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FTX Detected Stop Processing Withdrawal Orders

According to reports, withdrawals are no longer being processed by the cryptocurrency exchange FTX, which is now engaged in conflict with rival Binance.

FTX Detected Stop Processing Withdrawal Orders 3

According to statistics from Etherscan, the latest outbound transaction from FTX on the Ethereum blockchain occurred at 11:37 a.m. UTC. The situation is the same on the Tron and Solana blockchains as well. Steven Zheng, Director of Research for The Block, said:

Social media users began griping earlier today about being unable to withdraw their cryptocurrency for a few hours. This occurred amid rumors of FTX’s purported financial issues, which impacted cryptocurrency prices on Tuesday.

In an effort to calm the market on Monday, FTX CEO Sam Bankman-Fried tweeted that his crypto company was fine. The FTT token, however, has decreased during the past 24 hours by more than 34%. At the time of writing, FTT is trading at $14.68.

FTT daily chart. Source: Coincu

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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.