Ethereum Reserves Of FTX Collapse In The Midst Of Liquidity problems

FTX seems to fall deeper into its despair pit without any anchor. The crypto exchange is facing several issues threatening the stability of the firm. First, there appears to be an ongoing war between FTX and the Binance crypto exchange. This is presumed to involve their respective CEOs, Sam Bankman-Fried (SBF) and Changpeng Zhao (CZ). Binance announced its plans to liquidate FTT token holdings, which it has carried out. There’s still no explanation for Binance’s sudden lack of interest in the FTT tokens. However, some opine that Binance may consider holding FTT tokens as a liability on its record. Related Reading: What Happens To Dogecoin If Twitter Fails To Implement Crypto Plans? Following Binance’s liquidation of FTT tokens, things are becoming more complicated for FTX. The latter now suffers delays in processing Bitcoin and stablecoins transfers for its clients. The natural outcome of events is reducing users’ confidence in FTX. FTX is currently witnessing the collapse of its Ethereum (ETH) reserves. According to data provider, CryptoQuant, the exchange has lost almost 300k ETH over the past two days. At the moment, the Ethereum reserve of FTX is about 108,246.43. This stands as one of the vast drops recorded since November 2020. FTX Makes Moves To Fix ETH Reserves Reports on the situation revealed that FTX is making some moves to build up its ETH reserve. The firm is using its subsidiaries and othe...