Crap, I have $20 USD on there!
Correction you have $19, no $18, no $17, no make that $16 on there
FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
71–80 of 141 posts
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#72Wow, that's crazy. FTX was the company that saved a lot of crypto companies that were about to default on their liabilities in the first stages of crypto winter. And now they are the one that are going under. Ironic.
I’m not convinced they’re going under. Is Alameda in trouble? Maybe, but FTX is basically having a bank run. Just because things are slow processing doesn’t mean they’re going under. SBF came out and claimed to have all customer deposits.
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#73Earlier quoted context omitted.
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.
Are we looking at the same thing?
E.g a very recent TX with some ETH going out: https://etherscan.io/tx/0x5a282187181907995b37c0df1888dfe364...
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#74Earlier quoted context omitted.
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…
I don't really get what you are talking about. Any sane custodial system has "hot" funds from where customers withdrawals are processed from. When the "hot wallet" drops too low, it is refilled from "cold storage" which is high security offline storage, and usually way slower to get funds out of because humans are involved in the process.
If business is going as usual, customers don't see anything, because hot wallet funds are kept at acceptable levels. Not too high, because you don't want to have too much funds online in a case a hack happens. Not too low, because you want customer withdrawals to function. However, if some kind of panic happens and people start withdrawing a lot at once, then you will always have delays, assuming that you have a sane system.
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#75There was a post in here warning about just that three or four days ago, there were still people accusing the writer behind the post in question of hunting for a new scoop and such. Looks like he was 100% correct in his assessment.
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#76Earlier quoted context omitted.
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.
Doesn’t it display as 0 ETH if it’s an ERC20 transaction?
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#774 days ago there was an interesting discussion here about a possible Alameda/FTX bankruptcy: https://news.ycombinator.com/item?id=33464494
Tellingly, SBF's response to that was to assure us that FTX was doing fine.
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#78[deleted]
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#79Even if FTX has stopped withdrawals, it does not necessarily mean they are insolvent. But remember, no smoke without fire. Like all other financial institutions, they can process only certain amount of withdrawals in a time frame, limited by their banking partners and so on. Currently their are under enormous pressure, as their competitor Binance has decided to dump very large amount of $2B FTT token they received as…
Well it has been 4 hours now, and the media has been reporting it for an hour, everyone on Twitter and Reddit is talking about it. Yet, no communication from FTX or SBF.
> Yet, no communication from FTX or SBF.
this is the biggest issue. if they are having any kind of technical issues they should be on top of it.
even if everything is fine by tomorrow and withdrawals are working again, this radio silence is unprofessional and at this point it feels like they are trying to avoid saying anything that will be held up in court against them.
Re: FTX Appears to Have Stopped Processing Withdrawals, On-Chain Data Show
#80Earlier quoted context omitted.
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.
Are we looking at the same thing? E.g a very recent TX with some ETH going out: https://etherscan.io/tx/0x5a282187181907995b37c0df1888dfe364...
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