FTX Scam : Unable to withdraw

[virasog]

Recently we have seen some really bad scenes when two crypto exchanges Binance and FTX have some issues and one want to dominate the other.

I will not go into details as we already hearing updates on bitcointalk and Twitter but the most frustrating and bad thing is that FTX has disabled the withdrawals and they are not processing them. 

If FTX does not have any funds with them and FTT token is dumping to zero, can we expect another major crypto exchange scam? Why do we have to suffer always?

If you hear any good news about withdrawals on social media or on their official Twitter account, please do share it here.

[Rikafip]

I read somewhere that more than 6 billion USD was withdrawn from FTX in the last few days so I'm not surprised that they eventually had to stop all withdrawals for now.

While I do think  that people will be able to withdraw their money from FTX soon, anyone who was ignoring all what was happening around FTX and still holding their money there was behaving extremely irresponsible. They hopefully learned a lesson not to store crypto on any exchange as no exchange is too big not to fail.

[noormcs5]

I read somewhere that more than 6 billion USD was withdrawn from FTX in the last few days so I'm not surprised that they eventually had to stop all withdrawals for now.

While I do think  that people will be able to withdraw their money from FTX soon, anyone who was ignoring all what was happening around FTX and still holding their money there was behaving extremely irresponsible. They hopefully learned a lesson not to store crypto on any exchange as no exchange is too big not to fail.

I am not sure whether FTX will allow withdrawal anytime soon. They need to have funds in order to fulfill people's withdrawal requests. When everyone is withdrawing at the same, it won't be possible for them to cater to all these requests. If Binance buys FTX, then we may have some hope that people's money will come back otherwise the money is just gone forever.

When you read FTX founder Sam Bankman-Fried removes ‘assets are fine’ flood from Twitter, you will find that FTX does not have assets and hence they deleted the tweet that funds at FTX are safe.

[Pandu Geddon]

When you read FTX founder Sam Bankman-Fried removes ‘assets are fine’ flood from Twitter, you will find that FTX does not have assets and hence they deleted the tweet that funds at FTX are safe.

then the founder is really at fault in this. so many withdrawals happened in such a short time. this can make large companies also experience financial problems.
Withholding the withdrawal I think is the only option for them. but this will only cause more panic. FTX looks like it really can be turned off this time around.
Storing assets on an exchange is never safe from risk. many aspects can harm us.

[bittraffic]

We're all waiting for updates also but seeing that CZ had said he is to bail out FTX, they may resume withdrawals after the Binance acquisition. But weare not so sure also about this.

When you read FTX founder Sam Bankman-Fried removes ‘assets are fine’ flood from Twitter, you will find that FTX does not have assets and hence they deleted the tweet that funds at FTX are safe.

then the founder is really at fault in this. so many withdrawals happened in such a short time. this can make large companies also experience financial problems.
Withholding the withdrawal I think is the only option for them. but this will only cause more panic. FTX looks like it really can be turned off this time around.
Storing assets on an exchange is never safe from risk. many aspects can harm us.

And the TOS is scammy and they are telling that they don't cover cryptocurrency.  There is less chance of your funds being recovered if you hold crypto,

FDIC insurance only covers fiat balances held in these banks up to the
per-depositor coverage limit then in place, and does not extend to any cryptocurrency, stablecoin, or other non
fiat balances. A
https://ftx.us/TermsOfService.pdf

[decodx]

https://twitter.com/BitcoinMagazine/status/1590367289848700928

Going once, going twice... 

[electronicash]

https://twitter.com/BitcoinMagazine/status/1590367289848700928

Going once, going twice... 

rumor was that FTX first offer the bailing out to OKX but declined after looking at their finances as well. of course they'd have to look at the financial status and how much is needed and if its still worth it knowing clients are fleeing. this is really not good for FTX. binance seeing the finance was way too toxic, CZ will really stay out it.

thought we are not going back to $17K. but here we are. nice plan CZ.

