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Cryptocurrency exchange FTX clients want to withdraw billions of US dollars, but their money is gone

Klienci giełdy kryptowalut FTX chcą wycofać miliardy USD, ale ich środki zniknęły

2022-11-12 18:34

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2022-11-12 18:34

Cryptocurrency exchange FTX clients want to withdraw billions of US dollars, but their money is gone
Photo: Alexey Ivanov / / stock struggle

Clients of the third largest cryptocurrency exchange, FTX, are looking to withdraw billions of dollars in assets, but their money is gone. Reuters is asking for at least $1 billion, embezzled in a series of shadowy deals, from a company that filed for protection from creditors on Friday.

FTX Trading Ltd. filed for bankruptcy protection in the United States on Friday. Fred Bankman himself, founder and CEO of the exchange, resigned. He was replaced by John J Ray III.

The application for protection against creditors includes, inter alia, the Alameda Research Fund, as well as about 130 related companies.

Customers requested a $6 billion withdrawal within 72 hours before depositing, and rival exchange Binance has abandoned its FTX bailout.

And FTX announced, on Saturday, the disclosure of unauthorized transactions, which resulted in the withdrawal of assets worth millions of dollars from the platform in suspicious circumstances.

Sources told Reuters at least $1 billion in client funds had disappeared from the exchange. Other sources say as much as $2 billion has disappeared from FTX accounts.

Reuters also wrote that FTX founder Sam Bankman-Fried was to transfer $10 billion in client assets to his trading company, Alameda Research. Most of these assets have also disappeared.

Main Counsel FTX Ryne Miller tweeted that over $2 billion left FTX International and FTX US in the past seven days, of which $659 million left in the last 24 hours.

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The collapse of FTX has shocked investors, who are once again calling for regulation of the crypto sector, which has been losing ground this year due to a strong sell-off in the markets.

Bitcoin plunged below 16K on Wednesday after Binance rejected the rescue deal for FTX. USD, for the first time since 2020. This is a drop of more than 75%. Compared to the record level of 69 thousand. USD, registered November 2021.

“We believe that the cryptocurrency markets are still too small and too isolated to cause contagion in financial markets. It has $890 billion in capital versus $41 trillion in US equities,” wrote Citi analysts.

Within four years, FTX raised $1.8 billion in venture capital and pension funds.

In the bankruptcy petition, FTX Trading wrote that it had $10 billion to $50 billion in assets, $10 to $50 billion in liabilities and more than $100,000. creditors. (PAP Biznes)

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source:PAP Biznes
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