FTT is at risk of dipping to a major support level at $10.70 as the asset sheds over 32% of its value in the past day amidst FTX’s insolvency concerns.

Analyses indicate that the native token of Sam Bankman-Fried’s FTX, FTT might be on the verge of falling to the support level at $10.70 before long. These projections follow the asset’s crash below the previous support zone at $21.03, as it plummets by 32% in the past 24 hours. CryptoQuant author Maartunn highlighted that the asset’s next support level is at the $10.70 level.

Next support-level for $FTT is at $10,70 pic.twitter.com/oulZ9QBL4H

— Maartunn (@JA_Maartun) November 8, 2022

FTT, which had started the month with a value of $25, had seen minor dips in the past few days. Despite these instances of price drops as November progressed, the asset had held on to the support at $21.03, showing strong resilience at the price level. 

Notwithstanding, the asset broke below the $22 zone following CZ’s remarks on Binance’s FTT holdings. CZ revealed on Sunday that Binance is looking to liquidate all its FTT holdings, amounting to hundreds of millions of dollars as a result of “recent revelations.”

Although the Binance chief assured the community that the exchange will sell off the assets in a way that reduces chances of a market impact, the decision has instigated a wave of terror, as several investors have taken to selling off their FTT holdings, with others taking their assets off FTX amidst insolvency concerns.

Amidst these worrisome reports, FTT has been majorly impacted by the recent trend of selloffs. The asset dropped from a value of $22.06 at 2:45 AM to  $15.4 at 5:45 AM (UTC) on Tuesday, marking a 30% dip in just three hours. Despite staging a slight comeback, the asset has been hit hard again, as it drops to a value of $14.7 as of press time, per data from TradingView.

The last time FTT traded at the $14.7 zone was in February of 2021. Following the break below the support at $21.03, there appears to be minimal signs of a reversal in the asset’s current price direction between its current price point and the support at $10.70. Consequently, analysts envision a drop to the psychological level at $10.

Furthermore, Blockchain reporter Colin Wu revealed that over $12M has been liquidated in the FTT Futures Market today. This marked the highest 24-hour liquidation in the asset’s history. The asset currently has a 140M buy order at a price point of $14 on FTX which is still live as of press time.

At present, FTT’s technicals are indicating a “strong sell” signal, according to TradingView. Despite witnessing Neutral zones at a value of 19 on its Relative Strength Index, the asset’s current MACD Level is in the red territory.

Meanwhile, FTX is witnessing a mass exodus of investors amidst these concerning situations. The Crypto Basic recently revealed that the exchange has witnessed nearly $1B in outflows in the past week, with a single whale moving out over $247M in USDT and USDC in less than 24 hours.

Cybersecurity personnel has thwarted an attempted attack on an Israeli crypto firm masterminded by North Korean hackers.

Hackers originating from North Korea recently attempted to steal funds from an Israel-based crypto company but had their efforts frustrated by cybersecurity personnel.

The company, which remains unidentified at the time of writing, was attacked through an impersonation scheme in which the hackers positioned themselves as Japanese suppliers, Times Of Israel reports. The report notes that the hack mechanism was professional and sophisticated.

Notwithstanding the sophistication, the hack attempt was foiled by personnel from Tel Aviv-based cybersecurity company Konfidas. According to the local report, the appliances utilized in the hack were enigmatic, setting off “alarm bells in Israel.” There is an assertion that the funds would have gone towards fostering the nuclear program at the North Korean capital of Pyongyang, but this claim could be based on previous attacks from North Korean hacking groups.

North Korea’s cybercrime capabilities became apparent in 2014 following claims that it had hacked American entertainment firm Sony Pictures in retaliation for the 2014 movie “The Interview,” which ridiculed North Korea’s leader Kim Jong-un.

Since then, several top hacks on central banks and government agencies have been linked to North Korea. Reports suggest that hackers from the country were responsible for the $60M theft from the leading Taiwanese financial entity, the Far Eastern International Bank.

Additionally, the 2017 global epidemic that was the WannaCry ransomware attack has been traced to hackers from North Korea. The crypto-related hack, which attacked computers using the Microsoft Windows OS, encrypted the data of the affected users and demanded payments in Bitcoin.

Furthermore, the Lazarus Heist of 2016, which saw $81M siphoned from the Bangladesh national bank, has been linked to North Korean hackers. The original plan of the cyber attack was to steal as much as $1B from the central bank of Bangladesh, but the damage was mitigated soon enough.

Amidst crippling sanctions, North Korean hackers had illegally procured over $300M worth of crypto assets in several attacks which went into developing the East Asian country’s nuclear weapons program, according to a confidential UN report previously leaked to the public.

Information from the document revealed that hackers from North Korea had explored vulnerabilities noticed in crypto exchanges and financial entities, stealing funds for the Pyongyang weapons program.