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Breaking: FTX partially resumes withdrawals; blockchain data shows

Breaking: FTX partially resumes withdrawals; blockchain data shows

Transactions leave the FTX hot wallet in single digits per minute. Troubled cryptocurrency exchange FTX appears to have resumed withdrawals, according to Etherscan data as of November 10. The platform’s active wallet address, inactive after FTX announced on November 8 that it would stop all user withdrawals, resumed activity at 3:50 pm m.UTC. Blockchain data shows that multiple types of tokens and enormous transactions have since flowed out of the hot wallet, which has a balance of $469 million at press time.

Earlier in the day, Sam Bankman-Fried, CEO of FTX, stated on Twitter that FTX has approximately $16 billion in total assets versus $10 billion in total liabilities. However, the exchange suffers a significant liquidity crisis, like its native FTX.

FTT tickers token costs $3.69, and uses FTX in part as collateral, plunged more than $8 billion last week. Adding to this were more than $5 billion in consumer withdrawal requests on November 6 and allegations that the exchange lent deposits to crypto trading firm Alameda Research. Bankman-Fried said it was trying to raise new capital for the situation after a failed Binance rescue package.

Update November 10, 17:10 complained that they are still waiting to process withdrawal requests submitted days ago. Funds are exiting the FTX Hot Wallet at around 2-3 transactions per minute.

Update November 10, 6:30 p.m. Wallets. Update November 10, 19:15 UTC – The exchange said it is processing some withdrawals by the regulations of the Bahamas, where its headquarters are located. Withdrawals represent a small fraction of the currently available assets, and we are actively working on additional routes to enable withdrawals for the rest of our user base.

“We also actively explore what we can and should be doing globally.”

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