FTX users report problems with withdrawals of over $1000
According to the exchange’s customers, the platform does not allow transactions of more than $1000
08.11.2022 - 11:45
109
2 min
0
The battle of Binance against FTX that turned into a massive red flag for the cryptocurrency market continues. A large number of reports on various social media channels suggest that the popular cryptocurrency exchange is facing technical issues with covering a huge wave of withdrawals.
Is FTX solvent?
The main reason behind the huge wave of withdrawals is concerns of investors regarding the ability of the exchange to cover the existing withdrawal demand, which technically makes it insolvent. FTX is currently limiting users' withdrawals in every legal or technical way possible, stating that a certain network is congested, or limiting withdrawals on Ethereum and other assets.
Reportedly, some users have no ability to make a one-time withdrawal worth more than $1,000, which creates a bizarre situation where investors have to split a $1 million operation into 1,000 transactions.
According to the FTX management, including SBF himself, the exchange remains solvent, and the company is able to cover the existing volume of funds on the trading platform. However, the wave of outflows does not seem to be stopping, and Alameda has no other choice but to bail out the exchange with its own funds.
Panic or reasonable concern?
The potential insolvency of an exchange can become a catastrophe for both investors and the market in general. The massive outflow of funds from exchanges that both retail and institutional investors use will cause a bloodbath on the market, as most investors would prefer completely exiting the industry.
However, even a temporary inability on the part of FTX to cover the demands of its investors will cause an immediate reaction by said investors and aggravate the existing situation.
This material is taken from the website https://u.today.
Useful material?
Telegram 
Twitter Market
It costs more than $2000 an hour for a company specialist, while at least 100 employees are involved in the proceedings on the collapse of the exchange
Jan 27, 2023
Market
The entrepreneur agrees to eat a Happy Meal live if the restaurant adds DOGE as a means of payment
Jan 27, 2023
Market
Cryptocurrency expert Dylan LeClair also noted that the average rate of most coins has been showing positive dynamics over the last 30 days
Jan 27, 2023
Market
At the DAO vote, the initiative received the support of about 99% of the participants
Jan 27, 2023
Market
The index rose to 55 for the first time since March 30, 2022
Jan 27, 2023
Market
The cost of the accounts ranges from $50 to $300, depending on the availability of verification
Jan 27, 2023
Cryptocurrency rates
-
Bitcoin
$22 889
BTC
-1.75%
-
Ethereum
$1 571.71
ETH
-1.53%
-
Ripple
$0.4
XRP
-0.89%
-
Cardano
$0.37
ADA
-1.66%
-
Dogecoin
$0.09
DOGE
+6.99%
-
Polkadot
$6.21
DOT
-1%
-
Litecoin
$93.59
LTC
+1.75%
-
Solana
$10.15
SOL
-9.47%
-
Monero
$175.2
XMR
-4.85%
-
Bitcoin-cash
$133.05
BCH
+0.58%