The exchange assured users with a series of tweets that withdrawals should continue and that the matchmaking mechanisms were working properly, but some users did not believe this.
Cryptocurrency exchange FTX took to Twitter to respond to user complaints about slow withdrawals. While bitcoin node bandwidth was limited, FTX assured users that everything was running smoothly with the proper mechanism.
BTC

way down
$16,209

withdraw money

In a series of tweets, the exchange also mentioned stable withdrawals, stating that redemption or creation could be slow until banks reopen for a week and transfers are cleared.

Meanwhile, the Twitter community has had mixed reactions to FTX’s response. While some users have tweeted that they support the change, others have expressed their skepticism:

Reddit users have also raised concerns about events that compare the situation to Celsius stopping withdrawals and misleading its users before the platform crashed.

These issues arise when the exchange faces a mass liquidation of the native FTX token.
FTT

way down
$1.31

as a result of an unspoken feud with rival exchange and blockchain developer Binance.

Binance CEO Changpeng “CZ” Zhao said the company will be liquidating all of its holdings in FTT. In a November 6 tweet, CZ said the move was the result of “recent revelations.”

In follow-up tweets, CZ called the move a form of risk management based on lessons learned from the Terra crash earlier this year. He also commented on the recent actions of FTX founder and CEO Sam Bankman-Fried, who allegedly lobbied for the activities of the central financial institution. In a tweet from CZ, he added:

“We will not support people who lobby for the interests of other industry players behind their backs.”
According to on-chain analysis, approximately 23 million FTT, or $520 million at the time of this writing, was transferred to Binance from an unknown wallet.

Related: FTX chief reveals major donor to Oregon Democrats after misidentification

Bankman-Fried also tweeted his reaction to the situation, emphasizing that it was time to build the space. He also says he respects the work of many in the industry, including CZ.

Market analysts predict that in light of the liquidation and hype in the community, FTT could face a major price drop. At the time of writing, the price is hovering around $22.60.

Source: CoinTelegraph

LEAVE A REPLY