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.
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.
Nothing wrong with taking a caution first approach.
However to me most articles about FTX seem like "panic first, research after". Yes SBF's investment company might be fucked, but customers funds should be totally separate from that.
I think that “should” is working really hard there.
We only have to look at the other crypto firms that have gone bust to know this space is rife with problems in that area - lies about FDIC protection, cryptocurrency and tokens considered part of company assets and subject to creditor claims, rather than customer deposits etc.
Ftx is quite profitable: Good fee income with little marketing expense. So it has a large intangible value.
I assume most traders on ftx only put enough capital on the exchange to keep their positions open in the short term.
So the intangible value of ftx may well exceed the value of clients assets by a significant margin. Then ftx may well be able to issue new shares should it experience a liquidity crunch.
Are you sure? I come bearing no data at all, but it seems everything I listen to or watch is sponsored by FTX. Didn't they also go huge during Superbowl? I would think FTX is one of the largest marketing spenders in crypto purely based on optics (which, again, may be completely off).
Reading through the lines: FTX is in trouble and faces a "liquidity crunch", Binance might acquire them (But will do Due Dilligence first).
FTX US is not affected (SBF says funds are SAFU for FTX US, probably withdrawals are working for US but not FTX global)