FTX stops withdrawals? Is the stock market illiquid?
FTX is now unexpectedly stopping the payouts of cryptocurrencies? Is the crypto exchange illiquid, contrary to its own claims? This is what a blockchain analyst claims, citing public data from Ethereum.
FTX stops withdrawals after all?
An analyst from The Block claims FTX would restrict cryptocurrency withdrawals. This can be seen from the Ethereum blockchain . Data from the transparent distributed ledger shows that FTX last paid out ERC-20 tokens to users at 1:49 p.m.
There has been no further payment for more than two hours. FTX is the second largest crypto exchange by trading volume . The fact that there has been no payout for several hours is therefore proof that payouts have stopped.
At the same time, the analyst also relies on data from the Solana blockchain. There were no more transactions from the wallet of the crypto exchange for around half an hour. In the meantime, however, it is noticeable that there are further withdrawals every minute .
The exchange recently denied rumors of illiquidity
A dispute between the crypto exchange and market leader Binance is taking on ever greater proportions. The rumors that FTX is illiquid and stopping withdrawals have been around for several days.
FTX founder SBF recently denied the rumors. His company is even significantly oversecured. He has not yet commented on The Block’s latest allegations. There is also no official statement from FTX.
But one thing is certain: there have been rumors of this kind in the past few days. SBF and its company explicitly responded to these claims. Just yesterday both released a series of tweets.
In it, Bankman-Fried writes:
Banks and nodes can be slow.
He wants to assure users that even if the transfer of funds sometimes takes several hours, the credit will ultimately arrive reliably.
Binance panicked the crypto market. Rumors about the bankruptcy of Alameda Research were used to get rid of several hundred million FTX tokens . A liquidation lasting months was announced publicly.
Findings show that there are more and more hostilities, especially between the responsible managing directors Changpeng Zhao and Sam Bankman-Fried. Politically, two different worlds collide. Users are leaving FTX en masse.
