The crypto market loses $201 billion in a week after over $600 million is stolen from the FTX exchange

 Without a clear explanation, more than $600 million in cryptocurrencies vanished from the

wallets of the now-defunct cryptocurrency company FTX. 

Soon after, FTX informed users via its official Telegram channel that it had been hacked and urged them not to install any additional updates and to delete all FTX apps. 

There has been a breach of FTX. FTX apps include malware. Remove them. There is a chat window open. The FTX website might download Trojans, advised a chat moderator in the FTX Support channel. Avoid going there. Ryne Miller, FTX's general counsel, published the.

On-chain statistics show that a number of Ethereum tokens, as well as the Solana and Binance Smart Chain tokens, have left FTX's official wallets and moved to decentralized exchanges like 1inch. Both FTX and FTX US seem to be affected. 

Ryne Miller, the general counsel for FTX, tweeted that he was "looking into wallet movement abnormalities related to the aggregate of ftx holdings across exchanges." 

The transfers take place on the same day that FTX officially requested Chapter 11 bankruptcy protection following the alleged loss of billions of dollars in customer payments. The FTX hierarchy has not formally acknowledged the transfers.

Several wallet users have also complained that the FTX US and wallets have $0 balances. In this scenario, the FTX API could not be accessible. 

Some of the transactions featured crude comments and insults directed at Sam Bankman-Fried, the founder of FTX. Members of the cryptocurrency community conjectured on Twitter that an assault had sucked off the assets. 

Others hypothesized that someone in Fried's close circle might be in charge of planning the outflows. 

All cryptocurrencies' market capitalization fell to $841 billion, a $201 billion decline in just seven days. Since 130 organizations with which the company was affiliated are also affected by the FTX Bankruptcy action, the likelihood of industry contagion is at an all-time high.

There have also been numerous reports of $0 balances in the FTX US and wallets from wallet owners. The FTX API might not be accessible in this situation. 

In some of the transactions, dirty remarks and insults were directed towards FTX founder Sam Bankman-Fried. On Twitter, members in the cryptocurrency community made wild conjectures about how the money had been stolen. 

Others speculated that one of Fried's circle, which includes Bankman-inner Fried, would be in responsible of planning the outflows. 

The market value of all cryptocurrencies fell to $841 billion, a $201 billion decline in just seven days. The FTX Bankruptcy case also affects 130 organizations with which the company was affiliated, and the likelihood of industry contagion is at an all-time high.


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