The deployer contract of FTX Exchange (FTT) tokens printed 192 million new tokens out of thin air today and sent them to a freshly created wallet. The tokens are worth about $380 million.

New FTT was released without any prior announcement from the exchange and was followed by an FTX hack reported on Friday.

Binance halted FTT deposits as new tokens began flowing into the market to prevent questionable additional supplies from potentially affecting the market. The freshly created tokens obscured the prior circulating supply of FTT of about 133 million. The FTT token played a significant role in the issues that allegedly led to the insolvency of FTX and Alameda.

A leaked portion of FTX’s sister firm’s balance sheet revealed that FTT tokens denominated the large majority of the firm’s assets. This put FTX under pressure and triggered a bank run from clients last week, which led to the high-profile implosion of the exchange in no time.

Ethereum founder Vitalk Buterin in his first direct comments on the collapse of FTX late Friday, accused former FTX CEO Sam Bankman-Fried of “virtue signaling.”

FTX and its CEO courted and caught the ear of lawmakers and regulators with an aim to burnish crypto’s image, and hence it was unlike any of the previous collapses. However, last week’s events suggest otherwise; the exchange was no different from the other unstable and potentially fraudulent high-profile crypto projects that crashed.

Buterin tweeted, “MtGox ‘looked’ sketchy and never tried too hard to whitewash itself. Luna too.” MtGox is a Tokyo-based exchange that failed in 2014 after hundreds of thousands of bitcoins got stolen from its wallet.

Terra’s ecosystem suffered as Luna collapsed earlier this year.

Buterin tweeted that FTX did the opposite, doing full-on compliance virtue signaling. He further added that the latter cuts deeper than the former. Buterin’s comments came at the closing of a very tumultuous week for crypto, which capped off with FTX filing for Chapter 11 bankruptcy protection and the dismissal of Bankman-Fried from his position.

Crypto trading and lending firm Genesis Trading along with wallet provider Crypto.com, join the latest companies to distance themselves from the liquidity crisis of FTX. Both firms took to Twitter to reassure their customers of their minimal exposure to the events that shook the crypto industry completely earlier today.

Genesis, not mentioning FTX, in a tweet, said that concerning today’s market events, they have managed their lending book and have no material net credit exposure, adding that Genesis is not exposed to any tokens issued by centralized exchanges.

Crypto.com CEO Kris Marszalek also tweeted that his company’s exposure to the situation is limited. The exchange has more than 70 million users. Marszalek said that their direct exposure to the FTX meltdown is immaterial; less than $10 million in their own capital is deposited there for customers’ trade execution.

FTX founder Sam Bankman-Fried announced the big news that Binance would be acquiring the non-US-based business FTX.com. This came in just a few hours after the Block’s report of FTX stopping processing withdrawals. Many other crypto firm giants have since distanced themselves from the crisis, which will likely turn out to be far-reaching.

BlockFi co-founder Flori Marquez stated that the company’s products were “fully operational,” further clarifying that the business is independent of FTX. The Block realized in June that FTX was looking to take over BlockFi outright. Coinbase CEO Brian Armstrong also took to Twitter to express its limited exposure to FTX or its FTT token. Crypto.com’s Marszalek, in his tweets, said that the crypto industry will have to collectively work harder to rebuild the trust lost to the crisis today, further calling on regulators to “strengthen and safeguard” the industry.

Future G20 summits are expected to pay attention to crypto regulation. This comes in as cryptocurrency is being used for money laundering and terrorist funding. The last G20 summit under the Indonesian presidency will take place on Nov. 15. From Dec 2022, India will take up the presidency of G20 summits for one year.

The finance minister of India, Nirmala Sitharaman, expressed her thoughts on crypto regulation. She said last Tuesday, while addressing the Indian Council for Research on International Economic Relations (ICRIER) that there is no plan as of yet on regulating digital assets. The agenda of the regulation will be brought up in the G20 meeting.

Svetlana Martynova, a UN senior official, believes that the prevalence of crypto-funding of terrorist activities has multiplied by four times in recent years. She added that at least 20% of the terrorist attacks had been financed by crypto.

A Chainalysis report also stated that illicit entities received about $10 Billion this year. It was a record high in 2021, with illicit entities receiving more than $15 Billion.

The Financial Action Task Force (FATF) is now ready to strengthen its fight against money laundering and terror funding. FATF is preparing to carry out annual checks to make sure countries are enforcing anti-money laundering and terrorist financing rules on crypto providers working in their jurisdiction.

Countries failing to adhere to the AML (anti-money laundering) guidelines might be listed on the “gray list.” Syria, Uganda, and Barbados are already listed on it. FATF increases their monitoring of the countries that are listed on the gray list.

Moreover, FATF adds the countries that fail to be cooperative in dealing with AML to the Black list. The Black listed countries are then subjected to economic sanctions and other financial restrictions by FATF.