FTX chief executive addresses user withdrawal complaints amid token sell-off
Several FTX users took to Twitter on 7 November to claim they are unable to complete successful withdrawals from their account, just days after Binance made headlines that the company will offload the entirety of its holdings of the ftx token (FTT), the native token of the crypto exchange FTX.
FTX quickly addressed the claims on Twitter by reassuring its users that the platform was “running smoothly”.
It added that although it was “churning through” its bitcoin (BTC) withdrawals, its node throughput was limited: “We’re switching it to process from both ends, which should help speed it up.”
FTX also claimed that it is still processing stablecoins due to the banks being closed over the weekend: “USD stablecoin creations/redemptions might be slower until wires clear tomorrow, especially for some coins/chains.”
FTT to USD
FTX CEO: ‘Assets are fine’
FTX chief executive officer Sam Bankman-Fried also addressed the complaints circulating around the platform’s withdrawal feature through his own personal account, but first began by thanking users who have supported the cryptoasset platform.
Bankman-Fried said: “A huge thank you to everyone who has supported us – we're excited to keep climbing together. And especially to those who stay level headed during crazy times. We deeply appreciate it.”
1) A competitor is trying to go after us with false rumors.
— SBF (@SBF_FTX) November 7, 2022
FTX is fine. Assets are fine.
Details:
While claiming that FTX's assets “were fine”, Bankman-Fried also alluded to a competitor spreading false rumours about the exchange, before emphasising the importance of building up the crypto space.
Despite what looks like an ongoing fued between FTX and Binance, Bankman-Fried added that he respected the work of many in the industry, including Binance CEO Changpeng ‘CZ’ Zhao, who 24 hours earlier Tweeted that Binance’s move away from FTX came as a result of “recent revelations that came to light.”
There were mixed responses on Twitter, with some users stating that they were still unable to access their funds on FTX after several hours of withdrawal attempts. Others claimed that they didn’t have issues with the feature.
At the time of writing, the price of FTT was trading at around $22.79 on 7 November, up 2.8% in the last 24 hours.
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