According to Arkam Intelligence, at least $2,6 million has left FTX in the last hour. The crypto trading platform is in disarray after Bankman-Fried confirmed a “liquidity crunch” that forced them to halt operations.
Institutions and large players have funds stuck on FTX. The collapse of the crypto exchange caught the crypto industry off guard.
Until recently, FTX was one of the most reputable brands in the fledgling industry. Sam Bankman-Fried had connections with US regulators, politicians, celebrities, and other public figures.
Over the last week, the exchange experienced a bank run that depleted more than $5 billion in funds. Furthermore, according to multiple reports, the company lent billions to its trading arm, Alameda Research. These funds allegedly belonged to the exchange’s users and were stolen by the exchange.
According to additional Coincu reports, big money is exiting FTX as withdrawals reopen. Millions of dollars are being transferred out of the cryptocurrency trading platform.
Users can withdraw TRON, Bitcoin, Solana, Gala, stablecoins, and other cryptocurrencies in addition to Ethereum. Again, there is much speculation about whether FTX can continue to process transactions and how much it can return to its users.
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.
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