Bitcoin News

As the FTX fall continues to rumble across the sector, Bitcoin and other cryptocurrencies start the week lower

Along with the other top 10 non-stablecoin cryptocurrencies by market capitalization, Bitcoin and Ether all decreased in value during Monday’s early Asian trade. With the exception of XRP, all of the top 10 fell in value over the previous seven days as additional information concerning the collapse of the FTX exchange came to light. 

The hacker who stole an estimated US$600 million from the Bahamas-based exchange and started shifting the money into other tokens was also being sought for, according to FTX, which made an appeal to other exchanges for assistance.

According to CoinMarketCap, Ether dropped 7.3% to US$1,109 and Bitcoin dropped 3.6% to US$15,878.

The FTX hack address was the 35th largest Ethereum holder in the world as of Tuesday, holding at least 228,523.83 Ether. After shifting some of the Ether to a new wallet on Sunday, the hacker started trading it for Ren Bitcoin (renBTC), a token that stands in for Bitcoin on other blockchains.

On Monday morning, FTX issued a Twitter request to other exchanges asking them to help them return “some money transferred from FTX Global and connected creditors without authority.” On November 12, the day after it filed for Chapter 11 bankruptcy in the United States, the disputed money were said to have left the exchange.

Dogecoin, the top memecoin, suffered the biggest losses in CoinMarketCap’s top 10, dropping 8.7% to US$0.07, while Polygon came in second place with an 8% loss to US$0.80.

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