Topic: FTX Scam : Unable to withdraw - page 2. (Read 702 times)

This is why non-traders are strongly advised not to leave funds in exchanges. This is a common problem with the exchanges using customers funds.  FTX is not the only one doing this, Binance and 95% of all exchanges are doing the same. US FTX users have to withdraw while they can asap.

Sam Bankman-Fried from billionaire to bankruptcy? What are the chances of FTX to survive? Sam tried to raise $9 billion of funds to save his company but he appears to be running out of time, governments and regulators are quick to renounce permits and the freezing of assets before potential investors can agree to rally the funds needed. I have doubts that this will end in a nice way. I heard only Justin Sun of TRON remained committed with a worth of $1 billion. Okex, Tether and various companies may be willing to help but with authorities starting to take over the issue, it raises further doubts of a positive resolution.

While this is mainly the doing of Sam Bankman-Fried, CZ played a big role in this. CZ upon realizing not to proceed with the takeover, could have told Sam in private and zipped his mouth on the issue for a while. Instead, CZ made an official statement that fueled the issue worst. CZ won but I guess he created secret enemies and crypto firms won't trust him anymore. Binance years are prolly numbered.

You, me and others who saw ICO, BitConnect, exchange hacks and others; are rarely risking our coins in a centralized system. So I will say some are learning their lessons.

Problem is, in crypto it's easier for newbies to buy and keep the coins in the exchanges. They do not know which wallet to download, how to keep the key safe, even how to create a wallet. It's easier for them to create an account as it's an email account, get the address, find the credit card and buy crypto. Majority think by doing that they are in crypto. But they do not realized there are no deference putting your money in a bank and putting your coins in an exchange. In fact an exchange is worse than having your money in the bank.

We are still in the diaper as a whole in crypto economy. People are learning good use in the hard way. After few years or may be few decades we will see crypto users are more aware about managing their crypto assets, more and more users will prefer decentralized exchanges over those centralized services.

There is no announcement on the landing page, but if you click on "Exchange", it will take you to https://ftx.us/home. And on the top, there is a big warning in red saying that trading could be stopped in a few days. Anyone with active buy/sell orders should close their positions. They also state that withdrawals are and will remain open. If someone wants to take their word for it, that's their choice. I know I wouldn't at this stage.

Maybe this was for their global version of website, but they recently announced they are now going to start stopping withdrawals for US version website.
I currently can't find any notification banner on ftx.us but people should already know what is happening and withdrawing any coin leftovers.
One more thing I am thinking about is what is going to happen with all the people who owns their FTX card from Scam Bankman...

There has been some news on Twitter indicating that FTX resumed withdrawals according to on chain data. The withdrawals are on and off, though. Most members are still complaining that they have pending withdrawals from yesterday. I am not sure if they are actually making withdrawals for all customers, or just specific whales or groups of people.

Some of the wallets
1. https://etherscan.io/address/0xc098b2a3aa256d2140208c3de6543aaef5cd3a94
2.https://etherscan.io/address/0x2faf487a4414fe77e2327f0bf4ae2a264a776ad2

on their page, there is this warning that withdrawal is not possible and that they clearly suggest not to make any deposit on FTX. supposedly they should have made a swap option for holders of TRX and a few more tokens, I haven't seen anywhere whether this has worked successfully.

Quite a mess for those who had their money there.
I assume the USDT freezing was issued by law enforcement in order to prevent a possible exit scam or someone running away with what is left?

Also, I have seen some speculation around social media that this is the work of some hedge fund, looking to make big money by shorting FTT, Bitcoin and even Tether (?).

If someone could please update the status of the withdrawals from FTX, it would be very appreciated I have no idea these people actually have a plan or are actively trying to run away from all this.

Well, more nails in the coffin then - but this time they're from a nail gun.

Another one bites the dust confirmed. Expect a price reversal down from $17K. They're not going to survive this latest round of financial hammering.

To be honest, I don't think that CZ had planned for this to happen, or that he is the cause of the problem.
It is true that many things may never be known by the public, but according to the available information, this had to happen sooner or later. I hope that this will be a good lesson for everyone involved in centralized services and that one should not gamble with other people's money.

