FTX Withdrawals

Breaking News: FTX appears to have resumed withdrawals, blockchain data shows

FTX appears to have resumed withdrawals, blockchain data shows

Etherscan data from November 10 suggests that troubled cryptocurrency exchange FTX is once again processing withdrawals. After FTX announced on November 8 that it would be suspending all user withdrawals, the exchange’s hot wallet address remained dormant. However, as of 3:50 pm UTC on that day, it began processing withdrawal requests again. At the time of writing, the hot wallet held a total of $469 million in cryptocurrency, but blockchain data shows that a variety of tokens and a large number of transactions have since disappeared.

FTX CEO Sam Bankman-Fried tweeted earlier in the day that the company had about $16 billion in assets and $10 billion in liabilities. The native FTX Token (FTT), which is partly used as collateral by FTX, has fallen by over $8 billion in the past week, causing a severe liquidity crunch on the exchange. In addition to allegations that the exchange was lending deposits to cryptocurrency trading firm Alameda Research on November 6th, customers requested withdrawals of over $5 billion. After the failed Binance bailout, Bankman-Fried said he was trying to raise new capital to fix things.

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Disclaimer: This isn’t financial advice; it’s just for education. Crypted Crypto can’t guarantee its accuracy. Every investment and trade carries some risk, so always do your own research. Invest only what you can afford to lose.




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