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FTX Once Again Processing Withdrawals, On-Chain Data Shows

Struggling crypto exchange FTX appears to be processing withdrawals again, according to publicly available blockchain data. 

  • Data from Etherscan – an explorer for analyzing transactions on the Ethereum blockchain – shows that FTX’s public wallet began executing a swath of outbound transactions beginning at 03:39:11 PM UTC on Thursday. 
  • This follows an over 48-hour period during which FTX was only taking in deposits. FTX initially admitted to its liquidity troubles shortly after the withdrawal freeze took place on Tuesday. 
  • “Withdrawals coming in hot now — lots of folks getting out large sums,” noted Andrew Thurman, head of content at Nansen – a crypto data provider. One address, he noted, has pulled out over $2 million from FTX already.
  • Within an hour since resuming withdrawals, FTX has experienced net outflows of at least $6.7 million. The firm felt over $450 million in withdrawal demand within 24 hours on Monday. 
  • SBF reportedly told investors on Wednesday that the firm needed an $8 billion bailout to cover its shortfall against withdrawal requests. However, SBF claimed over Twitter on Thursday that FTX has more assets and collateral than client deposits. 

The post FTX Once Again Processing Withdrawals, On-Chain Data Shows appeared first on CryptoPotato.

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