FTX Once Again Processing Withdrawals, On-Chain Data Shows
Struggling crypto exchange FTX appears to be processing withdrawals again, according to publicly available blockchain data.
- Data from Etherscan – an explorer for analyzing transactions on the Ethereum blockchain – shows that FTX’s public wallet began executing a swath of outbound transactions beginning at 03:39:11 PM UTC on Thursday.
- This follows an over 48-hour period during which FTX was only taking in deposits. FTX initially admitted to its liquidity troubles shortly after the withdrawal freeze took place on Tuesday.
- “Withdrawals coming in hot now — lots of folks getting out large sums,” noted Andrew Thurman, head of content at Nansen – a crypto data provider. One address, he noted, has pulled out over $2 million from FTX already.
- Within an hour since resuming withdrawals, FTX has experienced net outflows of at least $6.7 million. The firm felt over $450 million in withdrawal demand within 24 hours on Monday.
- SBF reportedly told investors on Wednesday that the firm needed an $8 billion bailout to cover its shortfall against withdrawal requests. However, SBF claimed over Twitter on Thursday that FTX has more assets and collateral than client deposits.
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I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.