FTX 'effectively paused' withdrawals, CEO Sam Bankman-Fried tells employees

Quick Take

  • FTX CEO Sam Bankman-Fried told staff that the exchange effectively paused withdrawals, Reuters said.

FTX.com effectively paused withdrawals, CEO Sam Bankman-Fried told staff via Telegram, according to Reuters. 

The exchange — which Binance has struck a deal to acquire — experienced around $6 billion in net withdrawals in the days leading up to Tuesday morning, Bankman-Fried told staff, Reuters said

The Block first reported that FTX stopped processing clients' withdrawal requests at about 9:00 a.m. ET today, based on analysis of on-chain data. The last outgoing transaction from FTX on the Ethereum blockchain took place at 6:37 a.m. EST.  


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