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Over $600m stolen from FTX as Crypto market loses $201bn

The total market capitalisation of all cryptocurrencies fell to $841 billion, a drop of $201 billion in just seven days.

This was caused by the mysterious disappearance of more than $600 million in cryptocurrency from the wallets of the defunct cryptocurrency corporation FTX.

According to reports, FTX announced on Friday in its official Telegram channel that it had been hacked and advised users not to install any new updates and to delete all FTX apps.

Bloomberg said, on Wednesday, that FTX US General Ryne Miller has issued directives that all staff retain all their emails, messages, notes and documents coming from their work at FTX, FTX US, Alameda and affiliated organisations, according to people with direct knowledge.

FTX General Counsel Ryne Miller tweeted that he was “investigating irregularities with wallet movements connected to aggregation of FTX balances across exchanges.”

The transfers take place on the same day that FTX filed for Chapter 11 bankruptcy protection after allegedly losing billions of dollars in user payments.

Some of the transactions included filthy jokes and insults directed at FTX founder Sam Bankman-Fried.

Members of the cryptocurrency community speculated on Twitter that the funds had been tapped off in an attack.

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