FTX effect: Millions of dollars in withdrawals processed in a few hours.

Ari Sears
2 mins

FTX has processed millions of dollars worth of withdrawals within the past few hours, according to blockchain data.

After days of disruptions, FTX appears to be processing withdrawals again. According to publicly available blockchain data, the crypto exchange has resumed processing transactions. This is good news for customers who have been waiting to access their funds. Let's hope that FTX can get back on track and provide a smooth experience for its users.

  • The data from Etherscan shows that FTX's public wallet began executing a series of outbound transactions at 03:39:11 PM UTC on Thursday. This is a significant development that could have major implications for the cryptocurrency market.
  • It is clear that FTX is in a tough spot, with many of its users questioning its ability to weather the current storm. However, the company has admitted its liquidity troubles and is taking steps to correct them. Withdrawals have been frozen for the time being, but deposits are still being accepted. Hopefully, FTX will be able to get back on its feet soon and restore confidence in its users.
  • It's clear that people are feeling confident about the future of cryptocurrency and are willing to invest heavily in it. With more and more people getting involved in the space, it's only going to become more popular and mainstream.
  • It's been less than an hour since FTX resumed withdrawals, and already the firm has experienced net outflows of at least $6.7 million. This comes after feeling over $450 million in withdrawal demand within 24 hours on Monday. Withdrawals can be a volatile process, and it's clear that FTX is feeling the pressure from its users. It remains to be seen how the firm will weather this latest storm.
  • SBF is in dire need of a bailout, according to reports. However, the firm claims to have more assets and collateral than client deposits. It is unclear what the future holds for SBF, but it is clear that the company is in a precarious position.

It is good to see that FTX is once again processing withdrawals and that on-chain data shows this. This should help to restore confidence in the platform and its ability to serve its users.

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