This might be due to a large number of people withdrawing unexpectedly at the same time to safeguard valuables, comparable to a bank run.
Meanwhile, Alameda receives a large amount of USDC from Circle and transfers it to the exchange. This operation is most likely intended to fill USDC so consumers can withdraw.
In response to the fact that many users need to wait to withdraw, FTX did not admit that the hot wallet was insufficient and urgently allocated. The exchange said that banks are closed for the weekend, and USD or stablecoin creations/redemptions might be slower until wires clear tomorrow.
This is a consequence of the large number of users withdrawing from the exchange before the Binance withdrawal from FTX reported by Coincu today.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Chubbi
CoinCu News
Senator Lummis’s Federal Reserve Bitcoin Proposal urges the Fed to sell some gold reserves and…
Pennsylvania proposes a Bitcoin Reserve, aiming to hold BTC as a state reserve asset to…
Let’s dive into why Qubetics might just be the investment to settle those Avalanche regrets.
Discover how Toncoin's valuation, SUI's latest Google Cloud partnership, and BlockDAG's soaring presale frame the…
Free crypto airdrops are one of the ways to help users participate in the project…
The PancakeSwap Swap Bot supports trading on PancakeSwap’s v2, v3, and stableswap protocols on the…
This website uses cookies.