5 ms·

Unlike traditional finance, all this is on-chain, so you can trivially look it up. https://etherscan.io/address/0x7abe0ce388281d2acf297cb089caef3819b13448 http

Unlike traditional finance, all this is on-chain, so you can trivially look it up. https://etherscan.io/address/0x7abe0ce388281d2acf297cb089caef3819b13448 https://etherscan.io/address/0x7abe0ce388281d2acf297cb089cae... FTX seems to be processing withdrawals normally. For the life of me, I can't understand why journalists love to speculate instead of doing a 5-second search on EtherScan.

nerf0 4y ago
I admit I did panic and tried to withdraw my funds yesterday. They just processed it today. A bit delayed but still processing.
- joyfylbanana 4y ago
  Nothing wrong with taking a caution first approach. However to me most articles about FTX seem like "panic first, research after". Yes SBF's investment company might be fucked, but customers funds should be totally separate from that.
  - sgerenser 4y ago
    This comment sure aged well.
  - Nursie 4y ago
    I think that “should” is working really hard there. We only have to look at the other crypto firms that have gone bust to know this space is rife with problems in that area - lies about FDIC protection, cryptocurrency and tokens considered part of company assets and subject to creditor claims, rather than customer deposits etc. I wouldn’t like to rely on that “should”.
    - joyfylbanana 4y ago
      > I wouldn’t like to rely on that “should”. And you don't have to. Best always to hold your own coins yourself if you have that possibility, or use a custodian you trust.
      - jakelazaroff 4y ago
        > or use a custodian you trust That's the point. A lot of "trustworthy" crypto custodians have turned out to be… not.
      - Nursie 4y ago
        The context of my comment was “it’s fine, don’t worry about withdrawing and holding your coins yourself, your deposits are safe” It appears that you actually agree with me that they may not be.
    - nroets 4y ago
      Ftx is quite profitable: Good fee income with little marketing expense. So it has a large intangible value. I assume most traders on ftx only put enough capital on the exchange to keep their positions open in the short term. So the intangible value of ftx may well exceed the value of clients assets by a significant margin. Then ftx may well be able to issue new shares should it experience a liquidity crunch.
      - fredoliveira 4y ago
        > little marketing expense Are you sure? I come bearing no data at all, but it seems everything I listen to or watch is sponsored by FTX. Didn't they also go huge during Superbowl? I would think FTX is one of the largest marketing spenders in crypto purely based on optics (which, again, may be completely off).
  - alasdair_ 4y ago
    >Yes SBF's investment company might be fucked, but customers funds should be totally separate from that. Sure, and Tether "should be" one-to-one backed by US dollars. In crypto, a lot of the time the "should be", isn't.
  - graeme 4y ago
    > Yes SBF's investment company might be fucked, but customers funds should be totally separate from that. Crypto isn’t regulated so there is no segregation or protection of customer funds Also see this: no FDIC insurance, letter from FDIC alleging misrepresentations from FTX: https://twitter.com/ClarityToast/status/1590022331220787201 https://twitter.com/ClarityToast/status/1590022331220787201
- dannyw 4y ago
  First one out, no problem. Second one out, no problem. Last one out, problem.
firefoxkekw 4y ago
https://etherscan.io/accounts/label/ftx https://etherscan.io/accounts/label/ftx All? the accounts of FTX in the ethereum network.
jefftk 4y ago
The article seems to be based on https://etherscan.io/tokentxns?a=0x2faf487a4414fe77e2327f0bf4ae2a264a776ad2 https://etherscan.io/tokentxns?a=0x2faf487a4414fe77e2327f0bf..., which does seem to have only incoming transitions unlike the "FTX Exchange 3" account you linked. Is this FTX changing their patterns for which accounts they use for withdrawals, and then this being interpreted as withdrawals being halted?
- edf13 4y ago
  Plenty of OUT tx: https://etherscan.io/address/0x2faf487a4414fe77e2327f0bf4ae2a264a776ad2 https://etherscan.io/address/0x2faf487a4414fe77e2327f0bf4ae2...
  - smoldesu 4y ago
    Every single "OUT" TX appears to be for 0 eth? Upon further inspection, it actually looks like the only transactions they're processing are the ones from their own wallet. The entire TX history looks really suspicious to me.
    - edf13 4y ago
      Are we looking at the same thing? E.g a very recent TX with some ETH going out: https://etherscan.io/tx/0x5a282187181907995b37c0df1888dfe364a033aadd1cb302eff6d4ef7cee686c https://etherscan.io/tx/0x5a282187181907995b37c0df1888dfe364...
      - deleted 4y ago
        [deleted]
    - throw03172019 4y ago
      Doesn’t it display as 0 ETH if it’s an ERC20 transaction?
      - smoldesu 4y ago
        Really couldn't tell you, I haven't been serious about crypto since 2014 :p That being said, does FTX even allow custodial ERC20 transactions? I'd be surprised if they did.
janmo 4y ago
SBF and CZ tweeted. https://twitter.com/cz_binance/status/1590013613586411520 https://twitter.com/cz_binance/status/1590013613586411520 https://twitter.com/SBF_FTX/status/1590012124864348160 https://twitter.com/SBF_FTX/status/1590012124864348160 Reading through the lines: FTX is in trouble and faces a "liquidity crunch", Binance might acquire them (But will do Due Dilligence first). FTX US is not affected (SBF says funds are SAFU for FTX US, probably withdrawals are working for US but not FTX global)
- JumpCrisscross 4y ago
  > SBF says funds are SAFU for FTX US Why would anyone trust this?
deleted 4y ago
[deleted]
janmo 4y ago
Withdrawal halt confirmed: https://twitter.com/tier10k/status/1590035482221633546 https://twitter.com/tier10k/status/1590035482221633546
rchaud 4y ago
FTX looks to be toast, Binance are in takeover talks. Perhaps you were the one speculating?

