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Crypto Market Drops Amid Rumors Of US Treasury Department Investigation

Anna Martynova

Crypto markets are dropping amid rumors that the US Treasury is planning to investigate and impose fines on several financial institutions for money laundering with cryptocurrencies.

Popular Twitter account FXHedge was the first to highlight this information, sending a notification to 122,700 subscribers. A few minutes after the posting of the tweet, the crypto markets turned dark red. Bitcoin fell from $59,000 to a low of $52,800. Ethereum fell from $2,260 to a low of $1,970, while Binance Coin fell from $501 to $440, according to CoinGecko. According to the analytical tracker Bybt, crypto traders lost over $9 bln per day.

In March 2020, the US Treasury Department imposed sanctions on two Chinese citizens and accused them of laundering stolen cryptocurrency on behalf of Lazarus. The FBI has recognized this group as a hacking organization sponsored by North Korea.

Image: Forbes

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