The exchange assured users in a series of tweets that the withdrawals should go ahead and the matching engines work as they should, although some users did not accept this.

Cryptocurrency exchange FTX has taken to Twitter to address user complaints about slow withdrawals. FTX assured users that everything runs smoothly with the comparison engine, although node performance is limited for Bitcoin.

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In the series of tweets, the exchange also addressed stablecoin withdrawals, saying that swaps or creations may be slow until banks open for the week and transfers go through.

Meanwhile, the community on Twitter had mixed reactions to FTX’s response. Some users tweeted their support for the exchange, while others expressed skepticism:

Telling everyone how great you are is the first red flag that you are not

— Dogterdogter (@dogterdogter) November 7, 2022
Reddit users also expressed alarm at the developments, comparing the situation to Celsius to stop the withdrawals and cheat its users before the platform collapsed.

These issues arise as the exchange faces significant liquidations of its native FTX token.

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for 6.93 US dollars

as a result of an unspoken dispute with rival exchange and blockchain developer Binance.

Changpeng “CZ” Zhao, the CEO of Binance, said that the company will liquidate all of its FTT holdings. In a Nov. 6 tweet, CZ said the move came as a result of “recent revelations that have come to light.”

CZ’s follow-up tweets called the move a type of risk management using lessons from the collapse of Terra earlier this year. He also commented on the recent actions of FTX founder and CEO Sam Bankman-Fried, who allegedly lobbied against centralized finance. In a tweet from CZ, he added:

“We will not support people lobbying other industry players behind their backs.”
According to the on-chain analysis, about 23 million FTT, or $520 million at the time of writing, was transferred to Binance from an unknown wallet.

Related: FTX Exec Revealed as Major Donor to Oregon Democrats After Misidentification

Bankman-Fried also tweeted his own response to the situation, in which he emphasized that it was time to build the room. He also said he respects the work of many in the industry, including CZ.

5) Because I have a lot of respect for what they did to build the industry as we see it today, whether they repeat themselves or not, and whether we use the same methods or not.

including CZ.

However, it is time to build.

Make love (and blockchain), not war.

— SBF (@SBF_FTX) November 6, 2022
In light of the sale-offs and community rumors, market analysts speculate that FTT could seriously drop in price. At the time of writing, the price is around $22.60.

Source: CoinTelegraph