Crypto exchange wars going on... FTX vs Binance

[rdluffy]

What FTX exchange you are using. I believe the only FTX that is not affected is the .us one while the global FTX is still with withdrawal problem but there really some report on twitter that withdrawal is already resumed after the problem occur yesterday when the FTT sell off happened. I’m not a user of FTX but I’m sure they have a live support that can help you to process your withdrawal just like Binance do that typically requires you to fill up the form for your pending transaction.

You should notify the support since pending withdrawal usually overlooked since there is a queue of withdrawal already from user that fleeing the exchange.

I use FTX.com, I live outside US

Already sent message to support, but there's no live chat, only tickets, but anyway it's not a simple case to submit a ticket, all withdraws are paused
Can you show me where did you see about withdraws being resumed?
Thanks

[fillippone]

Dropping in late on this thread.

Guys, something I missed on the great scheme of things.

Having the following diagram in mind:



Who lent the stablecoins to Alameda with FTT as collateral (Step 3)?

[dimonstration]

What FTX exchange you are using. I believe the only FTX that is not affected is the .us one while the global FTX is still with withdrawal problem but there really some report on twitter that withdrawal is already resumed after the problem occur yesterday when the FTT sell off happened. I’m not a user of FTX but I’m sure they have a live support that can help you to process your withdrawal just like Binance do that typically requires you to fill up the form for your pending transaction.

You should notify the support since pending withdrawal usually overlooked since there is a queue of withdrawal already from user that fleeing the exchange.

I use FTX.com, I live outside US

Already sent message to support, but there's no live chat, only tickets, but anyway it's not a simple case to submit a ticket, all withdraws are paused
Can you show me where did you see about withdraws being resumed?
Thanks

On on-chain trnsaction of FTX exchange. I subscribed on a telegram news channel that gives me update on what’s going on in crypto space. You can check there post about this here: https://t.me/alphacryptoproject/6705

But you can simply search for FTX wallet of different blockchain explorer since there wallet address is tagged by there name. You can see withdrawal transaction on there wallet.

Dropping in late on this thread.

Guys, something I missed on the great scheme of things.

Having the following diagram in mind:



Who lent the stablecoins to Alameda with FTT as collateral (Step 3)?

Yeah, This is the power of unli print out of thin air in crypto. They can have infinite source of funds for there liquidity.

[fillippone]

Crypto Compare just published this blog entry.

Market Spotlight: Diving Into FTX’s Insolvency, FTT & Binance



Good recap.
Still my question about Alameda funding is yet to be answered.

[pixie85]

Looks like quantative easing in the crypto world.

When all the dust settles most fake tokens with no real value that were made for this scheme will die and bitcoin will be left standing. It looks to me like a buying opportunity for bitcoin because there's some panic selling going on that makes no sense at the current situation.

I understand that you want to move out of an exchange but if they aren't processing your bitcoin withdrawal they aren't going to do it in fiat. If they have no money they have no money.

[fillippone]

Looks like quantative easing in the crypto world.

Quantitative tightening then.
Liquidity in crypto world would disappear, failed project will fail, while sound money would gain value.
Eventually, good for Bitcoin in the long term.

[adaseb]

Right now as far as I know there is no withdraws going thru on FTX.COM. If you have FTX.US withdraws are going fine, probably because they don't want to get sued by the government.

Looking at these addresses for USDC/USDT

https://etherscan.io/token/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48?a=0x2faf487a4414fe77e2327f0bf4ae2a264a776ad2
https://etherscan.io/token/0xdac17f958d2ee523a2206206994597c13d831ec7?a=0x2faf487a4414fe77e2327f0bf4ae2a264a776ad2

Only deposits are going in. Nothing coming out for over 24 hours.


People are desperate and doing the 100x degen trade hedging like I meantioned before. However it might not work if it goes the other way and you got more funds stuck on FTX that you can't withdraw.

