SBF apologizes for FTX glitches amid high volatility

Quick Take

  • For a time the crypto exchange website prevented some users from accessing accounts.

  • Volatility in the wake of the CPI report saw $110 million of liquidations in an hour throughout crypto derivatives exchanges.

The FTX digital asset exchange website glitched Tuesday, temporarily preventing some users from account access.

The site outage coincided with the release of the U.S. consumer price index (CPI) report around 12:30 UTC, according to some users who expressed frustration on Twitter. One noted FTX often freezes during times of high traffic. FTX CEO and founder Sam Bankman-Fried responded on Twitter, apologizing for what he said were web interface-related issues amid the downtime. He returned to tweet that the issue had been fixed around 13:25 UTC.

Some users struggled to access accounts as markets reacted to the CPI report findings that inflation's still going strong. Bitcoin traded below $21,000, and ether dropped below $1,600, tracking traditional markets lower.


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The ensuing market volatility saw liquidations to the tune of $110 million occur throughout crypto derivatives exchanges according to CoinGlass.

Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Jeremy Nation is a senior reporter at The Block covering the greater blockchain ecosystem. Prior to joining The Block, Jeremy worked as a product content specialist at Bullish and He also served as a reporter for ETHNews. Follow him on Twitter @ETH_Nation.