Tag: FTX

FTX appears to have resumed withdrawals Blockchain data shows

According to data from Etherscan on Nov. 10, troubled cryptocurrency exchange FTX appears to have resumed withdrawals. The exchange’s hot wallet address, which has remained inactive after FTX announced on Nov. 8 it would be halting all user withdrawals, has resumed activities as of 3:50 pm UTC. Blockchain data shows that multiple types of tokens and large sums of transactions have since left the hot wallet, which has a balance of $469 million at the time of publication.  Earlier today, Sam Bankman-Fried, CEO of FTX, stated on Twitter that FTX…

Grayscale Bitcoin Trust Tumbles By 41% Amid The FTX Calamity

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The recent crisis in the world’s third-largest crypto exchange, FTX, is creating more devastating conditions in the Bitcoin and crypto market. Over the past few days, the FTX token (FTT) has lost more than 70% of its value. The events seem to have unlocked the bears into the market. As a result, the cumulative market cap has drastically decreased, indicating an overall negative performance. Also, several other crypto assets have been in the south. For example, Bitcoin has experienced more downward pull this week. The price of BTC has dipped…

‘I Sincerely Apologize’ – Sam Bankman-Fried Breaks Silence on Collapse of Crypto Exchange FTX

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Sam Bankman-Fried is apologizing for the collapse of his billion-dollar crypto exchange, FTX. In a tweetstorm that breaks a two-day period of silence, Bankman-Fried offers new details on what he says led to the implosion. He also says he’s engaging with “a number of players” in an effort to secure funding, prop up the exchange and make customers whole. Below is Bankman-Fried’s message in its entirety. “I’m sorry. That’s the biggest thing. I fucked up, and should have done better. I also should have been communicating more very recently. Transparently–my…

An In-Depth Look at the Rise and Fall of FTX – Bitcoin News

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During the last two days, the cryptocurrency community has been dealing with the FTX fiasco after Binance revealed that it was backing out of the deal to acquire the rival exchange. Between Nov. 8-9, the crypto economy shed more than $230 billion in value as FTX’s troubles shook investors. The following is an in-depth look at the cryptocurrency exchange FTX, the trading platform that managed to rise to the top and slide to the bottom in less than three years. FTX’s Slide From a $32 Billion Valuation to Needing an…

FTX Japan Ordered by Regulator to Suspend Operations Following Withdrawal Halt

In its order, the FSA cites the fact that FTX Japan halted withdrawals for customers in the country without specifying a date for reinstatement and without stopping the onboarding of new customers to the platform. CoinDesk was told early Thursday by a source that FTX Japan had indeed halted withdrawals. Under the circumstances, the regulator said it is uncertain about FTX Japan’s health. Source

FTX Pursuing ‘Possible New Investors’ As Embattled Exchange Works With Tron’s Justin Sun: Report

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FTX founder Sam Bankman-Fried is reportedly not done looking to raise emergency capital to keep his floundering crypto exchange afloat. Bankman-Fried will focus on raising capital for the week ahead, according to an internal memo seen by reporters at Reuters. Specifically, Bankman-Fried told employees that he’s looking to make customers whole by “conducting a raise” and seeking “possible new investors.” FTX is also working with Tron (TRX) founder Justin Sun, who says a plan to “return to normalcy” is underway. Sun and Bankman-Fried teamed up to re-enable trading of TRX…

Sam Bankman-Fried apologizes over FTX liquidity crisis: ‘I fucked up twice’

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In one of his first public statements since rumors and concerns about FTX’s insolvency flooded the crypto market, CEO Sam Bankman-Fried, or SBF, has said: “I’m sorry.” In a Nov. 10 Twitter thread, SBF admitted to investors he “should have done better” in providing transparency on the situation with FTX. The CEO reported the exchange was experiencing a “liquidity crunch” caused by user withdrawals and requested financial assistance from Binance — a potential deal that later fell apart. According to SBF, the exchange saw roughly $5 billion in withdrawals on…