Crypto exchange FTX has begun processing withdrawals, according to reports from users and the crypto community. A few minutes ago, the crypto trading venue CEO, Sam Bankman-Fried,
Data from Arkam Intelligence indicates that at least $2,6 million left the platform in the past hour. There is much uncertainty around the crypto trading venue after Bankman-Fried confirmed a “liquidity crunch” that forced them to halt operations.
FTX appears to be processing withdrawals – in a limited capacity as of right now
— Arkham | Crypto Intelligence (@ArkhamIntel) November 10, 2022
FTX Re-Opens Transactions, But For How Long?
As Bitcoinist reported, institutions and big players have funds stuck on FTX. The collapse of the crypto exchange took the crypto industry by surprise.
Until now, FTX was one of the most respectable brands in the nascent industry. Sam Bankman-Fried had a relationship with U.S. regulators, politicians, celebrities, and other high-profile individuals.
Over the past week, the exchange faced a bank run that emptied over $5 billion in funds. In addition, several reports claim the company lent billion to its trading arm Alameda Research. These funds allegedly belonged to its users and were misappropriated by the exchange.
10 fucking yards !!!!!
Not even Credit Suisse is that bad at finance. pic.twitter.com/ogiFNUsfmD
— Arthur Hayes (@CryptoHayes) November 10, 2022
Additional reports from Nansen indicate that big money is pulling out of FTX as withdrawals re-open. Millions of dollars are being moved out of the crypto trading venue.
Over the past hour folks have managed to get $6.7 million off of FTX pic.twitter.com/bV0FLCf3gw
— Andrew T (@Blockanalia) November 10, 2022
In addition to Ethereum, users can withdraw TRON, Bitcoin, Solana, Gala, stablecoins, and others. Again, there is much speculation about whether FTX can process transactions much longer and how much it can give back to its users.
A pseudonym trader stated the following about the situation with FTX and current withdrawals, users are advised to take out their funds and take advantage of the opportunity:
Last breath from whatever’s salvageable before winding down? Hope someone extended some form of a lifeline, though find it hard to believe it would happen so quickly, especially in light of all the recent revelations.