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FTX Recording $6 Billion In Withdrawals In 72 Hours, SBF Message To Staff

**In the 72 hours prior to Tuesday morning, the crypto exchange FTX reported withdrawals of around $6 billion, according to a message from CEO Sam Bankman-Fried to staff that was seen by Reuters.**

Bankman-Fried wrote in a message to staff sent on Tuesday morning:

“On an average day, we have tens of millions of dollars of net in/outflows. Things were mostly average until this weekend, a few hours ago. In the last 72 hours, we’ve had roughly $6 billion of net withdrawals from FTX.”

He said that withdrawals at FTX.com are “effectively paused” and that the issue would be fixed in “the near future.”

Binance has come to the decision to acquire SBF’s exchange in the name of helping cover a liquidity crunch, Coincu previously reported. The event had a big impact on the cryptocurrency market when the price of Bitcoin and altcoins dropped sharply. Especially FTT, the decrease recorded is more than 70% at the time of writing

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.