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The conspiracies and issues connected to FTX are on a never-ending tangent. The admin of the FTX Telegram account has recently confirmed the rumors that the cryptocurrency exchange was dealing with hack attacks. A few weeks ago, the reports about the financial struggles of FTX made international headlines.

Following the rumors, the users of the exchange started to drain their reserves from the exchange leading it to the verge of insolvency. However, a recent message from FTX’s social media cell from Telegram has revealed that the company is now dealing with a hack attack that has resulted in the drainage of all its reminder funds.

Trojan Viruses and Malware

The official Twitter account of FTX has recently claimed that several websites and official applications of FTX were spiked with Trojan viruses and malware.

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On the other hand, the social media handle of FTX on Twitter exclaimed that some abnormalities had been detected with FTX-related wallet addresses that are related to the consolidation of crypto reserves of the crypto exchange.

The general counsel of FTX, Ryne Miller, has recently exclaimed that FTX and FTX.US have moved all the funds of its user to a cold storage wallet for safekeeping.

Miller has tweeted that as per chapter 11 of bankruptcy laws, the company the dot US and dot com reserves are now under the ownership of FTX for safekeeping and to prevent unauthorized transactions.

As per the news circulating about the latest FTX hack, it seems that the cryptocurrency exchange has lost around $400 million out of a single digital wallet. The news about FTX collapse has spread like wildfire in the cryptocurrency community and acted as headwinds for the development of the global DeFi ecosystem.

SBF officially filed for legal protection under Chapter 11 of bankruptcy laws. However, the cryptocurrency markets will take some time to recover from this shock.

At present, some major developments are happening in the cryptocurrency sector, with the head of the industry moving to restore the waning faith of the cryptocurrency investors and retain a large portion of the institutional crypto market share.

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Larry Wright

By Larry Wright

Larry Wright is a Pulitzer Prize-winning journalist and author. He is known for his insightful reporting and his ability to delve into complex issues with clarity and precision. His writing has been widely acclaimed for its depth and intelligence.