Following a halt of more than 48 hours, FTX is once again processing withdrawals. With a plethora of headlines surrounding its current state, its reopening the withdrawal feature is another installment of what has been a week-long saga.
It has been a tragic downfall that has seen one of the most prominent cryptocurrency exchange firms fall from grace. However, among the news of inappropriate business practices and uncertain futures, FTX is attempting to get back to some sort of normal.
FTX has opened withdrawals
It was first reported by Andrew Thurman, who noted that large sums were being withdrawn from the platform. This followed Nansen’s head of content reporting that a little over $2 million had come out in the first few minutes.
Thurman followed up this revelation with a tweet that over $6 million had been returned from FTX to users. Conversely, the withdrawal halt had seemingly been the result of reported bad business practices, which noted FTX was lending customer assets to Alameda Research.
It has been a tumultuous time, to say the least, for FTX and CEO Sam Bankman-Fried. In addition to a liquidity crisis, the cryptocurrency investment firm sought salvation from its greatest competitor.
Binance agreed to terms to acquire the cryptocurrency trading platform until it completed some due diligence. The findings resulted in Binance backing out of the deal. They ultimately citied the dire nature of the situation as unsalvageable.
Still, SBF has continually claimed that FTX has more assets than deposits. Thus, the eventual fate of the platform is still undetermined. The good news, however, seems to be that customers are finally able to withdraw from the now-controversial platform.