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Bitcoin slips amid global uncertainty

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One major cryptocurrency has slipped again, sending shockwaves through the sector

Bitcoin dropped 1.54%, slipping from the 20,000 mark after losing $310 from its previous close.

The world’s best-known cryptocurrency, Bitcoin, is down 59% from the year’s high of $48,234.

Meanwhile, Ether dropped 3.2 %, losing $47 from its previous close. It comes amid widespread concern for the sector following trouble on the global economy.

Uncertainty in the broader financial sector is fuelling a negative flow on effect in the crypto market.

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Sam Bankman-Fried attempting to resolve bail conditions dispute

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Sam Bankman-Fried is in talks with U.S. prosecutors to resolve a dispute over his bail conditions

The 30-year-old former billionaire has been blocked from contacting employees of FTX or his Alameda Research hedge fund, after prosecutors raised concerns he may tamper with witnesses.

Bankman-Fried has pleaded not guilty and is under house arrest at his parents’ California home.

Once worth an estimated $26 billion, Bankman-Fried was arrested in December after FTX collapsed.

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Crypto heists in 2022 totalled $3.8 billion

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Last year was the worst on record for cryptocurrency heists, with hackers stealing as much as $3.8 billion, led by attackers linked to North Korea

A Chainalysis report found hacking activity that “ebbed and flowed” throughout the year, with “huge spikes” in March and October.

October was the biggest single month ever for cryptocurrency hacking, with $775.7 million stolen in 32 separate attacks.

North Korea-linked hackers such as those in the cybercriminal syndicate Lazarus Group have been by far the most prolific cryptocurrency hackers, stealing an estimated $1.7 billion worth of in multiple attacks last year.

North Korea has denied allegations of hacking or other cyberattacks.

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Sam Bankman-Fried banned from communication with FTX

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A U.S. judge has banned former FTX founder Sam Bankman-Fried from contacting current and former employees

Federal prosecutors asked for this ruling, as they believe Bankman-Fried may tamper with witnesses or destroy evidence in his criminal fraud case.

It was revealed the 30-year-old tried to send a message to someone known as ‘Witness 1″ a few weeks ago, proposing to have a constructive conversation with them.

Bankman-Fried was arrested in December on charges of looting billions of dollars of FTX customer funds, and lying to investors and lenders.

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