FTX US announces it may halt trading on its platform in a few days
In an extended apology, the CEO of FTX, Sam Bankman-Fried — popularly often known as “SBF” — assured the crypto neighborhood that the latest flip of occasions was solely going to have an effect on FTX worldwide. In line with him, “FTX US, the US based mostly alternate that accepts Individuals, was not financially impacted by this shitshow.” He assured customers that FTX US was “100% liquid” and that “Each consumer may absolutely withdraw (modulo gasoline charges and so forth)”.
19) Just a few different assorted feedback:
This was about FTX Worldwide. FTX US, the US based mostly alternate that accepts Individuals, was not financially impacted by this shitshow.
It is 100% liquid. Each consumer may absolutely withdraw (modulo gasoline charges and so forth).
Updates on its future coming.
— SBF (@SBF_FTX) November 10, 2022
Nonetheless, many are starting to query the validity of his assertion, as a latest announcement on FTX US’ web site is starting to boost eyebrows for customers. In line with a banner on the prime of FTX US’ web site, “buying and selling could also be halted on FTX US in just a few days.” The announcement urged alternate customers to “please shut down any positions” they might wish to shut down, whereas assuring its customers that “withdrawals are and can stay open.”
FTX Worldwide’s liquidity points have been triggered throughout the final seven days when Binance CEO Changpeng “CZ” Zhao introduced that his alternate would liquidate its FTX Token (FTT) holdings. CZ’s announcement successfully initiated a financial institution run whereby FTX’s customers tried to withdraw funds solely to find that the alternate didn’t have sufficient liquidity readily available to satisfy the demand.
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Throughout the previous week, studies have additionally surfaced that Bankman-Fried known as buyers saying the alternate wanted $8 billion in emergency funding to assist cowl the withdrawal requests and regarded to boost $3 billion to $4 billion.
On Oct. 10, Cointelegraph reported that information from Etherscan indicated that the troubled cryptocurrency alternate seems to have resumed withdrawals.