nerf0 4y ago

I admit I did panic and tried to withdraw my funds yesterday. They just processed it today. A bit delayed but still processing.

joyfylbanana 4y ago
Nothing wrong with taking a caution first approach. However to me most articles about FTX seem like "panic first, research after". Yes SBF's investment company might be fucked, but customers funds should be totally separate from that.
- sgerenser 4y ago
  This comment sure aged well.
- Nursie 4y ago
  I think that “should” is working really hard there. We only have to look at the other crypto firms that have gone bust to know this space is rife with problems in that area - lies about FDIC protection, cryptocurrency and tokens considered part of company assets and subject to creditor claims, rather than customer deposits etc. I wouldn’t like to rely on that “should”.
  - joyfylbanana 4y ago
    > I wouldn’t like to rely on that “should”. And you don't have to. Best always to hold your own coins yourself if you have that possibility, or use a custodian you trust.
    - jakelazaroff 4y ago
      > or use a custodian you trust That's the point. A lot of "trustworthy" crypto custodians have turned out to be… not.
    - Nursie 4y ago
      The context of my comment was “it’s fine, don’t worry about withdrawing and holding your coins yourself, your deposits are safe” It appears that you actually agree with me that they may not be.
  - nroets 4y ago
    Ftx is quite profitable: Good fee income with little marketing expense. So it has a large intangible value. I assume most traders on ftx only put enough capital on the exchange to keep their positions open in the short term. So the intangible value of ftx may well exceed the value of clients assets by a significant margin. Then ftx may well be able to issue new shares should it experience a liquidity crunch.
    - fredoliveira 4y ago
      > little marketing expense Are you sure? I come bearing no data at all, but it seems everything I listen to or watch is sponsored by FTX. Didn't they also go huge during Superbowl? I would think FTX is one of the largest marketing spenders in crypto purely based on optics (which, again, may be completely off).
- alasdair_ 4y ago
  >Yes SBF's investment company might be fucked, but customers funds should be totally separate from that. Sure, and Tether "should be" one-to-one backed by US dollars. In crypto, a lot of the time the "should be", isn't.
- graeme 4y ago
  > Yes SBF's investment company might be fucked, but customers funds should be totally separate from that. Crypto isn’t regulated so there is no segregation or protection of customer funds Also see this: no FDIC insurance, letter from FDIC alleging misrepresentations from FTX: https://twitter.com/ClarityToast/status/1590022331220787201 https://twitter.com/ClarityToast/status/1590022331220787201
dannyw 4y ago
First one out, no problem. Second one out, no problem. Last one out, problem.

firefoxkekw 4y ago

https://etherscan.io/accounts/label/ftx https://etherscan.io/accounts/label/ftx All? the accounts of FTX in the ethereum network.

jefftk 4y ago

The article seems to be based on https://etherscan.io/tokentxns?a=0x2faf487a4414fe77e2327f0bf4ae2a264a776ad2 https://etherscan.io/tokentxns?a=0x2faf487a4414fe77e2327f0bf..., which does seem to have only incoming transitions unlike the "FTX Exchange 3" account you linked. Is this FTX changing their patterns for which accounts they use for withdrawals, and then this being interpreted as withdrawals being halted?

edf13 4y ago
Plenty of OUT tx: https://etherscan.io/address/0x2faf487a4414fe77e2327f0bf4ae2a264a776ad2 https://etherscan.io/address/0x2faf487a4414fe77e2327f0bf4ae2...
- smoldesu 4y ago
  Every single "OUT" TX appears to be for 0 eth? Upon further inspection, it actually looks like the only transactions they're processing are the ones from their own wallet. The entire TX history looks really suspicious to me.
  - edf13 4y ago
    Are we looking at the same thing? E.g a very recent TX with some ETH going out: https://etherscan.io/tx/0x5a282187181907995b37c0df1888dfe364a033aadd1cb302eff6d4ef7cee686c https://etherscan.io/tx/0x5a282187181907995b37c0df1888dfe364...
    - deleted 4y ago
      [deleted]
  - throw03172019 4y ago
    Doesn’t it display as 0 ETH if it’s an ERC20 transaction?
    - smoldesu 4y ago
      Really couldn't tell you, I haven't been serious about crypto since 2014 :p That being said, does FTX even allow custodial ERC20 transactions? I'd be surprised if they did.

janmo 4y ago

SBF and CZ tweeted. https://twitter.com/cz_binance/status/1590013613586411520 https://twitter.com/cz_binance/status/1590013613586411520 https://twitter.com/SBF_FTX/status/1590012124864348160 https://twitter.com/SBF_FTX/status/1590012124864348160 Reading through the lines: FTX is in trouble and faces a "liquidity crunch", Binance might acquire them (But will do Due Dilligence first). FTX US is not affected (SBF says funds are SAFU for FTX US, probably withdrawals are working for US but not FTX global)

JumpCrisscross 4y ago
> SBF says funds are SAFU for FTX US Why would anyone trust this?

deleted 4y ago

[deleted]

janmo 4y ago

Withdrawal halt confirmed: https://twitter.com/tier10k/status/1590035482221633546 https://twitter.com/tier10k/status/1590035482221633546

rchaud 4y ago

FTX looks to be toast, Binance are in takeover talks. Perhaps you were the one speculating?