Some have pointed out their model is a Ponzi basically and how fragile it is if things descend into a huge mess. Same happened with TerraLuna, Celsius.... oh wait... I see a pattern here...   It was all about appearances and basically they artificially inflated themselves to look big and strong, fake-wealth, "borrowing user funds", "liquidity farm" etc... but biggest problem IMO, people have attention span and memory of a goldfish and they never learn.

Back then ICOs, BitConnect, exchange hacks and incidents Quadriga, Cryptopia etc.... and we still step into the same riverbed over and over and expect something else.  

I read posts FTX guy was a huge manipulator and speculator and basically it was very toxic to the Cryptomarket, his dealings even before this - so I get why CZ wants to purge FTX Founder and the likes out of the system.

"BREAKING: Tether reportedly begins freezing $USDT addresses owned by FTX at the request of law enforcement" - clown emoji

https://twitter.com/BitcoinMagazine/status/1590713876198608902

TBF, SEC is investigating FTX and the massive amount of sponsorship deals they, I dont think the fees alone would be enough to pay those and I think FTX needs also to bail-out Voyager victims because FTX bough the Voyager assets.

https://www.businessinsider.com/ftx-sam-bankman-fried-sports-partnerships-tom-brady-miami-heat-2022-11#ftx-even-invested-in-a-formula-one-racing-team-called-mercedes-amg-petronas-11

That's the smart way to do since buying bitcoin and store it on cex will give you a huge risk to lose your money, so if you plan to buy some bitcoins then hold it better withdraw it and store on your hardware wallet because this is safe destination of your holdings.

At the moment there's a lot of problem happening of one of the biggest exchange exist at this era so most provably this drama will create lots of commotion which can make the price move and discourage some of people to invest on any crypto at this point.

As long as the centralized system will exists in decentralized ecosystem, we will suffer like this. Obviously this is not the last time, there will be many more situations like this are yet to come.

Isn't it expected. Competitors will always try to keep their way clean.
Facebook bought Whatsapp, Instagram and many other raising companies because they want others not to become their big competitor. 

Maybe people that have money on FTX learned the lesson, but even that is highly questionable as I wouldn't be surprised if they put their money again in some other exchange. But even if they won't, there's abundance of new people coming into crypto every day and they tend not to learn from the mistakes of others, like people now didn't learn anything from previous CEX fiascos.


Yep, it is a dick move. He should have kept it quiet until they analyzed the situation but maybe he was just buying the time to dump his FTT tokens, and in the same time has the access to one of the main competitor's data.

I will never trust cex anymore.
Keep buying bitcoin to hardware wallet.

Everyone thought Binance would rescue FTX but looks like those who had their tokens in FTX might be in limbo now



Gotta wait and see what unfolds.

You'd think anyone with significant amounts of money invested in crypto would know this, or even just average investors who know the history of crypto exchanges....but apparently not. 

I'm just learning about what's happening between FTX and Binance, and I don't know about the rest of you but it looks to me like Binance pulled a pretty dick move, even if it was against their biggest competitor.  Good luck to any of you who've got funds on FTX. 

This might be another Mt.gox the same scene and if the dump on their token is uncontrollable then maybe we see more frustrating scenarios coming from people who hold their tokens as well unto their platform users.

I don't believe they don't have funds but maybe they do that stopping the withdrawal to minimize the damage they got due to some bad news happening to them so I guess people need to relax a little bit since for sure they cannot easily do exit scam since they are well monitored by big institutions.

There is no way that FTX would be able to successfully pull off a scam without the entire Wall Street noticing every last detail. Interpol would also be tuning in if that happened. So the worst case is that FTX implodes like Celsius.

Well good riddance to them, they don't seem to want me as a customer anyway. Though it seems that FTX.US is just fine.

rumor was that FTX first offer the bailing out to OKX but declined after looking at their finances as well. of course they'd have to look at the financial status and how much is needed and if its still worth it knowing clients are fleeing. this is really not good for FTX. binance seeing the finance was way too toxic, CZ will really stay out it.

thought we are not going back to $17K. but here we are. nice plan CZ.