FTX is reportedly processing withdrawals on its crypto trading platform again

After stopping withdrawals on its crypto trading platform, FTX seems started processing payouts again based on certain blockchain data.

FTX was recently faced with more than $6 billion in withdrawal requests from its users, and FTX had been forced to block them due to lack of funds.

The crypto exchange thought it had found help from its rival Binance which finally gave up buying FTX which shows excessive losses and which is also under investigation by the American authorities.

FTX CEO Sam Bankman-Fried broke his silence and apologized to his users, especially those who cannot get their money back.
I fucked up (I screwed up) said the CEO in a series of tweets trying to explain how the crypto exchange FTX could find itself in such a disastrous situation, causing the price of Bitcoin (BTC) to fall in the process.

It must be said that the overwhelming elements continue to accumulate for the CEO of FTX reportedly spends $10 billion of FTX customer funds to come to the aid of his other company Alameda Research, the Wall Street Journal reveals.

Best Copy Trading Sites

Another issue facing FTX is that US authorities have asked Tether to freeze $46 million in USDT tokens owned by FTX.

Entangled in a serious financial situation that would require an injection of $8 billion, the crypto exchange FTX now seeks help from Justin Sun of Tron (TRX) which is currently working on a rescue plan.

The resumption of withdrawals on FTX is therefore good news for users who will be able to withdraw their funds which were still blocked on the crypto trading platform.

It remains to be seen whether FTX’s CEO will be able to raise the billions of dollars needed to avoid the bankruptcy of this now distrusted crypto exchange.

that Bitcoin price is currently bouncing around $17,760click here to follow BTC rate live.

Follow us on Telegram, Facebook and Twitter.


Leave a Comment