https://etherscan.io/address/0x7abe0ce388281d2acf297cb089cae...
FTX seems to be processing withdrawals normally. For the life of me, I can't understand why journalists love to speculate instead of doing a 5-second search on EtherScan.
Reading through the lines: FTX is in trouble and faces a "liquidity crunch", Binance might acquire them (But will do Due Dilligence first).
FTX US is not affected (SBF says funds are SAFU for FTX US, probably withdrawals are working for US but not FTX global)
Why would anyone trust this?
Is this FTX changing their patterns for which accounts they use for withdrawals, and then this being interpreted as withdrawals being halted?
Upon further inspection, it actually looks like the only transactions they're processing are the ones from their own wallet. The entire TX history looks really suspicious to me.
E.g a very recent TX with some ETH going out: https://etherscan.io/tx/0x5a282187181907995b37c0df1888dfe364...
That being said, does FTX even allow custodial ERC20 transactions? I'd be surprised if they did.
However to me most articles about FTX seem like "panic first, research after". Yes SBF's investment company might be fucked, but customers funds should be totally separate from that.
We only have to look at the other crypto firms that have gone bust to know this space is rife with problems in that area - lies about FDIC protection, cryptocurrency and tokens considered part of company assets and subject to creditor claims, rather than customer deposits etc.
I wouldn’t like to rely on that “should”.
And you don't have to. Best always to hold your own coins yourself if you have that possibility, or use a custodian you trust.
That's the point. A lot of "trustworthy" crypto custodians have turned out to be… not.
“it’s fine, don’t worry about withdrawing and holding your coins yourself, your deposits are safe”
It appears that you actually agree with me that they may not be.
I assume most traders on ftx only put enough capital on the exchange to keep their positions open in the short term.
So the intangible value of ftx may well exceed the value of clients assets by a significant margin. Then ftx may well be able to issue new shares should it experience a liquidity crunch.
Are you sure? I come bearing no data at all, but it seems everything I listen to or watch is sponsored by FTX. Didn't they also go huge during Superbowl? I would think FTX is one of the largest marketing spenders in crypto purely based on optics (which, again, may be completely off).
Sure, and Tether "should be" one-to-one backed by US dollars.
In crypto, a lot of the time the "should be", isn't.
Crypto isn’t regulated so there is no segregation or protection of customer funds
Also see this: no FDIC insurance, letter from FDIC alleging misrepresentations from FTX: https://twitter.com/ClarityToast/status/1590022331220787201
Second one out, no problem.
Last one out, problem.
All? the accounts of FTX in the ethereum network.