13,000 ETH Burnt In The Last 3 Days As FTX Collapse

Amidst the FTX-Alameda crisis, on-chain transactions have spiked which has resulted in burning of 13,000 ETH in just three days as reported by Etherscan. This is the result of users flocking in to get their assets moved out of exchanges after FTX exchange collapsed. 

The Reuters news agency has reported that Sam Bankman-Fried, FTX CEO has informed his employees that the firm had moved nearly $6 billion of customer withdrawals in the last three days. Also Ethereum’s hourly withdrawal on FTX has hit an ATH. On the other hand, ETH’s supply graph suggests that the currency’s supply has dropped massively earlier in the week.