FTX Clarifies Difficulty In Bitcoin Transactions Amid FTX-Binance War

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Crypto exchange FTX’s founder Sam-Bankman Fried earlier ensured users that deposits and withdrawals are working fine, clarifying rumors surrounding illiquidity. As users faced difficulty removing their Bitcoin holdings from the crypto exchange, FTX revealed that the matching engine is working smoothly. Moreover, Bitcoin (BTC) withdrawals are facing difficulty due to limited throughput on nodes. Stablecoins redemptions will be affected until banks open.

FTX Facing Bitcoin and Stablecoins Liquidity Issues

Crypto exchange FTX in a series of tweets on November 7 revealed that all processes including the matching engine are working smoothly. However, Bitcoin withdrawals on FTX are facing difficulties as node is throughput limited. The crypto exchange is switching to process Bitcoin withdrawals from both ends to help speed up the process.

“BTC withdrawals: churning through them; node is throughput limited. We’re switching it to process from both ends, which should help speed it up.”

FTX users complained of Bitcoin transactions being stuck for the last 5-10 hours. The FUD surrounding FTX and Alameda liquidation continues to rise as people compare it to the earlier liquidity crisis.

Moreover, the crypto exchange has also notified users about the difficulty in stablecoins redemptions. It said stablecoins creations and redemptions might be slower until banks open that clears wire transfers. FTX holds reserves in banks and converts to stablecoins as required.

The FTT liquidations and stopped withdrawals begin to have a significant impact on the crypto market. The FTX Token (FTT) price is currently trading at $22.50, down nearly 5% in the last 24 hours.

Binance Dumping FTT Tokens

Binance CEO “CZ” on November 6 announced dumping all FTX Token (FTT) holdings over the next few months. In fact, Binance exited FTX equity last year and received $2.1 billion in FTT and BUSD. The firm has already transferred $584 million worth of tokens, causing the FTT price to fall over 10%.

Meanwhile, several transactions related to Alameda continue to surface on Twitter. According to data, Alameda transferred 26,600 ETH and Blockfolio transferred 13,555 ETH to FTX as the crypto exchange ETH holdings declined massively.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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