in ,

Crypto update: Signups, withdrawals and deposits suspended on FTX as the platform faces liquidity crisis

Following a period of intermittent downtime, the financially troubled cryptocurrency exchange FTX has restored service to its website. The trading platform now displays a banner informing users not to make deposits and confirming that withdrawals have been suspended.

According to the “IS IT DOWN OR JUST ME” website, the FTX website experienced five consecutive instances of network downtime spanning over two hours on Nov. 9 and was back online at around 9:00 pm UTC.

A brand-new, bright red banner that can be seen all over the website and reads: has also been spotted by the crypto community on Twitter.

“FTX is currently unable to process withdrawals. We strongly advise against depositing.”

Withdrawals are not currently being processed by FTX. We strongly discourage making deposits.

 

On Nov. 8, a statement that was pinned to the top of the official FTX Telegram Group also indicated that withdrawals were stopped, but it gave no timeframe for when they would resume.

A member of the FTX support staff replied to the message with, “We are waiting for confirmation from our team to ramp it up. Right now we dont have an ETA but surely will convey it as soon as we receive it.

Newsway has found that while attempting to register for a new account on the website, a message stating that “signups are suspended” at the moment appears.

This implies that deposits are only available to individuals who already have accounts on the trading platform, even though they are “highly advised against.”

Alameda Research and FTX Ventures, two websites connected to the cryptocurrency exchange, are still unavailable as of this writing.

It happens at a time when the cryptocurrency exchange is still experiencing a liquidity problem.

The Wall Street Journal reported on November 9 that the exchange is in need of $8 billion in cash and is unable to handle withdrawal requests without it.

Binance initially agreed to sign a non-binding letter of intent to acquire the troubled exchange but then withdrew, citing the mismanagement of user assets and suspected U.S. agency investigations as justifications.

Following the allegations that the FTX website was sometimes going down, Google search results for “FTX website” also showed a significant increase during the last few hours, according to Google Trends:

Over the past week, Google searches for “FTX website” have increased. the Google Trends website

Written by Newsway

NewsWay reporters are Media employees of the newsway.com.ng vested with the responsibilities of getting informative data from verifiable sources and publishing same undistorted on behalf of the NEWS WAY INFO-TECH which is a parent company that birthed the NewsWay blog.

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

    JUST IN: Binance no longer interested in FTX acquisition; withdraws intentions

    Update: Sam Bankman-Fried perceives Bankruptcy, Binance pullout of negotiations but Tron’s CEO Justin Sun ready to support FTX