Cryptocurrency exchange FTX has taken to Twitter to address user complaints surrounding slow withdrawals. FTX has assured users that everything works smoothly with the matching engine, though the node throughput is limited relative to Bitcoin
BTC

cursors down
$16,647

withdrawals.

In the series of tweets, the exchange also addressed stablecoin withdrawals, saying redemptions or creations may be slow until banks open for the week and get rid of the wires.

Meanwhile, the community on Twitter had mixed reactions regarding FTX’s response. Some users tweeted their support for the exchange while others expressed their skepticism:

Telling everyone how fine you are is the first red flag that you’re not

— dogterdogter (@dogterdogter) November 7, 2022
Users on Reddit have also expressed concern about developments that look like the situation halting percent withdrawals and misleading its users before the platform crash.

The issues come as the exchange faces major liquidations of its parent token, FTX
FTT

cursors down
$0.83

As a result of an undisclosed dispute with rival exchange and blockchain developer Binance.

Changpeng “CZ” Zhao, CEO of Binance, said that the company will liquidate its entire FTT holdings. In a November 6 tweet, CZ said the move was a result of “recent discoveries that have come to light.”

Follow-up tweets by CZ described the move as a type of risk management with lessons learned from the Terra crash earlier this year. He also commented on the recent actions of FTX founder and CEO Sam Bankman-Fried, who is allegedly lobbying against central finance. He added in a tweet from Czechoslovakia:

“We will not support people who lobby against other players in the industry behind their backs.”
According to on-chain analysis, around 23 million FTT, or $520 million at the time of writing, has been transferred to Binance from an unknown wallet.

Related: FTX exec exposed as major donor to Oregon Democrats after misidentification

Bankman-Fried also tweeted his own response to the situation, in which he emphasized that it was time to build the space. He also said he respects the work of many in the industry, including CZ.

In light of the liquidations and community hype, market analysts are speculating that FTT could face serious price declines. At the time of writing, the price is hovering around $22.60.

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