FTX US Will Start Ethereum[ETH] And Polygon [Matic] Withdrawals Soon
After a brief delay, FTX US will shortly begin Ethereum [ETH] and Polygon, asking MATIC users to cancel their pending withdrawals and initiate a fresh withdrawal request.
Earlier FTX US alerted users that Trading may be suspended on FTX US in a few days. “Please close down any positions you want to close down. Withdrawals are and will remain open. We will give updates as we have them.”
Sam Bankman-Fried, the company’s founder and CEO, tweeted about his plans to rescue FTX amid its crisis this week, insisting that FTX US is a different entity from its global business and is doing just well saying FTX US was “100% liquid and not affected “by this shitshow. Every user could fully withdraw.”
This is in contrast to FTX International, the global crypto trading company that’s currently seeking funding to fill a reported $10 billion hole.
Although FTX US has been described as a separate entity from the global FTX.com operation, the two businesses are in reality very closely related.
This is because the main FTX brand has been frequently utilized in sponsorship agreements in the US, for instance, and some of those deals have specifically been made with both FTX and FTX US.
Apart from that, a report from Bloomberg on 9 Nov stated that the U.S. Securities and Exchange Commission [SEC] and Commodity Futures Trading Commission [CFTC] is investigating FTX, how it handled customer funds and the degree of closeness between the two entities.
The situation became even more problematic when Bankman-Fried allegedly leaked Slack messages in his public tweets that indicated prospective fundraising that would inject money into both FTX and FTX US at the same time.
That said, the price of Bitcoin and Ethereum has fallen significantly over the previous 24 hours, resulting in a 10.6% decline in the overall market capitalization of cryptocurrencies, which is now $914 billion.
Ethereum Trading At Premium On FTX
Data showed Ethereum‘s price has dropped 8% in the previous 24 hours and is currently hovering at $1,274. As a result, the market value of the second-largest cryptocurrency has decreased by 74% from its previous peak.
Compared to Binance and other platforms, ETH was fetching greater prices on FTX. as traders are perplexed by the peculiar market dynamic.
According to data from the graphing tool TradingView, ether traded at a premium of $1307 on FTX.