[NotATether]

There is no way that FTX would be able to successfully pull off a scam without the entire Wall Street noticing every last detail. Interpol would also be tuning in if that happened. So the worst case is that FTX implodes like Celsius.

Well good riddance to them, they don't seem to want me as a customer anyway. Though it seems that FTX.US is just fine.

[Taskford]

Recently we have seen some really bad scenes when two crypto exchanges Binance and FTX have some issues and one want to dominate the other.

I will not go into details as we already hearing updates on bitcointalk and Twitter but the most frustrating and bad thing is that FTX has disabled the withdrawals and they are not processing them. 

If FTX does not have any funds with them and FTT token is dumping to zero, can we expect another major crypto exchange scam? Why do we have to suffer always?

If you hear any good news about withdrawals on social media or on their official Twitter account, please do share it here.

This might be another Mt.gox the same scene and if the dump on their token is uncontrollable then maybe we see more frustrating scenarios coming from people who hold their tokens as well unto their platform users.

I don't believe they don't have funds but maybe they do that stopping the withdrawal to minimize the damage they got due to some bad news happening to them so I guess people need to relax a little bit since for sure they cannot easily do exit scam since they are well monitored by big institutions.

[The Sceptical Chymist]

They hopefully learned a lesson not to store crypto on any exchange as no exchange is too big not to fail.

You'd think anyone with significant amounts of money invested in crypto would know this, or even just average investors who know the history of crypto exchanges....but apparently not. 

I'm just learning about what's happening between FTX and Binance, and I don't know about the rest of you but it looks to me like Binance pulled a pretty dick move, even if it was against their biggest competitor.  Good luck to any of you who've got funds on FTX. 

[trapcoder666]

They hopefully learned a lesson not to store crypto on any exchange as no exchange is too big not to fail.

You'd think anyone with significant amounts of money invested in crypto would know this, or even just average investors who know the history of crypto exchanges....but apparently not. 

I'm just learning about what's happening between FTX and Binance, and I don't know about the rest of you but it looks to me like Binance pulled a pretty dick move, even if it was against their biggest competitor.  Good luck to any of you who've got funds on FTX. 

Everyone thought Binance would rescue FTX but looks like those who had their tokens in FTX might be in limbo now



Gotta wait and see what unfolds.

[couchsurfing]

I will never trust cex anymore.
Keep buying bitcoin to hardware wallet.

[Rikafip]

You'd think anyone with significant amounts of money invested in crypto would know this, or even just average investors who know the history of crypto exchanges....but apparently not. 

Maybe people that have money on FTX learned the lesson, but even that is highly questionable as I wouldn't be surprised if they put their money again in some other exchange. But even if they won't, there's abundance of new people coming into crypto every day and they tend not to learn from the mistakes of others, like people now didn't learn anything from previous CEX fiascos.

I'm just learning about what's happening between FTX and Binance, and I don't know about the rest of you but it looks to me like Binance pulled a pretty dick move, even if it was against their biggest competitor.  Good luck to any of you who've got funds on FTX. 

Yep, it is a dick move. He should have kept it quiet until they analyzed the situation but maybe he was just buying the time to dump his FTT tokens, and in the same time has the access to one of the main competitor's data.

[BitcoinGirl.Club]

If FTX does not have any funds with them and FTT token is dumping to zero, can we expect another major crypto exchange scam? Why do we have to suffer always?

As long as the centralized system will exists in decentralized ecosystem, we will suffer like this. Obviously this is not the last time, there will be many more situations like this are yet to come.

Binance pulled a pretty dick move, even if it was against their biggest competitor. 

Isn't it expected. Competitors will always try to keep their way clean.
Facebook bought Whatsapp, Instagram and many other raising companies because they want others not to become their big competitor. 

[Taskford]

I will never trust cex anymore.
Keep buying bitcoin to hardware wallet.

