The USDT issuer company decided to freeze the funds transferred from the FTX exchange recently, which was allegedly a part of a hack attack on the exchange.
As all of us know very well that FTX crypto exchange suspended its trade services and is now working to file Bankruptcy under Chapter 11 in a US court. Around 5 million crypto users’ funds are stuck on this struggling crypto exchange. Tesla CEO Elon Musk also responded to this situation through a meme.
On 11 November, a Few people noted huge numbers of unauthorised & unofficial transactions from the FTX exchange to unknown wallets. People claimed that it may be part of the bankruptcy filing but later FTX team confirmed on the telegram channel that the exchange was compromised & all such crypto transactions are part of a hack attack.
Following this hacking news, Tether, a USDT issuer company, froze the USDT transferred funds, which includes 3.9 million USDT on Avalanche and $27.5 million USDT on Solana. Hackers also stole Ethereum, USDP & Chainlink.
Tesla CEO Elon Musk, who recently purchased Twitter, said that Twitter is playing an important role to inform the crypto community about the ongoing hurdles with the FTX exchange.
In the present time, the majority of crypto exchanges are facing problems because of the downfall of the FTX exchange. In response to this situation, almost all the crypto exchanges are reporting their proof of reserves to gain their Investors back on the platform.
Bitcoin, the biggest crypto asset by market cap, is currently trading at a price of $16,877 and this price is 20.6% down over the last one week of trade price.