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The indictment does not identify FTX by name as the main victim of the conspiracy, but the details of the hack described in that charging document align with the details publicly known about the theft from FTX, which was collapsing at the time of the attack. What Was FTX? Shitcoin is a pejorative term used to describe any altcoin that diminishes in value to the point of worthlessness. The arrests came three months after the blockchain intelligence company Elliptic reported that , units of the cryptocurrency Ether had been dormant after being stolen in the FTX hack, but then was converted into Bitcoin in late September.