That's the smart way to do since buying bitcoin and store it on cex will give you a huge risk to lose your money, so if you plan to buy some bitcoins then hold it better withdraw it and store on your hardware wallet because this is safe destination of your holdings.

At the moment there's a lot of problem happening of one of the biggest exchange exist at this era so most provably this drama will create lots of commotion which can make the price move and discourage some of people to invest on any crypto at this point.

[malcovi2]

I don't know about the rest of you but it looks to me like Binance pulled a pretty dick move, even if it was against their biggest competitor.

TBF, SEC is investigating FTX and the massive amount of sponsorship deals they, I dont think the fees alone would be enough to pay those and I think FTX needs also to bail-out Voyager victims because FTX bough the Voyager assets.

https://www.businessinsider.com/ftx-sam-bankman-fried-sports-partnerships-tom-brady-miami-heat-2022-11#ftx-even-invested-in-a-formula-one-racing-team-called-mercedes-amg-petronas-11

[Lind]

If FTX does not have any funds with them and FTT token is dumping to zero, can we expect another major crypto exchange scam? Why do we have to suffer always?

As long as the centralized system will exists in decentralized ecosystem, we will suffer like this. Obviously this is not the last time, there will be many more situations like this are yet to come.

Binance pulled a pretty dick move, even if it was against their biggest competitor.  

Isn't it expected. Competitors will always try to keep their way clean.
Facebook bought Whatsapp, Instagram and many other raising companies because they want others not to become their big competitor.  

Some have pointed out their model is a Ponzi basically and how fragile it is if things descend into a huge mess. Same happened with TerraLuna, Celsius.... oh wait... I see a pattern here...   It was all about appearances and basically they artificially inflated themselves to look big and strong, fake-wealth, "borrowing user funds", "liquidity farm" etc... but biggest problem IMO, people have attention span and memory of a goldfish and they never learn.

Back then ICOs, BitConnect, exchange hacks and incidents Quadriga, Cryptopia etc.... and we still step into the same riverbed over and over and expect something else.  

I read posts FTX guy was a huge manipulator and speculator and basically it was very toxic to the Cryptomarket, his dealings even before this - so I get why CZ wants to purge FTX Founder and the likes out of the system.

"BREAKING: Tether reportedly begins freezing $USDT addresses owned by FTX at the request of law enforcement" - clown emoji

https://twitter.com/BitcoinMagazine/status/1590713876198608902

[decodx]

<...>
thought we are not going back to $17K. but here we are. nice plan CZ.

To be honest, I don't think that CZ had planned for this to happen, or that he is the cause of the problem.
It is true that many things may never be known by the public, but according to the available information, this had to happen sooner or later. I hope that this will be a good lesson for everyone involved in centralized services and that one should not gamble with other people's money.

[NotATether]

"BREAKING: Tether reportedly begins freezing $USDT addresses owned by FTX at the request of law enforcement" - clown emoji

https://twitter.com/BitcoinMagazine/status/1590713876198608902

Well, more nails in the coffin then - but this time they're from a nail gun.

Another one bites the dust confirmed. Expect a price reversal down from $17K. They're not going to survive this latest round of financial hammering.

[Hispo]

"BREAKING: Tether reportedly begins freezing $USDT addresses owned by FTX at the request of law enforcement" - clown emoji

https://twitter.com/BitcoinMagazine/status/1590713876198608902

Well, more nails in the coffin then - but this time they're from a nail gun.

Another one bites the dust confirmed. Expect a price reversal down from $17K. They're not going to survive this latest round of financial hammering.

Quite a mess for those who had their money there.
I assume the USDT freezing was issued by law enforcement in order to prevent a possible exit scam or someone running away with what is left?

Also, I have seen some speculation around social media that this is the work of some hedge fund, looking to make big money by shorting FTT, Bitcoin and even Tether (?).

If someone could please update the status of the withdrawals from FTX, it would be very appreciated I have no idea these people actually have a plan or are actively trying to run away from all this.