Blockchain data indicates that FTX appears to have begun withdrawals.

The pace of transactions appearing to leave the FTX hot wallet per minute appears to be in the single digits.

On Nov. 10, information from Etherscan suggests that the embattled cryptocurrency exchange FTX has started withdrawals. As of 3:50 pm UTC, the exchange’s hot wallet address has resumed activity after being offline since FTX declared on November 8 that it would be stopping all user withdrawals. According to blockchain statistics, the hot wallet, which had a balance of $469 million at the time of publishing, has since been empty of several kinds of tokens and significant amounts of transactions.

Sam Bankman-Fried, the CEO of FTX, said earlier today that the company has around $16 billion in assets vs $10 billion in liabilities. However, the exchange is currently experiencing a severe liquidity crisis as a result of the recent $8 billion decline in the value of its native FTT token, which FTX utilizes in part as collateral. More than $5 billion in client withdrawal requests on Sunday and claims that the exchange was lending cash to the cryptocurrency trading firm Alameda Research added to this. After a failed rescue of Binance, Bankman-Fried declared that he was seeking to obtain additional funds to settle the matter.

19) A few more random remarks:

Regarding FTX International, The US-based exchange FTX US, which admits Americans, was unaffected monetarily by this shitshow.

100% of it is liquid. All users might completely withdraw (modulo gas fees etc).

There will be updates on its future.

Leave a Reply