewards can be significant, the risks are equally substantial, demanding a cautious and well-informed approach.Was the exploit a true expose or something else?Only time will tell.The crypto cosmos continues its unpredictable journey.