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FTX Sees A Soaring Withdrawal Amount

The effect of Binance withdrawing its investment from FTX has led to a community sell-off of the exchange’s token, FTT.

The number of stablecoins flowing out of the exchange in the last 7 days reached more than $300 million, making the balance of $261 million before the drama dried up and had to ask Alameda Research to provide $257 million to ensure liquidity, according to data from Nansen.

ETH withdrawals from FTX also hit a new ATH peak on the morning of November 7, according to CryptoQuant data.

Besides, FTX CEO Sam Bankman-Fried reassured that the exchange situation is still good and has successfully processed billions of USD of deposits and withdrawals in the past hours, and thanked the users who still support and accompany the exchange.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.