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Cryptocurrency Holders Withdraw Billions of Dollars After FTX Case - Business

Cryptocurrency Holders Withdraw Billions of Dollars After FTX Case – Business

Cryptocurrency holders withdrew billions of dollars worth of virtual assets from exchanges last week, data analytics firm CryptoQuant reported on Monday.

Over the past week, users have withdrawn $3.7 billion in bitcoin from crypto exchanges around the world and 2.5 billion in ether, the two largest currencies. They also withdrew the equivalent of $2 billion from the most important “stablecoins”, the cryptocurrencies whose price remains stable.

The panic follows the bankruptcy of the FTX cryptocurrency exchange platform, which is headquartered in the Bahamas. These difficulties raise concerns about the regulation of crypto companies and security measures to monitor client assets.

The saga began on Sunday, November 6, when billionaire Changpeng Zhao, founder of the biggest cryptocurrency platform Binance, raised questions about FTX’s financial situation. Investors then panicked and $430 million worth of bitcoins disappeared from FTX in four days. Binance offered to buy the platform but eventually pulled out after an audit. These uncertainties have caused the prices of several cryptocurrencies to fall.

FTX CEO Sam Bankman-Fried announced last Thursday that the platform was bankrupt and he was resigning. The man was also heard by Bahamian police and regulators. According to several American media, his investment fund Alameda Research would have obtained from FTX some 10 billion dollars in loans, thanks to the money of its customers.

Over the past week, users have withdrawn $3.7 billion in bitcoin from crypto exchanges around the world and 2.5 billion in ether, the two largest currencies. They also withdrew the equivalent of $2 billion from the most important “stablecoins”, the cryptocurrencies whose price remains stable. The panic follows the bankruptcy of the FTX cryptocurrency exchange platform, which is headquartered in the Bahamas. These difficulties raise concerns about the regulation of crypto companies and security measures to monitor customer assets. The saga began on Sunday, November 6 when billionaire Changpeng Zhao, founder of the largest cryptocurrency platform Binance , raised questions about the financial situation of FTX. Investors then panicked and $430 million worth of bitcoins disappeared from FTX in four days. Binance offered to buy the platform but eventually pulled out after an audit. These uncertainties have caused the prices of several cryptocurrencies to fall. FTX CEO Sam Bankman-Fried announced last Thursday that the platform was bankrupt and he was resigning. The man was also heard by Bahamian police and regulators. According to several American media, his investment fund Alameda Research would have obtained from FTX some 10 billion dollars in loans, thanks to the money of its customers.

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