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Wednesday, November 30, 2022

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Has Crypto Exchange FTX Stopped Processing Withdrawals?

The war between two of crypto’s richest men – Binance’s ‘CZ’ and FTX’s Sam Bankman-Fried (SBF) – escalated last night (as we detailed here) with the price of many major cryptocurrencies tumbling after FTX Token (FTT) broke down and anxiety over FTX’s reserves heated up.

We have previously reported on the surge in outflows from the giant exchange…

Despite Bankman-Fried reassurances that:

“FTX is fine. Assets are fine… A competitor is trying to go after us with false rumors,… FTX has enough to cover all client holdings.”

…but, this morning, it appears the situation has got a lot more serious as The Block reports that FTX seems to have stopped processing withdrawal requests, according to on-chain data.

“It appears that FTX has stopped processing on-chain withdrawals from at least their main identified wallets on Ethereum, Solana and Tron,” said Steven Zheng, a research analyst at The Block.

“This is weird as there presumably are still people queueing up waiting for their withdrawals.”

The last outgoing transaction from FTX on the Ethereum blockchain was at 0637ET (it’s reportedly a similar story on Tron and Solana blockchains)…

Source: Etherscan

There have been lots of incoming transactions, but that is the last outgoing.

For now there is not much panic-selling reactions in Bitcoin or Solana for instance (which may suggest this is not as bad as it looks).

SBF has not responded yet.

This post was originally published on this site

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