FTX appears to be processing withdrawals again, on-chain data show

Beleaguered crypto exchange FTX appears to have begun processing withdrawals again, following a more than 48-hour shutdown.

Block explorer Etherscan shows that withdrawals began leaving the exchange again at around 11 a.m. ET. 

“Withdrawals coming in hot now — lots of folks getting out large sums,” said Andrew Thurman, head of content at crypto data provider Nansen, on Twitter.

The once mighty exchange giant collapsed this week following a run on its utility token, FTT. This came after Binance CEO Changpeng Zhao said his firm would sell its FTT holdings.

Following its collapse, Binance agreed to buy FTX.com, but changed its mind a day later and backed out of the deal.

FTX CEO Sam Bankman-Fried’s empire now appears to be on the brink, although he claims it has more assets than user deposits.


© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: https://www.theblock.co/post/185428/ftx-appears-to-be-processing-withdrawals-again-on-chain-data-show?utm_source=rss&utm_medium=rss