Cryptocurrency exchange FTX required to Twitter to deal with user complaints surrounding sluggish withdrawals. FTX assured users that things are running easily using the matching engine, although node throughput is restricted for Bitcoin (BTC) withdrawals.
Within the number of tweets, the exchange also addressed stablecoin withdrawals, saying redemptions or creations may be slow until banks open for that week and wires obvious.
Meanwhile, the city on Twitter had mixed reactions regarding FTX’s response. Quite a few users tweeted their support from the exchange while some expressed their skepticism:
Telling everybody how fine you’re may be the first warning sign you aren’t
— dogterdogter (@dogterdogter) November 7, 2022
Users on Reddit also expressed alarm toward the developments likening the problem to Celsius halting withdrawals and misleading its users before the platform’s collapse.
These problems be the exchange faces major liquidations of their native FTX token (FTT) because of an unspoken feud with rival exchange and blockchain developer Binance.
Changpeng “CZ” Zhao, the Chief executive officer of Binance, stated the organization will liquidate the whole of their holdings of FTT. Inside a tweet on November. 6, the CZ stated the move came because of, “recent revelations which have been revealed.”
Follow-up tweets by CZ known as the move a kind of risk management with training obtained from the Terra collapse captured. Also, he commented around the recent actions of FTX founder and Chief executive officer Mike Bankman-Fried, who allegedly lobbied against centralized finance. In a tweet from CZ, he added:
“We won’t support individuals who lobby against other industry players behind their backs.”
Based on on-chain analysis, around 23 million FTT, or $520 million during the time of writing, was used in Binance from your unknown wallet.
Related: FTX professional revealed as big donor to Or Democrats following misidentification
Bankman-Fried also tweeted their own reaction to the problem, by which he emphasized it to be the time to develop the area. Also saying he respected the job of numerous in the market, including CZ.
5) Since I respect the hell from what y’all did to construct the with it today, whether they reciprocate, and whether we make use of the same methods.
Including CZ.
Anyway — of course — you’re ready to build.
Have sex (and blockchain), not war.
— SBF (@SBF_FTX) November 6, 2022
Considering the liquidations and community buzz, market analysts speculate that FTT could face serious cost plunges. During the time of writing, the cost hovers around $22.60.
