FTX suffered significant financial losses due to a hacker attack but did not report it. The highest single attack resulted in a loss of $600 million.

BlockBeats News reported on October 5th that Michael Lewis, the author of "The Big Short," revealed in his new book "Going Infinite" that FTX had lost a lot of money in a hack, but chose to keep the losses confidential in order to avoid "encouraging" other hackers. The largest hack occurred in March and April 2021. A trader opened an account on FTX and monopolized the market for two tokens, BitMax (BTMX) and MobileCoin (MOB), with extremely low trading volumes. His buying behavior greatly pushed up the prices of these two tokens, with the price of MobileCoin soaring from $2.50 to $54 in just a few weeks. The reason for the price increase was that the trader discovered a flaw in FTX's risk management system, which allowed traders to borrow Bitcoin and other easily sellable cryptocurrencies against the value of their MobileCoin and BitMax holdings. The trader inflated the value of MobileCoin and BitMax to absurd levels so that he could borrow valuable cryptocurrencies from FTX. Once he successfully borrowed, he disappeared, leaving FTX with a pile of collapsed tokens. FTX lost about $600 million from this hack alone, and the total value of all losses from theft has exceeded $1 billion.