You can see this happening now because the premium for BTC-PERP on FTX is like $100 higher then other exchanges. It was I think $400 premium at one point. People are doing what they can to get out of this mess.

[uneng]

Can this recent chain of events, which lead cryptocurrencies to crash, cause collateral damage to another crypto services and exchanges? Can another platforms go bankrupt as well because of FTX's insolvency, loss of confidence from investors in crypto in general and crash in prices? Or is it an isolated situation which won't have further consequences for another companies?

[fillippone]

Can this recent chain of events, which lead cryptocurrencies to crash, cause collateral damage to another crypto services and exchanges? Can another platforms go bankrupt as well because of FTX's insolvency, loss of confidence from investors in crypto in general and crash in prices? Or is it an isolated situation which won't have further consequences for another companies?

I guess in case of FTX collapse, the contagion is almost inevitable. Also because there is an ongoing “bank run” to exchanges that is of course worsening the situation.
This is the primary reason because BTC is dumping.

[stompix]

I guess in case of FTX collapse, the contagion is almost inevitable.

It's not just contagion anymore, seems like everyone is actively trying to spread it.

Binance Is Strongly Leaning Toward Scrapping FTX Rescue Takeover After First Glance at Books: Source
https://www.coindesk.com/business/2022/11/09/binance-is-strongly-leaning-toward-scrapping-ftx-rescue-takeover-after-first-glance-at-books-source/

FML, $15k incoming if this is not denied by either of them.
As for CZ, he has 1 billion in SAFU funds and has started reassuring people he actually has their money, just please, please be it like that as I really don't want a black Friday this week!

[rdluffy]

On on-chain trnsaction of FTX exchange. I subscribed on a telegram news channel that gives me update on what’s going on in crypto space. You can check there post about this here: https://t.me/alphacryptoproject/6705

But you can simply search for FTX wallet of different blockchain explorer since there wallet address is tagged by there name. You can see withdrawal transaction on there wallet.

Thanks, but my withdraws are still stuck, no answer from them, and I didn't see anyone having luck with their withdraws
Let's hope they at least pay the withdraws, but at this point I think it's done

SBF deleted some twitters about "funds are all fine", all clients wil be paid etc.
I doubt about Binance buying FTX, it was only part of CZs move to destroy FTX

[buwaytress]

FML, $15k incoming if this is not denied by either of them.
As for CZ, he has 1 billion in SAFU funds and has started reassuring people he actually has their money, just please, please be it like that as I really don't want a black Friday this week!

Binance already declined comment to that article and another I'm reading, which is pretty much as close as it comes to a non-denial in this industry. Already broke $17k floor, it's probably not as bad as a disaster would require, but if it's worse than CZ thought, then yeah, I think 15k is on the horizon (temporarily anyway).

Meanwhile, you've got guys like Novogratz saying their stocks are "unbelievably cheap" now, when clearly, it's believable heh. I sense scalping season ahead, so it might get bloody, but it won't last long... hang in there.

[suzanne5223]

As of 3 hours... withdraws have stopped.

Only deposits are going to their hot wallet and nothing coming out. No idea how their bitcoin hot wallet is doing but their hot wallet for ETH and ERC20 is not sending any withdraws.

A few hours ago I was able to withdraw USDT using the TRON network from FTX to my Binance account and it is very good, I withdraw because I need it, just like my normal transactions without any reason about the current issue on FTX exchange.
I believe that Sam Bankman-Fried is right, this is because of competitors, they are being targetted by their competitors.

Let's agree Sam Bankman-Fried is right as you said because it's never possible for the FTX exchange not to be targeted by their competitor since the exchange was launched in May 2019 and easily clinched the top 3 biggest exchanges but I expect SBF to be smart since he appears to have political ambition.
Why would he choose to use the exchange-created token as a backup when we both know the crypto industry trust BTC more than any cryptocurrencies in the market?
Why is he funding projects like Aptos, and Sui and also bailed out BlockFi for $240m?

