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 Nov 10, 2022 at 9:27 p.m. UTC
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Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.

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Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

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.

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


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