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HomeCrypto NewsMarketShady Twitter Account Fxhedge Tweet Erased $288 Billion From Crypto Market

Shady Twitter Account Fxhedge Tweet Erased $288 Billion From Crypto Market

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An unconfirmed headline that the US Treasury is accusing several financial institutions of laundering money in cryptocurrency has caused chaos in the cryptocurrency market.

The headline that allegedly triggered the crash was posted by a shady Twitter account called FXHedge.


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Bitcoin fell to the level of $ 51,000, and the altcoins suffered even more serious losses.

The tweet managed to wipe $288 billion off the cryptocurrency market in 54 minutes after being crawled on social media. At the time of writing, it had more than 5000 likes, despite quoting anonymous sources and disabling comments.

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Jake Chervinsky, general counsel of Compound Finance, writes that he does not consider this tweet credible, since money laundering cases fall under the jurisdiction of the US Department of Justice. He also writes that it would be unusual to charge several financial institutions at once, and such investigations are always kept secret.

 

FXHedge has made false statements in the past, which means that its content should be treated with a high degree of skepticism.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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