FTX US Warns of Trading Halt Hours After Bankman-Fried Says It's '100% Liquid'

Sam Bankman-Fried said the FTX US entity's users would be able to withdraw all their funds.

AccessTimeIconNov 10, 2022 at 6:35 p.m. UTC
Updated May 9, 2023 at 4:02 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto exchange FTX US – the U.S. wing of Sam Bankman-Fried's crypto trading empire – warned its users to close their positions as it might halt trading in the coming days.

"Announcement 2022-11-10: trading may be halted 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," a banner on its website said.

The announcement came just hours after Bankman-Fried said in a Twitter thread that FTX US was "100% liquid," in contrast to FTX International, the global crypto trading company that's currently seeking funding to fill a reported $10 billion hole.

In that same thread, Bankman-Fried announced that Alameda Research, another related entity, would be winding down.

FTX (the global entity) halted withdrawals earlier this week after facing over $5 billion' worth of withdrawals on Sunday. The company appeared to have begun reopening some withdrawals on Thursday, although most users were still unable to withdraw funds as of press time. Select users were able to withdraw a little under $7 million, CoinDesk previously reported.

Later on Thursday, Bankman-Fried said a deal between FTX and Tron to allow investors on Tron-related tokens (TRX, BTT, JST, SUN and HT) to withdraw some of their funds was "step one."

"That is the core thing that I am fighting for right now, and will continue to fight for in whatever ways I can," he said.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Nikhilesh De

Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.