Connect with us

Hi, what are you looking for?

Right Decision NowRight Decision Now

World News

Crypto exchange FTX saw $6B in withdrawals in 72 hours — CEO message to staff

Crypto exchange FTX saw around $6 billion of withdrawals in the 72 hours before Tuesday morning, according to a message to staff sent by its Chief Executive Officer Sam Bankman-Fried that was seen by Reuters. 

In a surprise move, Changpeng Zhao, boss of major rival Binance, said on Tuesday the company signed a nonbinding agreement to buy FTX’s non-US unit, FTX.com, to help cover a “liquidity crunch” at FTX. 

“On an average day, we have tens of millions of dollars of net in/outflows. Things were mostly average until this weekend, a few days ago,” Mr. Bankman-Fried wrote in a message to staff sent on Tuesday morning. 

“In the last 72 hours, we’ve had roughly $6b of net withdrawals from FTX,” he wrote, adding that withdrawals at FTX’s main unit, FTX.com, are “effectively paused,” an issue that would be resolved in “the near future.” 

“Most of the details (of the deal) still aren’t hashed out,” he wrote, adding that he did not have a “definitive answer” for questions including “what exactly is the transaction” and “what entities would it include.” 

FTX did not immediately respond to a request for comment. — Reuters

    You May Also Like

    Business

    The head of the International Monetary Fund has warned of increased risks to the stability of the financial system after weeks of banking sector...

    Business

    The Home Office has made next to no progress in tackling criminal fraud during the past five years, despite it having become Britain’s most...

    Business

    1.22 billion people use Instagram every month. That’s a huge number of Instagrammers trying to hit it big on the platform all at the...

    Business

    Mark Zuckerberg has laid off more than 11,000 Meta’s employees, about 13 per cent of its global workforce, in what he described as “some...

    Disclaimer: rightdecisionnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 rightdecisionnow.com | All Rights Reserved