Overwhelmed by the demands that well off, FTX Crypto Exchange Reportedly Stopped Processing User Withdrawal Requestsbased on data collected from the main crypto wallets Ethereum, Solana and Tron identified as belonging to the trading platform, confirms a research analyst at The Block.
Withdrawals on all channels have been stopped for 2 hours https://t.co/Z0GWjY78Xk
SOL, BNB Chain as well as Tron
— DareDevil Crypto (@DareDevilCrypto) November 8, 2022
The conflict with the CEO of Binance is costing the CEO of FTX who is now trying to put out the fire authorized by his competitor and keep the FTT price afloat.
By evoking revelations that have sown confusion on the possible insolvency of FTX and its company Alameda, Changpeng Zhao also caused a sharp drop in the Bitcoin (BTC) price and FTT price morning.
On social media, some FTX customers had previously complained about the slow processing of withdrawal requests which could take hours.
It also appears that withdrawals were later capped at $1000 per withdrawal to limit the flight of funds from the crypto exchange FTX.
If the blockchain data is accurate, then FTX would have stopped processing some withdrawal requests for several hours at the time of writing this article.
A delicate and very inconvenient situation for FTX if the trading platform is no longer able to satisfy the withdrawal requests of its customers who wish to put their crypto funds in safety in the event of crypt insolvency of
An FTT price falling around $15 on Binance.
the BTC price does not allow to rebound and is around 19400 dollars on Binance.
A very tense crypto market where all eyes are now on the FTX crypto exchange which is facing a surprise “bank run” to which it is trying to respond as best it can.
We will have to wait for official information from FTX to find out more about the exact situation of the platform regarding this possible cessation of withdrawals for users.
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