FTX CEO Sam Bankman-Fried told employees in a Telegram chat that the company saw around $6 billion of net withdrawals in 72 hours before this morning, according to a report from Reuters.
The company has now ‘effectively paused’ withdrawals.
That’s bad news for anyone who has money tied up in the exchange. Binance will now do due diligence on the assets that remain and the requests to withdraw will pile up.
For background, FTX is in talks to be rescued by Binance.
Here’s a live look at Binance CEO Chanpeng Zhao entering FTX headquarters.