Two hours without withdrawals puts FTX’s liquidity in question

On-chain information has shown that FTX has stopped processing withdrawals for astir 2 hours.

According to information analyzed by CryptoSlate, the past outgoing transaction from FTX connected Ethereum was recorded astatine astir 6:18 a.m. EST. Etherscan showed nary outgoing transaction from FTX’s code since then, further fueling rumors astir the exchange’s liquidity position.

Table showing the past 5 transactions from FTX’s Ethereum code (Source: Etherscan.io)

Solana and Tron explorers showed an uninterrupted watercourse of outgoing transactions, starring immoderate to speculate whether this was a method issue.

However, the speech has been facing an unprecedented liquidity crisis. A study from Nansen showed that $1.2 cardinal successful crypto has been withdrawn from FTX successful the past 24 hours, with lone $540 cardinal successful assorted tokens deposited. With a antagonistic nett travel of -$653 cardinal and withdrawal unit continuing to mount, the speech is up for a hard quarter.

24H full deposits to FTX: $540M
Total withdrawals: $1.2B

Netflow: -$653M

Note: $ETH and ERC-20 tokens lone pic.twitter.com/YbNjpFREy6

— Nansen (@nansen_ai) November 8, 2022

As antecedently covered by CryptoSlate, the magnitude of BTC held connected the speech had gone antagonistic arsenic astir 20,175 BTC near the speech successful the past 24 hours.

The station Two hours without withdrawals puts FTX’s liquidity successful question appeared archetypal connected CryptoSlate.