SBF retweeted https://twitter.com/MoonOverlord/status/1589606333468512256 : "cant wait for my FTX airdrop for not moving any of my funds"
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simps?
FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
61–70 of 141 posts
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#62Earlier quoted context omitted.
Yeah talk about a brutal move. Made my estimation of CZ increase, what a shark
Yeah, but why wouldn't he want to sell his hundreds of millions of dollars worth of FTT before crashing the price? Isn't that a bit strange?
Sell $100 mil at 22, buy em back at 17 ... Profit $22 million.
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#63Earlier quoted context omitted.
> Even if FTX has stopped withdrawals, it does not necessarily mean they are insolvent. Listen to yourself.
If the ATM Cash Machine stops withdrawals because it's out of money it doesn't mean that the bank which owns it is insolvent. Even if you go to a bank branch, large withdrawals ($100k+) need to be announced days in advance, they will not give you the money on the spot.
Let's break this down. If you're FTX, you don't have ATMs. You have a digital teller system that is leveraged against your own liquidity. If you fail to go liquid, one of the first things you'll stop doing is liquidating other people's transactions. This is a problem, because it creates an adversarial relationship between the currency-holders and the exchange managing their funds.
Making matters worse, cryptocurrency is not a bank branch. Large transactions can happen on-chain without announcing anything to anyone, the bottleneck only hits once you try liquidating funds you don't own. Maybe you're right, and FTX has fallen on some bad times. Whatever the case may be, this is entirely their problem and one of many hundred issues that crop up when you create custodial crypto systems. I hope they continue to fail and remind everyone how P2P currency is meant to be distributed.
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#64Earlier quoted context omitted.
> Even if FTX has stopped withdrawals, it does not necessarily mean they are insolvent. Listen to yourself.
I’m still trying to decide if stopping withdrawals is smoke, or is the fire.
It is fairly common for exchanges to have (short) pauses in withdrawals. The majority of funds are in a cold storage, and for security reasons it usually takes some time to get the funds out from there "live".
If lot of people are withdrawing at once, it would cause minor inconvenience to any exchange. They have to transfer funds from cold storage, and that takes time. It is almost impossible to determine if an exchange is solvent or not until you know their cold storage addresses.
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#65Unlike traditional finance, all this is on-chain, so you can trivially look it up. 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.
The article seems to be based on https://etherscan.io/tokentxns?a=0x2faf487a4414fe77e2327f0bf..., which does seem to have only incoming transitions unlike the "FTX Exchange 3" account you linked.
Is this FTX changing their patterns for which accounts they use for withdrawals, and then this being interpreted as withdrawals being halted?
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#66Earlier quoted context omitted.
FTX collapsing is the optimistic case. I hope they take the rest of the crypto "space" with them.
I'm not pro-crypto in general, but ftxfoundation.org funds work I think is really important and would be sad to see collapse.
Another billionaire that wants to launder their reputation will come along in no time and fill the void.
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#67Unlike traditional finance, all this is on-chain, so you can trivially look it up. 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.
The article seems to be based on https://etherscan.io/tokentxns?a=0x2faf487a4414fe77e2327f0bf... , which does seem to have only incoming transitions unlike the "FTX Exchange 3" account you linked. Is this FTX changing their patterns for which accounts they use for withdrawals, and then this being interpreted as withdrawals being halted?
Plenty of OUT tx:
https://etherscan.io/address/0x2faf487a4414fe77e2327f0bf4ae2...
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#68Earlier quoted context omitted.
Quoted post unavailable.
simps?
A banned word apparently, my comment is flagged.
https://www.urbandictionary.com/define.php?term=Simp
People who respond to celebrities online are in the desparte hope they notice them, imo are some of the worst.
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#69Earlier quoted context omitted.
The article seems to be based on https://etherscan.io/tokentxns?a=0x2faf487a4414fe77e2327f0bf... , which does seem to have only incoming transitions unlike the "FTX Exchange 3" account you linked. Is this FTX changing their patterns for which accounts they use for withdrawals, and then this being interpreted as withdrawals being halted?
Plenty of OUT tx: https://etherscan.io/address/0x2faf487a4414fe77e2327f0bf4ae2...
Every single "OUT" TX appears to be for 0 eth?
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.
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#70Here's a dune query for the last 3 hours of erc20 transfers from the main FTX withdrawal hot wallet (0x2faf487a4414fe77e2327f0bf4ae2a264a776ad2): > https://dune.com/queries/1142206/1950606
Spoiler alert: There are plenty: https://etherscan.io/address/0x2faf487a4414fe77e2327f0bf4ae2...
Click on "Erc20 Token Txns" to get a clearer view into the transfers. There are none labeled as "out" for a few hours.
The "Transactions" list on etherscan can be confusing as to the source and dest (check the individual Txns)