I honestly hope everything will be fine after the storm is over.

[stompix]

Meanwhile, you've got guys like Novogratz saying their stocks are "unbelievably cheap" now, when clearly, it's believable heh. I sense scalping season ahead, so it might get bloody, but it won't last long... hang in there.

Novogratz?


The guy has just lost another $70m and still has the nerve to come and say something, anything?
This is the shut up moment for every single of these ***, seriously, after Terra, after Celsius, Voyager when every single of these morons came to say wasn't like them it's about high time for every single of them to shut the fuck up and do so till the community asks for their opinion.

“It reminds me that this is a very young and new industry and part of the growing pains is weeding out the bad actors, the excesses, and pivoting towards something that’s more trusting,” he added. 

Yeah, weeding out bad actors while millions lose money it's definitely a great step forward.

[adaseb]

People are shorting SOL on many futures exchanges like Bybit and there is a CRAZY 25% price different. We got $11 on Bybit futures and $14 is the real spot price.

People are basically longing on FTX and if SOL goes bust, they make money on the other exchange and hedge their way out.

Looking at the crazy 5% daily funding rates.

Everyone is getting very desperate not to leave any funds on FTX.

Sad! Stay safe.

[rdluffy]

Finally they updated on their website:



Now it's official and we probably never see our money again 
Sad but true

[Fundamentals Of]

-snip-

Not a close competition but I think binance was bigger than compared to ftx. There are even other exchanges that are bigger than ftx. Kuckoin, houbi for example. It's great if they don't treat each other as an enemy. It gives them a good impression from the public and they will be encouraged to support each of them especially ftx because it was smaller than binance.

Healthy or not, competition's definition is about overtaking the other player. The market can be affected by their war but as usual, it can always recover sooner or later. This is not the first issue we experienced here but we faced a lot of them. Will you give up this time?

We will all recover from this in due time of course. But for now we are all suffering from the greedy competition of these two crypto billionaires. The charts are all in pure red now because of their quarrel.

Of course some would be happy to see the price fall to $15,000 so that they could buy more of this cheaper bargain but it was so sad that it happened just as the price of Bitcoin has slowly conquered grounds beyond $20,000. Recovery will now take a longer time. But it seems one has already won over the other. I hope things would get better now.

[mk4]

Do you have any link of anyone saying about withdraw being processed?

It was just a couple of Twitter posts I've seen yesterday, sorry.

Looking grim for FTX users with funds inside though, hope you guys make it out fine in the end. 🫡

[bbc.reporter]

Dropping in late on this thread.

Guys, something I missed on the great scheme of things.

Having the following diagram in mind:



Who lent the stablecoins to Alameda with FTT as collateral (Step 3)?

The cryptolending companies. Voyager, Celsius, Blockfi? Was this not why Sam Bankrupt Fried gave liquidity to Voyager and Blockfi during Luna's failure, for them to not dump FTT?

Also, Tether? Justin Sun and Alameda Research were known borrowers of USDT from Tether to pump the market on 2021. However, FTT as collateral was not mentioned.

In any case, this is FTX and Alameda's balance sheet. I am not quite certain if this is real, however.

https://docs.google.com/spreadsheets/u/0/d/1dSG6ER9N_YABnmUKzKaeUikZ2-isBQpL/htmlview#gid=2071322894

[uneng]

Finally they updated on their website:



Now it's official and we probably never see our money again 
Sad but true

Sorry for your loss. I've also lost money to the scammers from Celsius recently. This year is being a tough one for crypto adopters. Too many greedy scammers ruling top businesses on this universe. Let's hope and do the possible at our range so it doesn't take too long until action is taken against the responsible ones, then customers can receive at least part of their funds back. It's a shame it took so long for MT. Gox's customers, but now there is much more attention, focus and people involved on crypto (from every sectors of society) that I think things must happen faster.