FTX U.S Plans To Enable Withdrawal of Ethereum and MATIC

FTX U.S Plans To Enable Withdrawal of Ethereum and MATIC
  • As per SBF, the outage is limited to FTX International.
  • Recently FTX filed for bankruptcy.

On Friday, FTX announced that ETH withdrawals will once again be available on the FTX US platform. In addition, customers who want to withdraw Polygon (MATIC) must cancel all outstanding withdrawals and submit a new withdrawal request as ERC20 MATIC.

It was reported on Thursday by FTX CEO Sam Bankman-Fried that the company’s US business is operating normally and that the outage is limited to FTX International. He reassured customers that FTX US is fully liquid and that withdrawals are functioning normally. However, similar withdrawal difficulties were experienced by FTX US before SBF reported a liquidity crisis in the crypto market.

Bankruptcy Filed

According to reports, FTX US is having withdrawal problems and may have to suspend trading in the near future. In light of payroll concerns, the team has stopped reviewing pull requests and is not actively working. There have been rumors that former FTX US President Brett Harrison resigned because of his knowledge of the issue.

In light of the recent developments with FTX.com, FTX US, and Alameda Research, crypto lender BlockFi has temporarily frozen withdrawals and reduced customer activity. Sequoia Capital, an investor in FTX, wrote down its entire $214 million investment, and other investors are said to be considering doing the same.

Meanwhile, SBF had been trying to raise $9.4 billion from investors and competitors. Recently FTX filed for bankruptcy. 

Also, FTX Digital Markets’ assets were blocked by the Securities Commission of the Bahamas. The SEC, Department of Justice, and CFTC are all looking into allegations against Sam Bankman-Fried, SBF, and Alameda Research.

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