FTX ‘effectively paused’ withdrawals, CEO Sam Bankman-Fried tells employees

FTX.com effectively paused withdrawals, CEO Sam Bankman-Fried told staff via Telegram, according to Reuters. 

The exchange — which Binance has struck a deal to acquire — experienced around $6 billion in net withdrawals in the days leading up to Tuesday morning, Bankman-Fried told staff, Reuters said. 

The Block first reported that FTX stopped processing clients’ withdrawal requests at about 9:00 a.m. ET today, based on analysis of on-chain data. The last outgoing transaction from FTX on the Ethereum blockchain took place at 6:37 a.m. EST.  

Bankman-Fried later said in a Twitter thread that Binance reached an agreement with FTX to acquire FTX.com in the wake of the collapse of the exchange’s token FTT. Binance CEO Changpeng Zhao confirmed the purchase in a separate thread. 

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