FTX US To Resume Ethereum (ETH) And MATIC Withdrawal

Crypto exchange FTX on Friday said the Ethereum (ETH) withdrawals on FTX US will resume soon. Moreover, users looking to withdraw Polygon (MATIC) need to cancel their pending withdrawals and request a fresh withdrawal request as ERC20 MATIC.

FTX Contagion Spreads to FTX US

On Thursday, FTX CEO Sam Bankman-Fried said FTX US subsidiary is working fine and only FTX International is impacted. He assured users that FTX US is 100% liquid and withdrawals are working. However, FTX US started facing withdrawal delays just like FTX before SBF disclosed a liquidity crunch at the crypto exchange.

FTX US is reportedly facing withdrawal issues and trading may be halted in the coming days. The pull requests are no longer reviewed by the team and employees are not working amid payroll concerns. Some claim FTX US President Brett Harrison quit as he knew about the situation.

Crypto lender BlockFi has recently halted withdrawals and limited client activity due to uncertainty surrounding FTX.com, FTX US, and Alameda Research. Moreover, FTX investors Sequoia Capital marked down its $214 million investment to zero, other investors reportedly have similar plans.

Meanwhile, SBF has declined to file for bankruptcy and has been working to raise $9.4 billion in funding from investors and rivals.

FTT Price Skyrockets 40%

FTX Token (FTT) price is trading at $3.23, up nearly 40% in the last 24 hours. The 24-hour low and high are $2.32 and $4.20, respectively.

Meanwhile, the Securities Commission Of the Bahamas had frozen FTX subsidiary FTX Digital Markets assets. Sam Bankman-Fried, SBF, Alameda Research is also under investigation by the U.S. Securities and Exchange Commission (SEC), Dept. of Justice, and CFTC.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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