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
Aptos user transactions achieve a record-breaking 97.5 million in a single day, surpassing previous industry…
Donald Trump's CBDC stance aligns himself with critics, including Florida Governor Ron DeSantis, amidst growing…
Experts predict the introduction of ETFs with a basket of US crypto ETFs, potentially including…
Donald Trump's crypto support is showing strong opposition to President Biden's stance.
Dutch Blockchain Days 2024 emerges as the Netherlands' premier event dedicated to Web3 technologies, encompassing…
Welcome to the 6th edition of the Nordic Blockchain Conference (NBC), Scandinavia's premier blockchain and…
This website uses cookies.