Alameda Bungled Security, Lost $190 Million From Hacks

Published by BingXOfficial at 2023-10-12

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Today’s Cryptocurrency Headline

A former employee of Alameda Research claims the sister trading firm to the collapsed FTX crypto exchange at one point lost $100 million after a trader clicked on a phishing link. That wasn’t the only time the firm, co-founded by the disgraced crypto mogul Sam Bankman-Fried, was duped and lost millions of dollars. Bankman-Fried “believed that the single most important thing for a startup like Alameda … was being able to move very, very fast, so much so that he decided to ignore engineering and accounting practices that are considered standard at tech companies and financial services firms,” Aditya Baradwaj posted to X. The former Alameda software engineer has recently been vocal about what went on at the trading firm, posting various accounts on social media. The latest details came as former Alameda Research CEO Caroline Ellison told a New York Court that Bankman-Fried instructed her to commit crimes.

BingX’s Bitcoin Chart

Source: TradingView & BingX

The entire cryptocurrency market remains relatively quiet. It is worth noting that after experiencing a decline yesterday, BTC has also fallen below the MA30, which is an important medium-term moving average that helps to determine the long-term trend of BTC. However, considering the rebound of most altcoins yesterday, it can be predicted that the market will continue to experience small-scale fluctuations in the coming days. The support level is at $26,400 and the resistance level is at $27,000.

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