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

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.

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.


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.

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