

Please try another search
By Geoffrey Smith
Investing.com -- Cryptocurrency exchange FTX has suspended client withdrawals after suffering a massive run by its depositors, The Block reported on Tuesday citing its own blockchain analysis.
The Block reported that the last outgoing transaction from FTX took place at 06:37 ET (11:37 GMT) on the Ethereum blockchain.
If confirmed, the development would signify a dramatic turnaround for a company that had until recently styled itself as a savior of the cryptocurrency space, having bailed out a handful of platforms who had been wrong-footed by the collapse of the Terra/Luna network.
FTX's fall from grace began last week, when Coindesk published what it claimed to be a balance sheet from Alameda Research - a hedge fund majority owned by FTX CEO Sam Bankman-Fried - that appeared to show a massive overvaluation of FTX's native token, FTT.
The report triggered a wave of redemptions from the exchange, the most important of which was by rival and one-time collaborator Binance, which pulled nearly $600 million in funds at the weekend, according to its chief executive Changpeng Zhao.
On Monday, Bankman-Fried had claimed on social media that "a competitor is going after us with false rumors" and had insisted that the exchange and its assets were "fine".
He attributed lengthy delays in processing withdrawal requests to capacity bottlenecks.
FTT resumed its decline on the news, having dropped as much as 30% overnight before rebounding a little. By 09:30 ET, it was trading at $15.7975, down 29% on the day.
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.