The FTX, which is a crypto exchange platform on the verge of collapsing and filled bankruptcy too on Friday has been witnessing a liquidity crunch of approximately $9 billion on the platform.
But some recent malicious transactions into the platform are triggering the ethical side of the platform, some news claims these transactions were done by the company insider. But some suggest these can be some hacker’s activity on the platform.
Who can be behind these malicious transactions?
As per the reports, the innermost indivisible of the FTX company, and if not that then any hackers who want to pull out its frustration for the unregulated working in the FTX, will be operating these transitions. The details for completing these transactions contain the abusive user names too. This way of transacting also depicts that the transactions can be made out of grudge by the hackers.
All these transaction traces are visible to all the crypto enthusiasts on the blockchains and this can be mapped that these funds are now missing for the next transfer. All these transactions were carried out while the transfer of fund transfer of $10 billion to FTX’s sister company Almanda research and the untraceable funds in between these sudden and untraceable transactions are having approximate costs of $1-2 billion.
The funds have been wiped out from some user’s wallets and now they are shown zero balances in their wallets, This discussion has been active on Twitter since Saturday night.
How did the crypto platform FTX collapse?
The global crypto trading platform Binance in its analysis and after acting on the rumors in the market decided to offload all the FTT tokens issued by the FTX Platform. This move of Binance was taken as the company’s internal audit process of all the risky access in the company.
The CEO of Binance announce the statements about FTX tokens and this spread like fire and everyone who was having crypto assets on the FTX platform or was associated with the FTX platform like FTT tokens sold them or transferred them on their crypto exchanges.
All these operations were carried out within the time of approximately 72 hours. This resulted in a liquidity crunch on the platform, and as the platform was not having sufficient backup funds with them, it collapsed.
The FTX platform asked for help or acquisition moves to its competitors, but looking at the internal management loopholes and FTX balance set rumors with this sister company Alameda research, no other company along with Binance, who initially announced to help couldn’t help FTX. This resulted in trouble for the company.
The company had to pause its transactions and had to face the liquid crunch issues in the platform which resulted in the collapse and bankruptcy proceedings of the FTX platform. It is estimated that the FTX platform is in a liquidity crunch of $9 billion at this moment.