121–130 of 141 posts
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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.
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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…
How long should it take to get funds from a cold wallet to a hot wallet? Hint: if it's more than 1 block (~10mins) you're either incompetent or fraudulent
Unlike 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.
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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…
How long should it take to get funds from a cold wallet to a hot wallet? Hint: if it's more than 1 block (~10mins) you're either incompetent or fraudulent
Here'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...
[Disclaimer: I'm one of the co-founders of MakerDojo]
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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?
Even 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…
Update, FTX is insolvent: https://twitter.com/cz_binance/status/1590013613586411520
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> 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.
This is closer to you writing a check and it bouncing not because you don't have enough money in your account but because your bank doesn't have enough money to settle the transaction.