90% of Ethereum (ETH) Dumped from FTX Main Wallet In Just Two Days

CoingapePublished on 2022-11-08Last updated on 2022-11-08

Abstract

The recent transfer of $500 million worth of FTX Tokens (FTT) to Binance has brewed major skepticism surrounding the finances of the crypto exchange.

The recent transfer of $500 million worth of FTX Tokens (FTT) to Binance has brewed major skepticism surrounding the finances of the crypto exchange. However, FTX CEO Sam Bankman-Fried has assured that all operations are working fine but investors have pressed the panic button.
Apart from FTT liquidation, users are withdrawing major altcoins like Ethereum from the main FTX wallet. As per on-chain data, amid the Binance drama, more than 90% of the Ethereum (ETH) has been dumped from the FTX main wallet. On-chain data provider Santiment reports:
In just two days, the amount of #Ethereum held in #FTX‘s main wallet has dropped from 322k to 32k. At one point, the wallet was bleeding 500 $ETH per minute. With the ongoing feud between @SBF_FTX and @cz_binance, expect continued unpredictability.

Courtesy: Santiment The crypto winter of 2022 has seen many players freeze user withdrawals. this has led to severe concern among the crypto community. As a result, any negative sentiments result in a sharp reaction as seen in the case of Ethereum withdrawals from FTX.
FTX chief Sam Bankman-Fried has assured that things are working fine. In a tweet yesterday, he wrote:
“A competitor is trying to go after us with false rumors. FTX is fine. Assets are fine. FTX has enough to cover all client holdings. We don’t invest client assets (even in treasuries). We have been processing all withdrawals, and will continue to be.
It’s heavily regulated, even when that slows us down. We have GAAP audits, with > $1b excess cash. We have a long history of safeguarding client assets, and that remains true today”.
Binance Confirms Its Ethereum Holdings
As massive ETH withdrawals take place on FTX, Binance CEO took this chance adding that they have over $8 billion in ETH deposits on the two cold wallets. “These are not our money. They are user assets. We are just the custodian,” he added.
Not sure if CZ was trying to lure FTX users with his statement. The price of FTX Token has plunged by another 20% in the last few hours amid a massive selloff. As of press time, Ethereum (ETH) is also trading 8.4% down at $1451 with a market cap of $178 billion.

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How to Buy FTT

Welcome to HTX.com! We've made purchasing FTX Token (FTT) simple and convenient. Follow our step-by-step guide to embark on your crypto journey.Step 1: Create Your HTX AccountUse your email or phone number to sign up for a free account on HTX. Experience a hassle-free registration journey and unlock all features.Get My AccountStep 2: Go to Buy Crypto and Choose Your Payment MethodCredit/Debit Card: Use your Visa or Mastercard to buy FTX Token (FTT) instantly.Balance: Use funds from your HTX account balance to trade seamlessly.Third Parties: We've added popular payment methods such as Google Pay and Apple Pay to enhance convenience.P2P: Trade directly with other users on HTX.Over-the-Counter (OTC): We offer tailor-made services and competitive exchange rates for traders.Step 3: Store Your FTX Token (FTT)After purchasing your FTX Token (FTT), store it in your HTX account. Alternatively, you can send it elsewhere via blockchain transfer or use it to trade other cryptocurrencies.Step 4: Trade FTX Token (FTT)Easily trade FTX Token (FTT) on HTX's spot market. Simply access your account, select your trading pair, execute your trades, and monitor in real-time. We offer a user-friendly experience for both beginners and seasoned traders.

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