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FTX Exchange Halts All Crypto Withdrawals
Customer withdrawals that were previously processing but backlogged have been halted altogether, according to an announcement in the FTX Support Telegram group.
Crypto exchange FTX has halted all non-fiat customer withdrawals, an FTX support employee confirmed in the company's official Telegram group Tuesday afternoon.
"Any transfers besides fiat are halted," wrote the FTX Support employee. The halt highlights the deteriorating condition of the exchange, which was previously still processing withdrawals, albeit at a slower pace.
STORY CONTINUES BELOW
Many FTX customers in Telegram posted that they had been waiting hours to withdraw their funds.
"It's been a full 11 hours since I've requested my withdrawal," one user wrote.
Just hours earlier, FTX co-founder Sam Bankman-Fried tweeted that FTX had reached a non-binding agreement to be acquired by crypto exchange rival, Binance. Bankman-Fried tweeted that "all assets will be covered 1:1."
"It may take a bit to settle etc. – we apologize for that," added Bankman-Fried.
2) Our teams are working on clearing out the withdrawal backlog as is. This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we’ve asked Binance to come in. It may take a bit to settle etc. -- we apologize for that.
— SBF (@SBF_FTX) November 8, 2022
It appears customers can still withdraw their assets to fiat, although opting for the fiat option could see the funds take up to five business days for settlement.
Reuters reported FTX saw withdrawals totaling $6 billion in the past several days, citing an internal message to company employees sent by Bankman-Fried.
An FTX employee in the Telegram Support chat told panicked customers: "no [ETA] for now, sorry."
Tracy Wang
Tracy Wang was the deputy managing editor of CoinDesk's finance and deals team, based in New York City. She has reported on a wide range of topics in crypto, including decentralized finance, venture capital, exchanges and market-makers, DAOs and NFTs. Previously, she worked in traditional finance ("tradfi") as a hedge funds analyst at an asset management firm. She owns BTC, ETH, MINA, ENS, and some NFTs. Tracy won the 2022 George Polk award in Financial Reporting for coverage that led to the collapse of cryptocurrency exchange FTX. She holds a B.A. in Economics from Yale College.
