The Latest Breaking News from Bitcoin

The collapsed crypto exchange FTX said on Saturday that it was moving funds into offline storage following a series of “unauthorised transactions”, with analysts saying millions of dollars worth of assets had been withdrawn from the platform.

Cryptocurrency News Weekly Wrap-Up: Bitcoin and crypto prices plummeted as FTX rapidly collapsed and filed for bankruptcy.

Shiba Inu (CRYPTO: SHIB) swung wildly between 9 a.m. and 10 a.m. after news hit that cryptocurrency platform FTX had filed for bankruptcy.

The stock market rally soared this week on a tame CPI inflation report. Bitcoin hit a two-year low while Meta and Tesla were in focus.

Cybercrime insurance is making the ransomware problem worse During the COVID-19 pandemic, there was another outbreak in cyberspace: a digital epidemic driven by ransomware.

The trading platform had been struggling to raise billions in funds to stave off collapse after a wave of withdrawals.

Crypto assets are infamous for being highly speculative and volatile, but it is their “debt problems” that have once again made headlines. Since November 2021, the total value of cryptocurrencies has now fallen from a peak of over US$3 trillion (£2.6 trillion) to circa US$830 billion (£706 billion).

FTX and most of its subsidiaries officially filed for Chapter 11 bankruptcy protections Friday, while CEO Sam Bankman-Fried resigned.

FTX had agreed earlier this week to sell itself to bigger rival Binance after experiencing the cryptocurrency equivalent of a bank run. The Department of Justice and the SEC are investigating.